All articles tagged with #employee ownership
Bill Ackman’s Pershing Square, managing about $35B with roughly 48 staff, keeps a culture where every employee—from cleaners to receptionists—owns multimillion-dollar stock in the firm, a policy Ackman says fuels loyalty with strong benefits, office-based work most of the year, and flexible summer arrangements.
Blackstone is taking Jersey Mike's public at a roughly $7 billion valuation after reshaping the chain with professional managers, a new board, and a broad employee-ownership plan funded by Blackstone’s payout. Corporate employees can receive cash or equity bonuses of 0–200% of eligible pay, with tenure-based adjustments; franchisees and non-corporate staff are excluded. Cancro stepped down as CEO and a new CEO was installed as expansion accelerates (UK/Ireland master franchise, 7,500 US restaurants planned) and debt refinancing supports growth. Blackstone will retain a large voting stake after the IPO.
Blackstone is taking Jersey Mike's public at about a $7 billion valuation, transforming the founder-run chain into a professional company with new leadership and a broad employee-ownership plan funded by Blackstone’s payout. Corporate employees can receive cash or equity worth 0%–200% of eligible pay, while franchisees and store workers aren’t eligible. Cancro steps from CEO to board, Blackstone keeps roughly two-thirds of voting power, and expansion plans include a larger store pipeline and master franchise moves to Ireland (plus existing Canada expansion). This marks the first public outing of Blackstone’s broad ownership approach.
As baby‑boomers retire, a growing number of US firms are being sold to employees via ESOPs or Employee Ownership Trusts, with examples like Softstar Shoes; studies estimate up to about 600 such transitions annually as financing expands and government programs encourage the move. Employee‑owned companies often show higher productivity and wages, and owners aim to preserve local jobs, but setting up these arrangements is complex, can take years, and requires patience as payments are made.
SpaceX plans to go public this week at about $135 per share, valuing the company around $1.77 trillion and potentially making more than 4,400 current and hundreds of former employees millionaires (roughly 400 could exceed $100 million), with pre-IPO shares locked for months. The IPO follows SpaceX’s elevated valuation after merging with xAI, even as the company and xAI posted multi‑billion‑dollar losses, and Musk eyes becoming the world’s first trillionaire.
Milano Restaurants International, the Fresno-based parent of Me-N-Ed's Pizzeria, has sold 100% of the company to its employees via an ESOP to preserve independence and the brand’s legacy. Milano operates more than 60 company-owned restaurants in California and franchises in California and Arizona, including Me-N-Ed's, Coney Island, Victory Grill, Blast & Brew, and Piazza del Pane; leadership says the employee-ownership model gives staff a meaningful stake in the company's future.
Sean "Diddy" Combs sold his majority stake in Revolt, transitioning ownership to the company's employees, amid multiple sexual assault allegations and potential criminal charges.
Bob Moore, the founder of Bob's Red Mill, passed away at the age of 94. He established the company in 1978, which grew into a global food brand with over 200 products in 70 countries. At 81, he initiated an Employee Stock Ownership Plan, and his legacy of promoting unprocessed foods and high-quality ingredients lives on through the company. A celebration of his life will be held at the Bob's Red Mill store in Milwaukie, and more details will be announced soon.
The owners of Bernie Robbins Jewelers, a luxury jewelry store chain with locations in Philadelphia and New Jersey, have decided to retire and pass on their 60-year-old family business to loyal employees instead of selling it. Harvey and Maddy Rovinsky, the owners, believe that the current employees, who have been with the company for decades, are the best candidates to continue the legacy of the business. The transition is expected to take place in the first quarter of 2024, and Harvey Rovinsky will continue as CEO. The exact number of employees who will receive ownership has not been disclosed.
Employees of San Francisco's Anchor Brewing Company are rallying to raise funds and purchase the brewery as a worker co-op before its scheduled closure and liquidation at the end of the month. The workers, supported by their union, have sent a letter to the parent company, Sapporo, expressing their intent. Anchor Brewing has stated that they would consider a bona-fide offer from the employees, but time is running short as the company moves towards liquidation. The employees believe they can raise the necessary funds and have received overwhelming support from the community.
Workers at Anchor Brewing Company, the oldest craft brewer in the U.S., are attempting to save the company from closure by purchasing it themselves, according to a union official. The brewery is facing financial difficulties, and the employees hope that by taking ownership, they can keep the historic company alive.