Columbus landscaping company sold to employees

GreenScapes Landscape Co., a Columbus, Ohio, based commercial and residential landscaping company, has been sold to its employees in an employee stock-ownership plan (ESOP), reports Columbus Business First. 

Bill Gerhardt, founder and president of the 42-year-old company, sold the operation to 75 full-time employees. The ESOP allows the employees to have an ownership stake in the firm through a trust.

“I’ve been looking for a way to pass the company along to the people here,” Gerhardt said. “I’ve been approached by buyers over the years, but it didn’t seem like a good fit for the employees, or I was worried they’d want to change the culture here. This way the employees will be able to take the ball, and they can run with it.”

According to the Columbus Business First article, Gerhardt is still planning to remain with the business as president for at least five years. He will eventually transition out of the business in a way that allows the company to maintain its current client base and culture.

The ESOP transaction was arranged by Lazear Capital Partners Ltd.