News
July 17, 2024Rifenburg Holdings, Inc. Transfers 100 Percent Ownership of the Company to Employees Through an Employee Stock Ownership Plan
Rifenburg Holdings, Inc. headquartered in Troy, New York, is now 100% employee-owned following the transfer of all of the stock of the Company to a newly-formed Employee Stock Ownership Plan (ESOP). This ownership transition, effective as of June 30, 2024, includes 100% of Rifenburg Construction, Inc.; Marcy Excavation Services, LLC; Rifenburg North Carolina, LLC; Rifenburg Contracting Corporation; Park East Sales, LLC; and Construction Administration Network, LLC.
“The Rifenburg family recognizes that it’s our loyal employees that made these companies successful over the past 66 years. We decided the best way to transition the organization to the future was to allow them to share in that success. We are very excited about this opportunity and we are confident that it will help attract new people to our team”
An ESOP is an employee benefit plan, facilitated through a trust, which provides company stock to employees as part of their retirement benefits. Congress created these plans to make it possible to transfer ownership to employees in a tax-favored way. According to the National Center for Employee Ownership, there are approximately 6,500 ESOPs in the United States holding total assets of over $1.6 trillion and covering nearly 14 million participants. As a 100% ESOP owned company, all of Rifenburg Holdings Inc.’s stock is now held in trust by the ESOP exclusively for the benefit of eligible Rifenburg employees.
