Verit Advisors Completes ESOP Transaction for Dixie Plywood and Lumber Company
Verit Advisors® (“Verit”), a Chicago-based investment banking firm, advised Dixie Plywood and Lumber Company (“Dixie Plywood” or “DIXIEPLY”) on ESOP transaction alternatives, which ultimately led to Dixie Plywood becoming a 100% ESOP-owned company. Dixie Plywood, headquartered in Savannah, GA, is currently celebrating 75 years in operation as one of the largest independent wholesale distributors of building materials. Verit provided expertise in ESOP structuring, valuation and debt capital markets, allowing Dixie Plywood to evaluate and execute the optimal transition alternative.
“Our company culture is the reason for our success. We have always strived to be a family-oriented company. It is important to us to celebrate key anniversaries with our employees. Because of that, we are happy to announce another milestone – Dixie Plywood is now 100% employee owned,” said President Dan Bradley, Sr.
John Solimine, founding member and Managing Director of Verit Advisors added, “We were very proud to support the family in evaluating strategic alternatives and executing the 100% ESOP transaction. This succession alternative preserves the Company’s 75-year legacy, maximizes shareholder and Company objectives and creates a meaningful retirement benefit for current and future DIXIEPLY employees.”
“We are excited for the employees of DIXIEPLY and thankful to the Bradley family for choosing this path. Verit’s help in guiding us through the process was invaluable and we are very pleased with the result,” said Mark Gentry, Senior Vice President and Co-Chief Operating Officer.
About Verit Advisors LLC
Verit Advisors unites sophisticated investment banking capabilities with a client centric boutique, fluent in ESOPs, debt capital markets, mergers and acquisitions, and valuation services. Integrity, teamwork, service, and innovation are at the heart of the organization, as Verit strives to provide unparalleled advice and custom solutions to its clients. Mary Josephs founded Verit Advisors in 2009. Josephs and her team are considered to be one of the foremost experts in ESOP transactions and middle market strategic alternatives.
About Dixie Plywood and Lumber Company
Dixie Plywood and Lumber Company (“DIXIEPLY”), headquartered in Savannah, Georgia, is one of the largest independent wholesale distributors of building materials in the U.S. The Company was founded in 1944 and was family-owned for 75 years prior to the recent ESOP transaction. DIXIEPLY is the preferred wholesale distributor of plywood, lumber, building materials and specialty products to lumber dealers and industrial accounts. The Company has eleven strategically placed distribution centers throughout the southern U.S. and over 370 employees.
Source: Verit Advisors, LLC