National Van Lines Employees to Share the Wealth with Newly Launched ESOP
Chicago-Based Verit Advisors Creates Program for Moving Industry Pioneer
National Van Lines, Inc. announced the sale of the company to a 100 percent Employee Stock Ownership Plan (ESOP) owned S-Corp. Verit Advisors, a Chicago-based investment banking firm, served as National Van Lines’ advisor on the transaction.
“At the most basic level, the ESOP is a realization of a dream the McKee family has had since the founding of the business,” stated Maureen Beal, CEO, National Van Lines. “We have always considered the company employees as family. We are excited that all employees have the opportunity to share in the company’s success – now and in the future.”
Verit Advisors LLC began working diligently with National Van Lines in July 2010 to design an “elegant transition”. The objective for primary shareholders Maureen Beal (CEO) and Ron McKee (Senior Vice President) was to find an ownership and liquidity succession plan that did not disrupt the culture or the people, both key assets of this top performing third generation family business. The sale of the company to a 100 percent ESOP owned S-Corp provides National Van Lines with just that, as well as tax savings, improved employee benefits, and financial flexibility.
“By transitioning National Van Lines into an ESOP-owned company, we can all see a very successful third-generation family business accomplish shareholder objectives while remaining a private family business for 4th and 5th generations, and beyond” said Mary Josephs, Founder and Executive Managing Director of Verit
Verit Advisors create ESOP for National Van Lines
Advisors. “It’s an honor for us to be part of this legacy and have the opportunity to shape the future of such a historic company. We worked hard, hand-in-hand with Maureen, Ron, their management team, accountants, attorneys, wealth advisors, and bankers to create the elegant transition plan that paid tribute to the company’s history as well as the employees who represent its future.”
About National Van Lines
Founded in 1901 by F.J. McKee, National Van Lines began in the Chicago area as a one horse and wagon moving service and expanded to an impressive fleet of trucks serving movers nationwide. McKee’s granddaughter, Maureen Beal currently leads National Van Lines as a third generation CEO and continues to maintain the reputation her grandfather started, grounded in customer service. Today, National Van Lines is ranked as the 23rd largest certified woman-owned business in the U.S., and has become a leader in the industry. For van hire in the UK, you can get lease vehicles for your company fleet on a long term basis from Intelligent Van Leasing.
About Verit Advisors
Verit Advisors unites sophisticated middle market investment banking capabilities with a client centric boutique, fluent in ESOPs, debt and equity capital markets, and mergers and acquisitions. Integrity, Teamwork, Service and Innovation are at the heart of the organization, as the Verit Team strives to provide unparalleled advice and custom solutions to its clients. Mary Josephs founded Verit Advisors in 2009 and has nearly three decades of experience in the world of corporate finance. Josephs is considered to be one of the foremost experts in ESOP transactions and middle market strategic alternatives.