While employee ownership is available in several modes (such as ESOP), Tallgrass offers the EOT model.
Family-owned EllisDon construction company announced in 2020 the transition to an Employee Ownership Trust (EOT). In business since 1951, and with 4,000 employees worldwide, EllisDon is now 100% employee owned.
Background
In 1951, EllisDon was launched by brother Don and Davis Ellis as a contractor service in London, Ontario. Eventually EllisDon would construct many hundreds of buildings, including CIBC Square in Toronto, the YVR CORE Program in Vancouver and the ATRIO Center in Bogotá, Colombia.
By the 1990s, the company had a growing international reputation with extensive building project in eastern Europe following the dissolution of the USSR. During this time Geoff Smith became the President and CEO. The company continued to expand nationally and internationally, taking a lead with The Carbon Impact Initiative Action Plan.
In November of 1996, Don’s seven children purchased the company from Don, and shortly thereafter began the process of opening 50% of the company’s equity to all the employees. Under that structure, EllisDon grew to become a multidisciplinary $5 billion dollar construction services company operating across Canada and on several continents.
Transition to Employee Ownership
In 2020, the Smith family announced the company would become 100% owned by the company’s employees. From March 1, 2020 onward, the EllisDon Employee Ownership Trust would gradually buy out the Smith’s stake in the company with the employees’ ownership steadily increasing to 100% over several years.
“I don’t think I can overstate how momentous this agreement is in the life of EllisDon; it is one of the most important days in our history,” said Geoff Smith, President and CEO, EllisDon. “I am very proud of everyone at EllisDon, past and present, for everything that has been accomplished over the past 69 years.”
Today EllisDon remains proudly committed to values-based leadership. EllisDon’s culture and approach to business is a reflection of core principles that include freedom, trust, complete openness, mutual accountability, entrepreneurial enthusiasm, integrity and mutual respect. They boast a competitive employee compensation package which includes a company wide profit sharing program and eligibility to acquire shares within EllisDon.
“I don’t think I can overstate how momentous this agreement is in the life of EllisDon; it is one of the most important days in our history.”
– Geoff Smith, President and CEO, EllisDon
