When Armory Capital decided to sell Jim’s Formal Wear (JFW), CEO Steve Davis proposed transitioning ownership to the employees through an employee stock ownership plan (ESOP). The private family office, alongside the Davis family, approved the deal, allowing for a successful exit while fulfilling the company’s long-term goal of employee ownership.

In this article, Jim Drew at the St. Louis Business Journal sits down with ButcherJoseph & Co. Director Tristan Tahmaseb, and Justin Gioia, Chief Strategy Officer and VP of Marketing at Jim’s Formal Wear, to discuss how and why JFW decided that an ESOP was the right transition vehicle for the company and why they choose to partner with ButcherJoseph to run the transaction process.

Read the article.

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