INDIANAPOLIS, Jan. 27, 2021 /PRNewswire/ -- Performance Validation, Inc., an Indiana based company providing Commissioning, Qualification, and Validation Services to the Life Science Industries, has acquired 100% of the interests of the Welsh Commissioning Group, Inc. (WCG) headquartered in Auburn, Washington. Structured as a 100 percent employee-owned private company, or an "S corporation employee stock ownership plan" (S ESOP), Performance Validation (PV) credits its success to its employee-owners who operate with a vested interest in the company's growth and development. Welsh employees will also become employee-owners through the acquisition.
"We are extremely pleased to have the Welsh Commissioning Group, Inc. join Performance Validation and the ownership culture we have here at PV," said Richard Van Doel, President and CEO of Performance Validation, Inc. "Welsh will serve as an important growth engine for expanding PV's capabilities in providing Building Commissioning services and expand our geographic reach in providing Commissioning, Qualification, and Validation services to the life science industry."
Founded in 2005 by Bryan Welsh, WCG is one of the largest 3rd-party full-time commissioning providers in the Pacific Northwest. WCG has provided commissioning services in Washington, Oregon, California, Idaho, Montana, Wyoming, Utah, Nevada, Rhode Island, Hawaii, and Alaska. The firm is highly successful due in large part to their commitment to excellence, stringent processes, and attention to detail. Bryan and Joan Welsh will retire from the business and Tim O'Neill will continue to lead the Welsh Commissioning Group as a Division of Performance Validation. Bryan commented, "I am very happy to have partnered with Performance Validation, as it will allow all WCG employees to become owners in the business and ensure that WCG remains a vibrant and successful part of the Pacific Northwest business community."
S ESOP companies like Performance Validation create not only employee motivation and success, but also create and share wealth with their employees. According to the National Center for Employee Ownership there are approximately 6,416 ESOPs (14 million participants) in the United States holding total assets exceeding $1.4 trillion dollars. This equates to an average account balance of $100,000 in new savings and retirement security for workers that they otherwise would not have. This is because profits of the company flow into the ESOP (retirement) accounts of the workers. Moreover, most S ESOP employees have retirement account balances three to five times higher than the average 401(k) or other defined contribution plans.
Performance Validation, Inc. with headquarters in Indianapolis, Indiana has been serving the life science industries since 1988, and is a nationwide leader in providing validation, commissioning, and quality services for pharmaceutical, biotechnology, and medical device manufacturers.