Spinx Forms Employee Stock Ownership Program
GREENVILLE, S.C. -- The Spinx Co. has formed a partial Employee Stock Ownership Program (ESOP) to help push the company forward.
In the final days of 2011, founder and CEO Stewart Spinks completed a partial sale of The Spinx Co. to an ESOP. He received advisement and structural support from Butcher Joseph Hayes LLC, a merchant bank based in St Louis.
Stewart Spinks, along with Spinx Co. President Steve Spinks, will retain leadership of the company, which operates gasoline/convenience retail stores in South Carolina and North Carolina. The company's 65 stores employee more than 700 associates.
The move to a partial ESOP will position the convenience store chain for continued growth and success in the competitive convenience industry, according to the company. In addition, it puts in place an employee benefit plan that enables employees to become part owners of the company they work for, the retailer noted in a news release.
"This is a way for me to say 'thank you' to the associates for all they have done for The Spinx Co. I can think of no better way to celebrate Spinx's 40th year in business than by sharing my success with all of them," Stewart Spinks said. "The associates are my new partners and I look forward to everything we will achieve."