Enercon Services , Inc.
Enclosed is a tombstone that describes a transaction recently completed by ATICG as financial advisor to the ESOP’s Co-Trustees.
We represented the Co-Trustees of Enercon Services, Inc. in a combination equity recapitalization – Employee Stock Ownership Plan, “stage two” ESOP transaction. Enercon Services is an engineering, environmental, technical, and management services firm providing a diverse portfolio of services to clients in the energy, process, manufacturing, telecommunications and government sectors. With over 450 professionals in a broad range of disciplines, they have substantial capabilities that help their clients to address both today's and tomorrow's problems. ENERCON has built its reputation over a 20-year period through forming lasting partnerships with their clients.
The recap and sale of stock to the Company’s existing ESOP and Trust represented approximately 7% of the then outstanding shares. This transaction increased the ownership of the ESOP to 100%. On January 1, 2006, the remaining Shareholder and the Co-Trustees made an election to allow the Company to be taxed as an “S” Corporation which, under the current tax law, eliminates the Company’s income tax liability going forward. This restructure gives the managers and employees a renewed common incentive toward improved productivity, profitability and ultimately a higher share value.
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