During a special company meeting held earlier this month, David Bernhardt announced that Providence Engineering had been sold…to an Employee Stock Ownership Plan (ESOP). We are very excited to share that Providence Engineering is now 100% employee owned and operated!
An ESOP is an employee benefit plan, facilitated through a trust, which provides company stock exclusively to employees as part of their retirement benefits. Providence pays all of the contributions to this plan from company profits. Our plan is overseen by a professional ESOP Trustee, Providence’s Board of Directors and administered by a company specializing in ESOP programs.
Since Providence’s founding in Dan Fichtner’s basement nearly 30 years ago, we have focused on providing engineering solutions in a way that serves our clients, our co-workers, and our company. In continued pursuit of this mission, we are excited about the transition to an ESOP and the benefit it provides to our employees. Moreover, our clients can now be even more confident that Providence Engineering is here to serve for the long-term.
As a group of employee-owners, we will all strive to ensure that quality, timely and affordable engineering solutions remain the hallmark of our firm.