Chicago-Based Verit Advisors® Completes ESOP Transaction for BNBuilders
Verit provided expertise in ESOP structuring, valuation, and debt capital markets in connection with the Companys review of strategic alternatives.
Chicago, IL, Feb. 08, 2022 (GLOBE NEWSWIRE) -- Verit Advisors®, a Chicago-based investment banking firm, was engaged by BNBuilders to evaluate ownership succession alternatives including potential ESOP structures and related debt financing options. Verit provided expertise in ESOP structuring, valuation, and debt capital markets in connection with the Company’s review of strategic alternatives. BNBuilders provides general contracting services in all areas of construction including preconstruction, alternate deliveries, and sustainability primarily in the western United States.
John Solimine, Managing Director, Verit Advisors stated, “BNBuilders’ transition to a 100% ESOP is a natural extension of the Company’s employee centric culture and desire to remain independent. It was a privilege to work with the leadership team in structuring and customizing the optimal ESOP alternative that will benefit the employee owners for years to come.”
“We truly appreciate the knowledge that the team at Verit Advisors brought to the ESOP process – from the initial feasibility study to final funding,” said Rich Finlay, BNBuilders CFO. “Equally helpful was Verit’s responsiveness to the tight timeline as we worked to complete this complex transaction prior to the end of the year.”
Jake Cravens, Managing Director, Verit Advisors added, “It was a pleasure for the Verit team to work with the outstanding leadership team at BNBuilders to ensure the vision, mission and legacy of the founders. With the transaction, BNBuilders joins an industry-leading group of construction and engineering firms that see employee ownership as an important piece of achieving their strategic opportunities.”
Verit Advisors unites sophisticated investment banking capabilities with a client centric boutique, fluent in ESOPs, debt capital markets, mergers and acquisitions, and valuation services. Integrity, teamwork, service, and innovation are at the heart of the organization, as Verit strives to provide unparalleled advice and custom solutions to its clients. Mary Josephs and her team founded Verit Advisors in 2009. Verit is considered to be one of the foremost experts in ESOP transactions and middle market strategic alternatives.
About BNBuilders
BNBuilders was founded in 2000 in Seattle and has five offices across the west coast and over 1,000 employees. BNBuilders specializes in complex projects and quickly gained momentum in the life science, biotech, healthcare, education, commercial, public, and office markets. Projects range from educational buildings for major universities to government sponsored construction, technology campuses, consumer retail segments, hospitals, life science and large corporate offices for Fortune 500 companies. BNB has been awarded “Best Places to Work” in each of the last 5 years.
Pat Eichten Verit Advisors, LLC [email protected]