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Angie Narel

11 May

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GRAND RAPIDS, MI. Crystal Flash transitions to a 100-percent employee owned company joining other Michigan-based ESOP-owned businesses

May 11, 2016 | By |

GRAND RAPIDS, MI.  Crystal Flash transitions to a 100-percent employee owned company joining other Michigan-based ESOP-owned businesses

Following a two-year preparation process, Crystal Flash has successfully transitioned to a 100-percent employee-owned company.

The Grand Rapids-based fuel distribution company’s roughly 250 employees purchased Crystal Flash in late April from longtime owner and Chairman Tom Fehsenfeld via a leveraged employee stock ownership plan (ESOP).  ESOPs provide shares to employees in a benefit plan.  The shares are held in trust until those workers leave the company.

Read full article and Mike Harden’s comments here…