NEW YORK, March 3, 2015 /PRNewswire/ -- CSG Partners, the New York-based boutique investment bank, announced that it closed an Employee Stock Ownership Plan (ESOP) transaction for Sterling Engineering. Celebrating its 45th anniversary, Sterling became 100% employee-owned with the transaction. CSG Partners served as the sole financial advisor to Sterling and was involved in structuring, negotiating, and raising capital to support the transaction.
Headquartered in Westchester, Illinois, Sterling is an industry leader in engineering support services and technical staffing. The company supports a broad array of industries including transportation, heavy equipment, food, pharmaceutical, packaging, and heavy equipment. Sterling's services include design and integration for high speed equipment, process improvement, facility layout/optimization, and product design and development. Recognized by Inc. 5000 as one of the fastest growing private companies, Sterling is also a recipient of the 2014 Best of Staffing Client Satisfaction award.
"We are very excited to be moving into the next chapter of our company's history in a way that will take our successful business model to a new level. Sharing ownership with employees through our ESOP enhances our strategy of retaining top-talent to serve our customers," said Sterling CEO Dolores Connolly. "Our ESOP is a win-win for the employees, our company, and our customers," explained Connolly. "It provides a smooth transition of ownership while also providing individuals an opportunity to build their personal savings."
The CSG Partners transaction team was co-led by George Thacker, III and Alex Mumblat. "It was a pleasure to work for Sterling and structure an ESOP that meets the client objectives and positions the company for continued success," said Thacker. "Engineering and staffing firms are often excellent candidates for ESOPs, and Sterling was no different," noted Mumblat. "It was a privilege to help another outstanding firm move to ESOP ownership."
About CSG Partners
CSG Partners, LLC is a boutique investment bank specializing in ESOPs, mergers and acquisitions, and capital advisory services for middle-market companies. CSG's clients have spanned the full middle-market spectrum, with values ranging from $10 million to $1 billion. Founded in 2001, the firm has built a reputation of having the nation's preeminent ESOP investment banking practice. CSG Partners has been named the "Boutique Investment Banking Firm of the Year" by both The M&A Advisor and ACG New York. CSG Partners operates from offices in New York, San Francisco, and Washington DC.
SOURCE CSG Partners
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