Western Specialty Contractors was recently featured in the St. Louis Business Journal following its sale to employees through an Employee Stock Ownership Plan (ESOP). The transaction, which closed January 2, marks a significant milestone for the 100-plus-year-old building restoration company and reflects the Bishop family’s long-term commitment to preserving the company’s culture, independence, and legacy.

In the article, Paul Gillstrom, Vice President and Chief ESOP & Strategy Officer at Western Specialty Contractors, explained that the ESOP structure was chosen to ensure continuity while rewarding employees for their role in the company’s future success. Approximately 750 of Western’s 1,500 employees will receive shares that vest over six years, aligning long-term performance with ownership participation. Gillstrom emphasized that the goal was to maintain the culture that has defined Western for more than a century while positioning the company for sustained growth.

The story also features insights from Rick Hennessey, Director at ButcherJoseph & Co., who served as financial adviser to Western and the Bishop family. Hennessey noted that construction companies are often well-suited for ESOP ownership given the industry’s fragmented landscape and the desire of many owners to preserve independence while keeping employees meaningfully involved in the business. He highlighted Western’s deep executive bench and long-term mindset, noting that the transaction was thoughtfully structured to support durability and success “for the next 100 years.”

Read the article in St. Louis Business Journal.

Download the pdf.

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