Denver, CO (February 20, 2025) – BaseRock Partners is pleased to announce the sale of Key Construction, an ENR Top 400 Contractor, to an employee stock ownership plan (ESOP). BaseRock Partners (“BaseRock”) acted as the exclusive financial advisor to Key Construction in this transaction. Founded in 1978 by brothers Ken and Dave Wells, Key Construction has grown to operate in nearly 40 states, with offices in Kansas, Oklahoma, and Texas.
“Choosing the ESOP path as part of our succession plan was an obvious choice for Key Construction. From the beginning, we knew that our dedicated employees were rightful owners given their role in building Key Construction to the company that it is today,” said Dave Wells, President of Key Construction. “As owners, we were honored to pass the ownership torch to employees and work to help them achieve their long-term retirement goals.”
Wells continued, “The team at BaseRock are at the top of their class! Their professionalism and expertise were instrumental in our successful ESOP transition.
The BaseRock team took time to explain each phase of the process in a clear and understandable way. I truly believe without them on our team we wouldn’t have realized the exceptional transaction that resulted. We would not hesitate to recommend BaseRock to any owners considering an ESOP or any other type of sale transaction.”
The establishment of the ESOP underscores Key Construction’s commitment to its workforce, recognizing employees as its most valuable asset. This move is anticipated to enhance employee engagement and drive the company’s future success.
About BaseRock Partners
BaseRock Partners is an 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 engineering and construction companies.
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