Ultara Holdings Becomes 100% Employee-Owned Through an Employee Stock Ownership Plan (ESOP)
DALLAS, TX – Jan. 3, 2022 – Ultara Holdings, Inc., is pleased to announce it has completed a transaction to become 100% employee-owned through its newly created Employee Stock Ownership Plan (ESOP). Ultara Holdings and its subsidiaries, GeoShack, Inc and Inteq Distributors, LLC are retail dealers and wholesale distributors of positioning, leveling, alignment, measurement, guidance and grade control solutions; representing several industry-leading manufacturers.
The transition to employee ownership by the over 25-year-old company reflects the company leaders’ confidence in the team while further enhancing Ultara’s reputation as employee focused at a time when many organizations are challenged with retention and engagement.
“Since our founding in 1995, my philosophy has been to empower our employees to provide services and solutions to our customers and act as if they were owners of the company. I am extremely pleased that after 25 plus years my vision has become fully realized. Our clients can now have an additional level of confidence that our organization is here to serve their needs for the long term. And now, our employees have an opportunity to benefit financially through the ESOP,” said Mr. Scott Beathard, President and CEO.
All of the ownership of Ultara Holdings has transferred to a qualified retirement plan, specifically an ESOP. Ultara Holdings joins a group of elite employee-owned companies such as the Publix, Peter Kiewit Sons’, Hensel Phelps Construction, Scheels, Austin Bridge and Road, WinCo Foods, and Wheaton Trucking, to name a few.
About Employee Stock Ownership Plans
According to the National Center for Employee Ownership, there are approximately 6,500 ESOPs in the United States holding total assets of over $1.4 trillion and covering over 14 million participants. An ESOP is a type of retirement plan that was made possible by Congress in 1974 under the Employee Retirement Income Security Act (ERISA), the same act that governs 401(k) plans. The plan sets up a trust to hold company stock for employees.
2022 © Copyright – Ultara Holdings, Inc.