GO Wireline Transitions Ownership to Employees Via ESOP
Deal News | Dec 03, 2024 | Globenewswire
In December 2024, financial advisory firm ButcherJoseph & Co., along with co-advisor Fieldstone Partners, successfully facilitated the transition of ownership of GO Wireline LLC to its employees through an Employee Stock Ownership Plan (ESOP). The transaction was finalized on September 30, 2024, reflecting a strategic decision to empower employees, ensuring they are directly invested in GO Wireline's future. The company, recognized for its high-quality wireline services and innovative problem-solving, aims at maintaining its legacy and fostering continued growth by transitioning ownership to its workforce. This move honors the dedication and talent of its employees, enabling them to become stakeholders in the business and aligning their interests with the company's success. ButcherJoseph, known for its expertise in ESOP transactions and capital advisory, positioned this shift as more than succession planning. It provides stability, growth opportunities, and a reward structure for the employees who have contributed significantly to the business's success. Overall, the ESOP is expected to yield long-term benefits and ensure GO Wireline's sustained prosperity.
Sectors
- Financial Advisory
- Oil and Gas Services
Geography
- United States – The transaction took place in the U.S. with parties such as ButcherJoseph & Co. being headquartered in St. Louis, Missouri.
Industry
- Financial Advisory – The industry involved in the advisory role facilitating the transaction for GO Wireline, particularly in employee ownership and ESOPs.
- Oil and Gas Services – GO Wireline operates within this industry, providing solutions in tubing conveyed perforating and pipe recovery.
Financials
- – The financial terms of the transaction were not disclosed in the provided article.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| GO Wireline LLC | Target Company | Company | A company providing high quality wireline services, now transitioning to employee ownership through an ESOP. |
| ButcherJoseph & Co. | Financial Advisor | Company | Boutique investment banking firm advising GO Wireline on the sale to its employees. |
| Fieldstone Partners | Co-Advisor | Company | Provided co-advisory services in the ESOP transaction alongside ButcherJoseph. |
| Mark Gjovig | Chairman | Person | Chairman of GO Wireline, supportive of the transition to employee ownership. |
| Lucas Gjovig | CEO | Person | CEO of GO Wireline, emphasizing the strategic importance of the ESOP. |
| Tristan Tahmaseb | Vice President | Person | Vice President at ButcherJoseph, responsible for overseeing the advisory role in the transaction. |