Ames Construction will preserve its “Fueled by Family” culture by becoming 100% employee-owned through an Employee Stock Ownership Plan (ESOP).
The transaction was executed on Dec. 30, 2024, and Ames announced the ESOP in a company townhall on Feb. 25, 2025.
“The Ames family of owners believe that the right thing to do is to entrust Ames Construction to the people who helped build it,” Ames Board Chairman Butch Ames said in the townhall. “The future of Ames is now in your hands.”
The Ames family takes great pride in the accomplishments achieved together over the last six decades, said Butch Ames, and the company is strong, stable, and positioned for continued success.
“With this transition, the Ames family of owners have gone from running the company to being your biggest cheerleaders," he added. "John, Mark, and I remain on the Board to help in any way we can. We know that Dick, who passed away in 2019, and Ron, who died unexpectedly this past September, would join us in giving 100 percent of our support to the new organizational structure of employees and their families, who have worked long and hard for Ames Construction.”
The transition is a historic moment for Ames, according to Chief Executive Officer Jerry Ouimet. “The Ames family remains deeply committed to what’s best for all our team members, ensuring that we preserve the values of Ames while providing everyone with the opportunity to share in the American Dream,” he said.
Chief Financial Officer Tom Bessel explained that as succession planning at Ames progressed, two options emerged: selling the company to a competitor or private equity firm, or transitioning to an ESOP.
“The ESOP option allows Ames to stay Ames for the next 100 years and beyond,” he said. “It is an exciting opportunity to continue to grow the culture and legacy of Ames.”
Bessel explained that the ESOP transaction makes no changes in union craft retirement plans. For non-craft coworkers, the company’s 401(k) plan will not change; however, there will be a reduction in profit sharing due to the addition of the ESOP contribution, which Ames is modeling to mirror the existing profit-sharing plan. Ames will host educational sessions for union coworkers on March 17 and non-craft coworkers on March 18.
Bessel and Chief Operating Officer Justin Gabrielson responded to questions submitted in advance of the townhall on topics ranging from retaining Ames’ family dynamic to training opportunities to help coworkers advance their careers.