Monteith Construction Corp., including Monteith Construction and subsidiaries Grey Interiors and Citadel Masonry, this week announced the adoption of an employee stock ownership plan (ESOP).
“From day one, people have been central to our company purpose and growth, and for several years now, we have taken steps to make our company an employee-owned one,” said John Monteith, company founder and chairman, in a news release. “We have always led with culture, so making Monteith a place where everyone shares in ownership is the natural next step in our evolution.”
President and CEO Bryan Thomas said Monteith’s ESOP puts ownership “into the hands of the people who drive our success. Our team brings passion and grit to work each day, and the ESOP now provides a long-term, wealth-building benefit without changing any of our company values.”
Established in 1998, Monteith has grown over the past 25 years to a 165-employee commercial construction business, building across North and South Carolina. The company has four established office locations: Charleston, Myrtle Beach, Raleigh and Wilmington, and is opening a fifth location in Winston-Salem this year.
With the ESOP adoption, 100% of Monteith’s current and future employees are eligible to participate in the plan, the release stated.
“Modern ESOPs are a result of the Employee Retirement Income Security Act of 1974 (ERISA),” the release stated. “According to the National Center for Employee Ownership (NCEO), there are approximately 6,533 ESOPs in the United States, including a mix of private and public companies, many of which fall within the Architecture, Engineering, and Construction (AEC) industry.”
Monteith’s project portfolio ranges across industries and asset classes—from higher education and healthcare to hospitality and multifamily/mixed-use, according to the release. Recent clients include Atlas Stark, Baker Motor Company, Brookfield Properties, Burroughs & Chapin, Cape Fear Development, Loden Properties, MegaCorp Logistics, North Carolina A&T State University, PulteGroup’s Del Webb active adult communities, UNC Health, UNC Wilmington, Wake Tech Community College and Wilmington International Airport (ILM).
