March 16th, 2020
Skyline Construction Enterprises, a San Francisco-based, 100% employee-owned commercial general contractor specializing in commercial interiors, has acquired Seattle’s Unimark Construction Group and its tenant services sister company Servicemark.
These acquisitions give the Skyline Group a major foothold in the Pacific Northwest—a key component of their nationwide expansion plan, according to the company’s press release. Skyline had previously expanded into the Chicago market with their launch of ACCEND Construction. Unimark and Servicemark will continue to operate under their current names, and their employees will be able to participate in Skyline’s ESOP.
The Employee Owners of Skyline Construction’s 100% ESOP
“The purchase transaction is part of a strategy that we’ve been pursuing for a couple of years now to be able to better service our clients across multiple markets and multiple service lines,” Skyline Chief Operating Officer Jessica Carps told Bay Area real estate publication The Registry.
Skyline had collaborated successfully with Unimark for several years. It was Skyline’s employee stock ownership plan that ultimately convinced Unimark’s leadership that permanently joining the Skyline family was the best move for their business and their employees.
“Ever since I’ve been here, I wanted to figure out a way to get some of the earnings that we make as owners to the people who are actually making it happen in the field. We’re only as good as our employees and our subcontractor partners,” said Unimark president Chris Henderson.
Acquisitions can be an intimidating scenario for the employees of the companies being acquired. Will they be able to keep their jobs? Their earnings? Their company culture? But when being acquired means being able to participate in an ESOP—suddenly having an ownership stake in a booming business and all the benefits that come with it—acquisition quickly changes from a daunting prospect into a cause for celebration.
Menke & Associates has been providing record-keeping and ESOP consulting services to Skyline since 2011. For all of us here at Menke, it is always deeply rewarding to see our clients grow and thrive, especially when it’s so clear that the ESOP is helping to fuel that growth.
With their focus on maintaining long-lasting client relationships and their often highly competitive hiring environments where being able to offer industry-leading retirement benefits can have a tremendous impact, construction companies are a natural fit for ESOPs. Menke has helped numerous construction companies design, implement, and administrate ESOPs. Read our recent client case study spotlighting Ringland-Johnson Construction to see more about the impact an ESOP can have.
If you are wondering what an ESOP could mean for the future of your company, contact Menke today for a free preliminary analysis.
Menke & Associates, Inc. has helped over 3,500 companies successfully transition to employee ownership. Our holistic ESOP approach enables a positive outcome for the company, its employees and its shareholders. We believe ownership is powerful.
