BRISTOL, Pa. — Modern Group recently completed the transformation to a 100 percent Employee Stock Ownership Plan, making the company solely owned by its employees.
Modern's Board of Directors approved the transaction unanimously. The company, which had begun the ESOP process in 1985, was able to complete the process when its founder, Joe McEwen, recently retired, offered to sell his shares to the ESOP.
“The employees of the Modern Group have always been the backbone of the company's success and the 100 percent ESOP puts the company's ownership directly into the hands of those who will make our future even brighter,” said David Griffith, president and CEO.
Bristol, Pa.-based Modern Group is No. 38 on the RER 100. The Modern Group of companies includes Modern Equipment Sales & Rental and several material-handling specialty companies. Its five companies provide sales, leasing, short-term rental, service, parts, training and financing solutions. Modern employs more than 550 people at 22 locations in Pennsylvania, New Jersey, Delaware and Maryland. Founded in 1946, Modern represents more than 400 product lines.
