Chartwell is pleased to announce NEI Electric, a leading full-service electrical contractor serving the Upper Midwest, transitioned ownership to an Employee Stock Ownership Plan (“ESOP”). Closely held by five shareholders, NEI Electric explored ownership transition alternatives with the primary goals of preserving the Company’s legacy and rewarding its long-tenured employee base. After thorough consideration, the shareholders elected to sell to an ESOP, ensuring the Company’s culture and identity would be maintained for years to come.
Chartwell was engaged by NEI Electric to act as exclusive financial advisor for the 100% ESOP sale transaction. Chartwell developed a transaction structure in conjunction with the shareholders that best aligned with the goals and objectives of the Company and shareholders.
“When it came time to plan for the future of NEI, we needed an advisor we could trust to provide thoughtful, unbiased guidance and structure a transaction that was right for our employees, our clients, and the long-term success of the business. We couldn’t have asked for a better partner.”
– Jon Reedy, President | Nan Renstrom, CEO, NEI Electric
About NEI Electric
Headquartered in St. Paul, Minnesota, NEI Electric is a leading full-service electrical contractor delivering comprehensive electrical solutions across the Upper Midwest. Founded in 1952, NEI Electric employs over 200 employees and provides a broad suite of services, including electrical construction, design-build, prefabrication, and preventative maintenance, serving clients across healthcare, retail, food processing, commercial, and other end markets.
Chartwell Contact
For additional information on this transaction, please contact Collin Mayer.