July 26, 2016

Warren Construction Group to become an Employee Owned Company

General Contractor blazing the way for other small businesses in establishing an ESOP

Peter Warren, the founder of Warren Construction Group, a residential and commercial general contractor headquartered in Freeport, ME, announces the implementation of an Employee Stock Ownership Plan (ESOP). Effective July 1st, 2016, this transaction was done to ensure over time an orderly and tax-efficient transition of ownership from Warren to the companies employees.

With this plan in place, Warren Construction Group, still managed by Peter Warren as CEO and Board Chairman, is well-positioned to continue its success in the highly competitive business of negotiated residential and campus work. With the enhanced employee-engagement and financial stability occasioned by the ESOP transaction, Warren is confident that the Company will continue to perform work of the highest standard of quality and energy performance standards.

Working with Susan Scherbel of Belleview Associates, Warren was able to implement a plan that would ensure the future of the Company. “While Peter’s transaction is small – relative to the various construction deals done to date, the close-knit and familial cohesion of this group made it a really nice fit,” Scherbel observed, adding that “once Peter became convinced that this was the optimal structure for his operation, he wouldn’t take ‘no’ for an answer."

 Read more about this and see some of our recent press related to this topic, see the articles below.

Freeport Builder Converts to ESOP Structure, MaineBiz, July 7, 2016

One on One with Peter Warren, CEO of Warren Construction, MaineBiz, July 25, 2016

Word-of-mouth advertising has subtle meanings, MaineBiz, July 25, 2016

Freeport-based Warren Construction shifting to employee-owned status, J.Craig Anderson, Portland Press Herald, July 11, 2016