Matthew Drake and Dustin Bass from BaseRock Partners present “M&A and ESOP Update for the Construction Industry” at the 2025 Lockton Construction ESOP Summit on June 19.
About the Event
The Lockton Construction ESOP Summit is an invite-only, two-day event for Chief Financial Officers of ESOP Construction firms. This event features two days of sharing, networking and learning.
https://baserockpartners.com/wp-content/uploads/2025/05/Lockton-2025-2.png7981030baserockhttps://baserock.wpengine.com/wp-content/uploads/2021/04/baserock_logo.pngbaserock2025-05-23 21:44:452025-05-28 16:49:58Presenting at the 2025 Lockton Construction ESOP Summit
Matthew Drake from BaseRock Partners and Leah Turnball from BMO present, Building the Future: The Rise of ESOPs in the Construction Industry on April 16, 2025 at the 2025 NCEO Annual Employee Ownership Conference.
About the Session
The construction industry is experiencing a rapid shift toward employee ownership through employee stock ownership plans (ESOPs), now accounting for 30% of all new ESOPs in the US. Despite representing just 16% of total ESOPs, construction companies are leading the way in this transformative trend.
In this session, Matthew Drake and Leah Turnbull explore the driving forces behind the industry’s adoption of ESOPs, supported by exclusive data and expert insights from industry stakeholders, including lenders, sureties, and CPAs. Attendees will gain a deep understanding of why ESOPs are becoming a preferred ownership transition strategy in construction and how this shift is reshaping the future of the industry.
Don’t miss this opportunity to learn how ESOPs can secure the legacy of your company while creating long-term value for employees. Click here to learn more about the conference.
Denver, CO (March 13, 2025) – BaseRock Partners is pleased to announce the sale of Allied Construction Services (“Allied”) to an Employee Stock Ownership Plan (ESOP). BaseRock Partners (“BaseRock”) served as the exclusive financial advisor to Allied Construction Services throughout this process.
Founded in 1950 in Des Moines, Iowa by Robert Maddox, Allied Construction Services has built a reputation as one of the Midwest’s most trusted interior construction companies. With over 70 years of experience, Allied partners with general contractors, architects, developers, and building owners to deliver high-quality construction solutions. To support its continued growth, the company has expanded across Iowa, Illinois, Nebraska, and Kansas. In the early 1970s, Allied acquired Color Inc., now one of the largest painting contractors in the Midwest.
“Pursuing an ESOP was a natural choice for our company. We wanted to ensure our founder’s legacy lived on while preserving the culture and reputation that set us apart. Selling to an outside buyer couldn’t guarantee that continuity but transitioning ownership to the very people who helped build our success did,” said Bob Maddox, Chairman of Allied Construction.
“Our accounting firm introduced us to BaseRock Partners, and from day one, they instilled confidence in us,” Maddox added.
“Their deep expertise and ability to clearly outline each step of the process made all the difference. The BaseRock team was with us every step of the way; educating, advising, and ensuring we had everything in place to achieve a successful outcome. Their professionalism and strategic guidance were invaluable. We couldn’t be more pleased with our experience and would highly recommend BaseRock to any company considering an ESOP.”
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.
https://baserockpartners.com/wp-content/uploads/2025/03/allied-2.png1016712baserockhttps://baserock.wpengine.com/wp-content/uploads/2021/04/baserock_logo.pngbaserock2025-03-13 14:31:232025-03-13 14:31:24BaseRock Partners Advises Allied Construction Services On Its Sale To An ESOP
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.
https://baserockpartners.com/wp-content/uploads/2025/01/key.png1016712baserockhttps://baserock.wpengine.com/wp-content/uploads/2021/04/baserock_logo.pngbaserock2025-02-20 21:22:022025-02-21 14:25:45BaseRock Partners Advises Key Construction On Its Sale To An ESOP
Denver, CO (January 31, 2025) — BaseRock Partners is pleased to announce the sale of American Structural Concrete (“ASC”) to an Employee Stock Ownership Plan (ESOP). BaseRock Partners (“BaseRock”) served as the exclusive financial advisor to ASC throughout the transaction process.
Founded over 30 years ago, American Structural Concrete has established itself as a leader in structural concrete solutions across the Southern United States. The company has contributed to some of the region’s most iconic projects, including the Faena Art Center in Miami, FL, and SunTrust Park in Atlanta, GA. ASC’s expertise spans Traditional Form and Turnkey Frame, Hybrid Parking Deck, Tilt-Up, Industrial, and Precast structural solutions.
“At American Structural Concrete, we spent several years developing a sustainable business including being certain of the management’s capabilities in the event something happened to the owners. Included in our definition of a sustainable business was the concept of the company’s culture,” said Brack Maggard, President & Partner of ASC.
“After a considerable amount of thought given to the various other potential buyers, it became obvious that selling to the employees was the only way forward in order to maintain the Company’s culture which is integral to the success of the Company.”
Chris Alexander, COO & Partner of ASC, shared,
“Selling to an ESOP is not like a typical M&A transaction. Through their significant experience, BaseRock Partners navigated the requirements related to an ESOP transaction with ease. Not only did they (very patiently) explain the vast differences between an M&A transaction and an ESOP, they helped crystalize our thoughts regarding other potential buyers.”
“As a group, BaseRock was not only highly professional and knowledgeable, they were fun to work with. It left you feeling like you made a bunch of new friends. I would not hesitate to recommend BaseRock Partners for any type of sale transaction. Their advice was invaluable.”
The ESOP transition solidifies ASC’s commitment to its workforce and positions the company for long-term stability and growth under the stewardship of its skilled team. This employee ownership model ensures the company’s values and mission remain intact while rewarding employees for their dedication and contributions.
https://baserockpartners.com/wp-content/uploads/2025/01/ACS.png1016712baserockhttps://baserock.wpengine.com/wp-content/uploads/2021/04/baserock_logo.pngbaserock2025-01-31 14:20:032025-01-31 14:33:21BaseRock Partners Advises American Structural Concrete On Its Sale To An ESOP
Denver, CO (January 15, 2025) – BaseRock Partners announces the sale of New England Finish Systems to an Employee Stock Ownership Plan (ESOP). BaseRock Partners (“BaseRock”) served as the exclusive financial advisor to New England Finish Systems (“NEFS”).
Founded in 1985, NEFS has grown into one of the largest specialty contractors in New England. Known for its quality craftsmanship and adherence to strict deadlines, NEFS is a trusted partner in the specialty contracting industry. With over 300 carpenters, NEFS serves a diverse range of projects, including high-end tenant fit-outs, biopharmaceutical lab spaces, and ground-up residential high-rises in Boston, Massachusetts.
“I am so proud of the company we’ve built together, the quality of our work, and commitment to the projects we have always delivered,” said Jon Marquis, owner of NEFS.
“BaseRock worked closely with us to evaluate the best transaction options and provided valuable guidance and expertise throughout the complex ESOP process. Thanks to their extensive experience in the construction industry, we achieved a transaction that significantly benefits our employees and positions our company for long-term success.”
NEFS’s transition to employee ownership underscores its commitment to its workforce as its most important asset. This ESOP ensures the company’s stability and continued growth under the leadership of its skilled and loyal team.
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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Denver, CO (November 5, 2024) – BaseRock Partners announces the successful sale of SunWest Buildersto an Employee Stock Ownership Plan (ESOP). BaseRock Partners (“BaseRock”) served as the exclusive financial advisor to SunWest Builders.
SunWest Builders, founded in 1989 and headquartered in Oregon, has been a trusted name in Central Oregon’s construction industry for over 35 years. Known for delivering high-quality projects, from small-scale remodels to multi-million-dollar campus expansions, SunWest Builders consistently meets the highest standards of craftsmanship and customer service. The company’s stability and success are built on strong client relationships, with recommendations and referrals serving as a testament to its long-standing commitment to client satisfaction.
Under the leadership of President and owner Steve Buettner, who has been active in the region’s construction sector since the early 1980s, the company has earned a reputation for delivering high-quality, durable projects across a wide range of sizes and types.
Reflecting on this new chapter, Buettner shared, “I have always believed in the talent, dedication, and heart of our team. Transitioning to an ESOP reflects my confidence in our people and honors the collective effort that has driven our success. I couldn’t envision a better legacy than empowering our employees to shape the future of SunWest Builders.” Buettner shared,
“BaseRock Partners came highly recommended to us, and they lived up to their reputation as leaders in construction company ESOP formations. Their expertise and guidance were crucial as we navigated the complexities of transitioning to an ESOP.
With their insightful support and step-by-step leadership, BaseRock proved to be the ideal partner during this transformative period for SunWest Builders.”
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.
https://baserockpartners.com/wp-content/uploads/2024/11/SunWest-Builders-4.png1016712baserockhttps://baserock.wpengine.com/wp-content/uploads/2021/04/baserock_logo.pngbaserock2024-11-07 05:00:402024-11-14 15:59:21BaseRock Partners Advises SunWest Builders On Its Sale To An ESOP
Meet us at the ESOP Association (TEA) Employee Owned Conference in Las Vegas, NV November 13-15, 2024.
The Employee Owned Conference, attended annually by more than 2,000 employee-owners, thought leaders, and professional advisors, is the largest ESOP conference in the world. Make sure to join us in Las Vegas for collaboration, networking, and multiple learning tracks designed to help you get the information you need.
Meet us at the upcoming ESOP Association (TEA) Professionals’ Forum in New Orleans, LA on February 7th-9th, 2024.
The ESOP Association’s Professionals’ Forum is designed exclusively for high-level professionals who provide technical, financial, and legal assistance to ESOP companies. The Forum is a unique opportunity for professionals to gather with their peers for a collaborative learning experience. And because the Forum is a meeting of professionals for professionals, attendees can take full advantage of programming without the pressure of servicing or attending to client needs at our larger, national events.
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Denver, CO (January 30, 2024) – BaseRock Partners is pleased to announce the sale of Brix Paving Northwest Inc. and Roger Langeliers Construction Co., subsidiaries of WWS Holdings, Inc., to an employee stock ownership plan (ESOP). BaseRock Partners (“BaseRock”) acted as the exclusive financial advisor to Brix Paving Northwest Inc. (“Brix”) and Roger Langeliers Construction Co. (“RLC”) in this transaction.
For over 25 years, Brix Paving Northwest Inc. has provided its customers with the resources, equipment, and, most importantly, the people to complete paving projects of all calibers. From small residential driveways to mainline interstate paving and full parking lot restorations, Brix has developed a reputation for integrity, quality, and safety.
Founded in 1995, Roger Langeliers Construction Co. specializes in the placement, finish, sawing, and joint sealing of Portland cement concrete for roadways, driveways, sidewalks, and other residential and commercial projects. Over its nearly 30-year history, the company and its employees have developed trusted partnerships with clients, including construction companies and local governments, by delivering high-quality results on time and budget.
“At Brix Paving Northwest, we believe in the incredible talent and dedication of our team. That’s why we decided to sell the company to our employees through an ESOP. They have contributed so much to our success, and now they get to write the next chapter,” said Billy Stimpson, President of Brix. “We’re grateful to BaseRock Partners for partnering with us on this process. We couldn’t have done it without their expertise. Their reputation as a leader in this field is well-deserved.”
Web Langeliers, President of RLC added, “BaseRock Partners came highly recommended to us within the construction industry, and we couldn’t have asked for a more capable partner during this pivotal time for RLC. Their insight and support gave us complete confidence as we worked through a pretty complex process.”
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. For more information about ESOP advisory or about our investment banking services, contact us.
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