Chicago-based Verit Advisors® Closes ESOP Transaction

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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 associated debt financing options. Verit provided ESOP structuring, valuation and debt capital markets expertise in connection with the Company’s review of strategic alternatives. BNBuilders provides general contractor services in all aspects of construction including pre-construction, alternative delivery and sustainability primarily in the Western United States.

John Solimine, Managing Director of Verit Advisors, stated: “BNBuilders’ transition to a 100% ESOP is a natural extension of the company’s people-centric culture and desire to remain independent. It has been a privilege to work with the leadership team in structuring and tailoring the optimal ESOP alternative that will benefit employee ownership for years to come.”

“We really appreciate the knowledge that the Verit Advisors team brought to the ESOP process – from the initial feasibility study to final financing,” said Rich Finlay, CFO of BNBuilders. “Equally helpful was Verit’s response to the tight schedule as we worked to close this complex transaction before the end of the year.”

Jake Cravens, Managing Director, Verit Advisors added: “It has been a pleasure for the Verit team to work alongside BNBuilders’ outstanding leadership team 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 view employee ownership as a key enabler of their strategic opportunity.”

About Verit Advisors®

Verit Advisors combines sophisticated investment banking skills with a client-focused 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 bespoke solutions to its clients. Mary Josephs and her team founded Verit Advisors in 2009. Verit is recognized as one of the leading experts on ESOP transactions and strategic alternatives for the middle market.

About BNBuilders

Founded in Seattle in 2000, BNBuilders has five West Coast offices and over 1,000 employees. BNBuilders specializes in complex projects and is quickly gaining momentum in the life science, biotech, healthcare, education, commercial, government and office sectors. Projects range from educational buildings for major universities to government-sponsored structures, technology campuses, consumer retail segments, hospitals, life sciences and large corporate offices for Fortune 500 companies. BNB has been awarded “Best Places to Work” in the last 5 years.


        
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