Careers

Experiences

Industries

Offices

Our Firm

Pages

Our People

Updates

Practices

Warner Norcross + Judd LLP is a corporate law firm with over 230 attorneys serving clients in nine offices throughout Michigan. Among the largest law firms in Michigan, Warner works in virtually all areas of business law.

Michigan Law Firm - Warner Norcross + Judd LLP

Warner Norcross + Judd LLP represented Speedrack Products Group Ltd. in becoming one of the latest West Michigan companies to transition to employee ownership. The sale and transition to employee ownership was completed at the end of 2022.

core/paragraph

As owner and CEO Ron Ducharme planned for the company’s succession to new ownership for when he retired, he opted to create an ESOP to preserve local ownership, culture, management and partnerships with customers and distributors. The ESOP acquired 100% of the company’s stock at no cost to employees that will be paid out in cash when they leave the company. Employees 21 and older who have been with the company for three months are eligible to participate in the ESOP and earn shares as they continue to work for the company. They are paid for those shares after they leave the company.

Ducharme shared that in planning for succession, he “wanted to leave the company in the hands of an organization that is long-term focused,” instead of sell to a private equity investor who may retrade the company in a few years.

Speedrack Products Group has been at the forefront of the storage products industry for over 65 years and is one of the leading suppliers of pallet racking and storage systems. With over 260 employees at the company’s Walker and Quincy facilities, Speedrack Products Group is committed to provide material handling systems and equipment that maximizes their customers’ use of space and contribute to effective warehouse logistics solutions.

Warner served as legal counsel to Speedrack Products Group Ltd. in its establishment as an ESOP. The Warner transaction team was led by <a href="/people/justin-w-stemple/" target="_blank" rel="noreferrer noopener">Justin Stemple</a> and included <a href="/people/joscelyn-cekola-boucher/" target="_blank" rel="noreferrer noopener">Josie Boucher</a>, <a href="/people/m-johnny-pinjuv/" target="_blank" rel="noreferrer noopener">Johnny Pinjuv</a> and <a href="/people/rob-m-davies/" target="_blank" rel="noreferrer noopener">Rob Davies</a>.

Local advisers to the company included BDO Capital and to the ESOP included Vision ESOP Valuation LLC.

Read the full MiBiz article <a href="https://mibiz.com/sections/manufacturing/amazon-supplier-speedrack-products-group-sells-to-esop-to-preserve-local-ownership-culture" target="_blank" rel="noreferrer noopener">here</a>.

Warner’s ESOP Practice

Warner has established more employee stock ownership plans (ESOPs) than any other law firm in Michigan. Whether an ESOP is used to purchase stock owned by existing shareholders on a tax-deferred or tax-free basis, or to raise capital for the corporation, we can guide you through the maze of legal requirements and practical concerns.

core/heading

By providing discerning and proactive legal advice, Warner Norcross + Judd LLP builds a better partnership with our clients. One of Michigan’s largest law firms, we’re focused on providing the best legal solutions and exceptional client service to organizations throughout the world. Connect with us on <a rel="noreferrer noopener" href="https://www.wnj.com/" target="_blank">wnj.com</a>, <a rel="noreferrer noopener" href="https://www.linkedin.com/company/warner-norcross-judd-llp/" target="_blank">LinkedIn</a>, <a rel="noreferrer noopener" href="https://twitter.com/WNJLLP" target="_blank">Twitter</a> or <a rel="noreferrer noopener" href="https://www.facebook.com/wnjllp" target="_blank">Facebook</a>.

core/block

Partner

Justin W. Stemple

Employee Benefits

Warner Advises Speedrack Products Group on ESOP Deal

Warner Norcross + Judd LLP is responsible for the contents of our advertising and this website. Please read our full <a href="/privacy-policy/" aria-label="see privacy policy">privacy policy</a> available on our website. If you have any questions or comments about our website or our Privacy Policy please contact us at <a href="mailto:info@wnj.com">info@wnj.com</a> or 616.752.2000.

Warner Advises Speedrack Products Group on ESOP Deal

professionals