Jim's Formal Wear Transitions to Employee Ownership with ESOP Sale
Deal News | Mar 04, 2025 | Globenewswire
Jim's Formal Wear, a leading independent supplier of men's formal wear services in the USA, has completed a transition to an employee stock ownership plan (ESOP). Facilitated by financial advisor ButcherJoseph & Co., the transaction sees the company's ownership transferred to its employees, officially closing on December 30, 2024. Jim's Formal Wear services over 4,500 retailers and employs over 500 full-time and additional seasonal staff. This transition aims to secure the firm's future, maintain its culture, and motivate employees by providing them a stake in the company's success. ButcherJoseph, renowned for its expertise in employee ownership transactions, views this transition as a strategic move to ensure long-term growth for Jim's Formal Wear.
Sectors
- Financial Advisory
- Apparel & Formal Wear
Geography
- United States – Jim's Formal Wear is the largest independent provider of men's formal wear services in the USA, and ButcherJoseph is headquartered in St. Louis, MO, with operations across several U.S. cities.
Industry
- Financial Advisory – ButcherJoseph & Co. acted as the financial advisor in the transaction, which involved creating an employee stock ownership plan for Jim's Formal Wear.
- Apparel & Formal Wear – Jim's Formal Wear operates in the apparel industry, providing formal wear for special events across the United States.
Financials
- – The article does not provide specific financial figures related to the ESOP transaction.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Jim's Formal Wear | Target Company | Company | A leading provider of men's formal wear services, transitioning to employee ownership via ESOP. |
| ButcherJoseph & Co. | Financial Advisor | Company | Advised Jim's Formal Wear on the ESOP transaction, specializing in investment banking and employee ownership transactions. |
| Steve Davis | CEO | Person | Current CEO of Jim's Formal Wear, overseeing the transition to an employee-owned structure. |
| Tristan Tahmaseb | Director | Person | Director at ButcherJoseph & Co., involved in facilitating the ESOP transaction for Jim's Formal Wear. |