Equiparts Announces Employee Stock Ownership Plan
PITTSBURGH, Pennsylvania ‐ Equiparts Corporation is thrilled to announce that it is now an employee‐owned company. The Employee Stock Ownership Plan (ESOP) was announced to Equiparts employees on June 20th, 2024, and finalized on August 9th, 2024.
An ESOP is a unique opportunity for employees to become a direct stakeholder in the company. Through this benefit plan, eligible employees will own a portion of Equiparts, aligning employee interests with the long-term growth and prosperity of the Equiparts organization.
Joel Weiss, former owner and President of Equiparts, said he felt that the ESOP transaction was the next logical step for the team-centered company. He stated that “Whenever someone decides to sell their company, I’m sure it’s a difficult decision. However, in my case, making Equiparts 100% employee‐owned was easy. It’s the people, our employees, that made the company and built it into what it is today, and I’m so proud.”
Chris Pofi, Director of Operations, said that the change “benefits our customers because everyone has a vested interest in the success of the company. Helping each customer the best way possible is the key to that success, so that will always be our goal.”
“At Equiparts, we are more than just a company – we are a community,” said Yolanda Frank, Director of Purchasing & Inside Sales. “Our ESOP transaction reflects our unwavering belief in the power of collaboration, and the value of each and every member of our team. Together, we will continue to innovate, grow, and succeed.”
About Equiparts: Equiparts has been supplying a complete line of plumbing and mechanical specialties to solve a wide variety of maintenance repair problems since 1968. Equiparts customers include plumbers and maintenance teams from all types of facilities including schools, hospitals, prisons, national parks, apartment buildings, government buildings, restaurants, and many other commercial businesses.
Get an inside look at Equiparts and their team members in their company video ‘We Are Equiparts, The Repair Parts Specialists’
