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BaseRock Advises Ghilotti Construction On Its Sale To An ESOP

ghilotti

BaseRock Partners Represents the California based heavy civil firm on the sale to its employees

Ghilotti Construction Company (“GCC”) is one of the largest heavy civil construction firms in the United States, ranking #379 on Engineering News Record’s 2022 Top 400 list. As Dick Ghilotti, the company’s founder and majority owner, began to consider his retirement and succession options, his objectives for a transaction were clear: ensure the 100-year legacy of GCC was preserved and the family-oriented culture was maintained, while providing the company’s shareholders with a fair market value for their shares.

Change Without Disruption

As one of the nation’s leading heavy civil construction firms, GCC had a host of transaction options to choose from. With its size, profitability, management team, self-performance capabilities, and strong industry tailwinds, GCC represented an excellent acquisition candidate to multiple acquirers.

As part of its engagement, BaseRock analyzed GCC’s transaction alternatives and highlighted the benefits and risks of each, with a heavy emphasis on how each alternative would affect Dick’s preferences of preserving GCC’s legacy and culture. Following many discussions with the BaseRock team, GCC’s shareholders decided selling to an ESOP was the best alternative for the company.

“BaseRock Partners provided exceptional insight and advice as we navigated a very difficult decision-making process. Their leadership, market knowledge, and financial acumen were critically important to our owners and executive team. BaseRock will continue to be trusted advisors to our firm as we enter our next 100 years as an employee-owned company.”

– Dick Ghilotti, Founder, Ghilotti Construction Company

Maintaining Culture And A Company Legacy

Following months of hard work, Dick and the GCC’s owners ultimately approved the sale of the company to an ESOP in November of 2022. The transaction was announced at an employee celebration in Petaluma, California with over 150 new employee owners in attendance.

About BaseRock Partners

BaseRock Partners is a full-service investment bank built to serve the engineering and construction industry. BaseRock advises clients using a team-oriented approach that combines decades of industry expertise, deep industry relationships, and unique transaction capabilities specifically designed to meet the needs of companies serving the engineering and construction market.

BaseRock Partners Contact

matt-drake

Matthew Drake
Partner
mdrake@baserockpartners.com
312.882.7649

 

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BaseRock Partners is an Investment Bank built to serve the engineering and construction industry. Our firm advises clients using a team-oriented approach that combines decades of industry expertise, deep industry relationships, and unique transaction capabilities specifically designed to meet the needs of engineering and construction companies.

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