Pester Marketing Establishes ESOP
GREENWOOD VILLAGE, Colo. -- Pester Marketing Co. established an Employee Stock Ownership Plan (ESOP) to reward employees with another defined contribution plan in addition to its 401K offering. The ESOP was established with the help of Matrix Capital Markets Group and Marshall & Stevens Inc.
"We at Pester felt that the ESOP was the best option to use to not only reward our current long-term employees but all employees in the future," said Rich Spresser, president and CEO of Pester. "We hope to create a culture of employee ownership which will carry our company forward for many years to come. With the combination of Matrix and Marshall & Stevens guiding us through the process, we feel very excited about our ESOP and the benefit it will provide all of our employees.
Founded in 1955, Pester Marketing Co. currently owns and operates 57 convenience stores branded as Alta Convenience, 1st Stop and Farm Crest Milk Stores in Colorado, Kansas, Nebraska and New Mexico. The c-store chain also distributes and transports motor fuels and lubricants to wholesale, commercial and agricultural customers.
Matrix provided corporate finance and valuation advisory to Pester's shareholders. Marshall & Stevens provided specialized advisory services to Pester's shareholders, including preliminary feasibility studies, ESOP design and formation consulting, transaction advisory assistance, a repurchase liability study and employee communications advice.
"Pester's establishment of an ESOP further aligns employee shareholder interests and provides potential significant upside value to employee owners," noted Matrix's Spencer Cavalier.