ONTARIO, Calif. – February 24, 2021 – Wallner Expac, Inc. (“Wallner Expac” or “the Company”) has completed a transaction to become 100% employee-owned through its newly-created Employee Stock Ownership Plan (“ESOP”). The Company was founded in 1959 in Southern California and with locations in Ontario, CA, El Paso, TX and Kennesaw, GA it is the largest expanded metal manufacturer in North America to produce light gauge material for metal backing used in air filters.
After 62 years of significant expansion and growth, the shareholders of Wallner Expac have transitioned 100% of the Company’s total ownership to all of the employees of the Company through a qualified retirement plan known as an Employee Stock Ownership Plan (“ESOP”). All eligible employees will be granted shares of Company stock each year, at no cost, allowing them to earn ownership over time through their service to the Company and accumulate tax-deferred retirement wealth. Wallner Expac joins a group of elite 100% employee-owned companies across the United States of America.
According to Mariana Orozco, President & CEO, “Each employee of Wallner Expac is a trusted team member. The founders of our Company want our employees to feel that they ‘own and operate’ their own business which fosters tremendous pride resulting from owning a stake in the Company. They also want our hard-working and loyal employees to benefit beyond their wages alone if they continue to help grow Wallner Expac. Together we strive to be more efficient, innovative, safe and responsive to our clients’ needs.” The Wallner family decided to implement this plan because they felt it was the best and most sustainable path forward for the employees and managers of the Company in a manner that protects the legacy that they have built.
Michael Wallner adds, “Our most important asset has always been our employees. They are the reason why Wallner Expac has consistently experienced the growth and success it has, thus we wanted to ensure that they would continue to benefit from their hard work and dedication.”
Paul Wallner stated, “Legacy was a critical factor in selecting a transaction, but equally as important was ensuring that anything we did as owners would also help the employees succeed.”
Wallner Expac was advised by Ambrose Advisors, a national investment banking firm specialized in employee-ownership transactions. Michael Harden, Senior Managing Director with AmbroseAdvisors, stated “The Wallner Expac Shareholders’ goal was to secure a sustainable future for the Company in a manner that would be highly beneficial to its managers, employees, clients, and the community. Employee ownership, when done right, benefits all stakeholders and should be celebrated. It is a true win/win transaction for all parties involved and we were pleased to be a part. We heartily congratulate Wallner Expac and thank them for trusting Ambrose Advisors to manage this transition process.”
Best Best & Krieger LLP acted as legal counsel in connection with the transaction.
About: Wallner Expac was founded in 1959 in Southern California and with locations in Ontario, CA, El Paso, TX and Kennesaw, GA it is the largest expanded metal manufacturer in North America to produce light gauge material for metal backing used in air filters. http://www.expac.com
About: AmbroseAdvisors is a national middle-market investment bank and financial advisory firm focused on guiding and assisting business owners with ownership succession planning, including through employee ownership. http://www.AmbroseAdvisors.com
About: Best Best & Krieger LLP is a full-service business law firm with offices throughout California and in Washington DC. http://www.bbklaw.com
