Providence - A Baton Rouge-Based Firm Now an ESOP
The Board of Directors of Providence Holding Company, Inc. (Providence) recently announced the establishment of an Employee Stock Ownership Plan (ESOP) with the ESOP purchasing 100% of all company stock.
Providence is a family of companies regionally, nationally and internationally well-known as an engineering and environmental consulting firm offering comprehensive services. Headquartered in Baton Rouge, LA, the organization has grown over the past 13 years to include nearly 200 employees in multiple offices and projects worldwide.
This announcement comes subsequent to efforts over the past two years of transitioning leadership and management roles to key employees within the company. Speaking on behalf of the board, Rich Major commented on the development of Providence from inception to this landmark announcement:
“When I and my fellow owners, Todd Black and Yousheng Zeng, made the decision to transition ownership, we could think of no better buyers than those who not only helped us to build the company, but who would maintain the culture and our commitment to client service that are the hallmark of Providence. While the former owners of Providence will continue their involvement with the company through positions on the Board of Directors, we are confident that the new leadership and talent-laden employee base will continue high quality services and the expansion of Providence. We offer our congratulations to the Providence staff on becoming owners of the company.”
With its finger on the pulse of innovation and a commitment to the future of its clients, employees and community, Providence is a forward-looking company recognized for its quality staff, client service and professional integrity. It employs a team of professionals with considerable expertise, experience and a reputation for excellence. As its name implies, Providence’s values are aligned with its own definition: “the act of providing or preparing for future use or application; making ready.” This preparation for the future implies growth, sustainability and new opportunities – something the firm enthusiastically embraces.
As a 100% employee-owned company, all full-time employees retain beneficial ownership interest in the Trust that holds their shares of company stock. An ESOP structure offers the ability to maintain local ownership and control, as well as the existing company culture. It also benefits employee-owners by retaining and attracting self-motivated staff members, and empowering them with the key to the company’s future.
Ultimately, Providence’s commitment to the growth and prosperity of its clients, employees and community remains its driving force. With its combined resources, Providence will continue to offer superior expertise and leadership, state-of-the-art technology, innovative solutions, first-rate customer care, and exceptional workmanship.