ButcherJoseph & Co. (“ButcherJoseph”) served as the exclusive financial advisor to Midwest Equipment Company (“Midwest” or the “Company”), on its sale to The Midwest Equipment Employee Stock Ownership Plan Trust (“ESOP”). Founded in 1993 and headquartered in St. Louis, Midwest is a leading commercial foodservice equipment distributor in Missouri, Kansas, Illinois and Arkansas. The transaction officially closed early October 2018.
Midwest’s Founder and CEO Jim Sramek expressed, “When I first started thinking about my succession plan, I knew that I didn’t want to sell to anyone outside the Company. After hearing about an ESOP’s ability to create additional wealth for employees, I was anxious to find out if an ESOP would fit Midwest Equipment Company.
Thanks to our longstanding relationship with our accounting partners at BDO, we were introduced to the folks at ButcherJoseph & Co. to determine if an ESOP might work for us. From the moment I met with ButcherJoseph, I knew that they were the right partner to help us design our succession strategy. They understood right away how important our employees are, and how much I care about all of the incredible people who helped me build this business. ButcherJoseph did a tremendous job in leading the transaction process and ultimately structuring the sale to the ESOP. I am so proud to announce that Midwest Equipment Company is now employee owned, and we’ll be able to continue working together to exceed our customers’ expectations throughout the foodservice industry.”
ButcherJoseph Managing Partner, Keith Butcher, emphasized, “While we are extremely fortunate to work with founder owners on a daily basis, it’s not every day that we meet entrepreneurs like Jim Sramek. Jim spent the past 25 years building one of the most successful businesses in the foodservice industry, and he’ll be the first to tell you that it’s all a result of the hardworking people at the Company. Midwest has a genuinely special culture that will pair very well with employee ownership. The Company is well positioned for even greater success with its consistent track record of strong performance and its experienced, driven leadership team.”
About Midwest Equipment Company
Midwest Equipment Company (“Midwest” or the “Company”) is a leading commercial foodservice equipment distributor in Missouri, Kansas, Illinois and Arkansas. The Company, founded in 1993 and headquartered in St. Louis, operates along four primary lines of business: national equipment sales and leasing, regional equipment sales and leasing, service, and parts. Midwest is dedicated to providing its customers superior service and an excellent range of New and Certified Pre-owned Gold Standard commercial kitchen foodservice equipment and supplies.
About ButcherJoseph & Co.
ButcherJoseph & Co. (“ButcherJoseph”) is an investment bank headquartered in St. Louis with a presence in Chicago, Washington, DC, and Charlotte, NC. ButcherJoseph provides investment banking advisory services to middle market companies. With more than $7 billion in successfully completed Employee Stock Ownership Plan (“ESOP”) transactions, ButcherJoseph & Co. is known as a leader in the ESOP field.