Utility Technologies International Corp., a service provider to the natural gas pipeline industry, has sold 100 percent of the company to an employee stock ownership plan trust. The selling shareholders, led by majority shareholder Dick Dickerson, saw an ESOP as a way to not only capitalize on their investment but ensure the cultural legacy of the company.
With several shareholders staying on as members of management, UTI felt it was imperative to consider an option that best allowed the company to continue to grow organically.
UTI, located in Groveport, has been operating since 1992.
Lazear Capital Partners, an investment banking firm in Columbus, was engaged to arrange the transaction and serve as the company’s financial adviser.