Tanimura & Antle Launches Employee Stock Ownership Plan
SALINAS, CA - As we move through a constantly changing industry landscape, Tanimura & Antle has announced an evolution in the company's ownership with the launch of an Employee Stock Ownership Plan (ESOP). Under this new plan, employees have the ability to become partial owners of the company.
“Our employees are not only our single greatest asset, they’re also an extension of our families,” said CEO Rick Antle. “By offering employee ownership, we are upholding the legacy of our founding families and preserving and growing the culture that's been responsible for our success."
Tanimura & Antle continues to be a progressive leader in the industry as one of the first grower-packer-shippers in U.S. history to share company ownership with all qualified, domestic employees, from seed to sale, according to a press release. An ESOP is a retirement plan that allows qualified employees to vest into a percentage of ownership of the company. Through the new ESOP, employees can earn stock ownership in the company.
The company was advised by Brereton, Hanley, & Co. Inc. Investment Banking and ESOP Law Group, LLP. Primary term loan facility was provided by American Ag Credit, with commercial credit facility provided by Bank of America, N.A.
“As a private, family-owned company that values its employees and takes our role in the community seriously, we evaluated several directions for the next phase of our company,” Antle continued. “We are in a dynamic business, and need to build a structure that maintains local control and supports future growth and governance, while ensuring we stay agile and innovative. We are proud to be able to take this next step in our commitment to our farm and our employees.”
Committed to providing a safe, happy, and productive work environment for its employees since the company’s inception, the launch of an ESOP for Tanimura & Antle represents the next step in its future. More than 1,500 employees have been with the company for more than 10 years, 416 of whom have been with the company for more than 20 years.
The roots of the company run deep, both in California agriculture and in the industry as a whole. The families involved have worked together for more than a half century, before even founding the company in 1982. Along with being a company that endeavors to employ its entire labor force, Tanimura & Antle is also committed to providing vital benefits to all its employees, including full medical benefits, 401(k) and affordable housing for agricultural workers. These offerings allow Tanimura & Antle to remain competitive and attract and retain the best employees, in the industry.