Employees take ownership of Hollandia Produce
Hollandia in employee buyout
US lettuce group Hollandia Produce is transitioning to an employee-owned company via an an employee stock ownership plan (ESOP).
The company is currently owned by the Overgaag family. Mosaic Capital Partners and Endeavor Structured Equity and Mezzanine Fund supported this transition by structuring and funding the ESOP.
An ESOP is a qualified retirement plan that invests in the common stock of the sponsoring company and provides eligible employees with an ownership interest in this company. Hollandia said the ESOP aims to drive "increased productivity and profitability" and "ultimately an increased stock price from which employee owners will directly benefit".
CEO Pete Overgaag commented: "I am honoured to lead Hollandia through this transition, which will continue our commitment to our customers, employees and company values. Hollandia is well positioned for growth. I am excited our employees will be able to share in our future success."
Hollandia was founded in 1970 by Art and Magda Overgaag. It is the largest producer of greenhouse hydroponic lettuce in the western US.
Sectors: Fresh produce
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