Accounting Firm Helps Energy Efficiency Company Become Employee-Owned
Baltimore, Maryland, June 19, 2014 – Ellin & Tucker, the Baltimore-based public accounting and business consulting firm, has been named a finalist in the “Energy Deal of the Year” and “Deal of the Year (over $25MM to $50MM)” categories of the Association for Corporate Growth (ACG) New York Champion’s Awards.
The firm was recognized for its role in helping Cohen Ventures (dba Energy Solutions) become an employee-owned company.
Energy Solutions sold a 30% preferred stock interest to its newly established employee stock ownership trust, making employees indirect owners of the company through their participation in the employee stock ownership plan (ESOP).
David Bogus, a principal in Ellin & Tucker’s Forensic and Valuation Services Group, served as financial advisor to the Wilmington Trust, the trustee in the deal representing the employees participating in the ESOP. Bogus advised Wilmington Trust on the fair value of the Energy Solutions stock. He also developed a thorough analysis of Energy Solutions, which Wilmington Trust fully utilized and relied upon in order to successfully negotiate and complete the transaction.
“We are very excited to have been part of a deal that has positively shaped the overall structure of a company and brought increased benefits and opportunities to its hardworking employees,” said Edwin Brake, managing director of Ellin & Tucker. “David’s exceptional level of expertise, understanding of business valuation and client service has allowed our work on the Energy Solutions transaction to be recognized alongside such a talented group of nationally recognized firms.”
“The 4th Annual ACG New York Champion’s Awards finalists represent the best of M&A in the New York area in 2014 and Ellin & Tucker earned these honors by distinguishing themselves in a group of very impressive contestants,” said David Fergusson, president of The M&A Advisor. “Ellin & Tucker, representing the best of the industry, has demonstrated creativity and perseverance in today’s challenging climate.”
The other companies who have also been named finalists due to their participation in this transaction include: CSG Partners, the financial advisor to Energy Solutions who originated and structured the transaction; Robinson Brog, legal counsel to Energy Solutions; Wilmington Trust, the Trustee; Fox Rothschild, legal counsel to the Trustee; Sensiba San Filippo LLP, the accounting firm for Energy Solutions; and Bridge Bank, a financing source for the transaction.
Hosted by ACG® New York and The M&A Advisor, the ACG New York Champion’s Awards Gala will take place on Thursday, June 19 at the Metropolitan Club, at which the winners will be announced. For a detailed list of all of the award finalists, please CLICK HERE.
In addition to ESOPs, Ellin & Tucker offers a variety of business valuation services including divestitures, estate and gift tax, mergers & acquisitions and litigation/shareholder disputes. For more information about Ellin & Tucker’s services, visit www.ellinandtucker.com.
ABOUT ELLIN & TUCKER
Founded in 1946, Ellin & Tucker (www.ellinandtucker.com) is a leading CPA firm headquartered in Baltimore, Md. that specializes in accounting, auditing, consulting, forensics and valuation and tax services. As the fifth largest accounting firm in Greater Baltimore, Ellin & Tucker employs more than 120 people in offices across Baltimore City, Belcamp, Frederick and Washington D.C. and serves national and international clients through its affiliation with DFK International/USA, a top 10 international association of independent, full-service accounting firms and business advisors in major geographic and economic centers throughout the US and around the world.