Team Elmer’s announced on Tuesday that it has officially “joined the ranks of employee-owned companies.” The construction company, which provides a range of asphalt, excavation, concrete, and crane services in northern Michigan, was founded in 1956 and has been a family-owned business since its inception. Tuesday’s news marks a new chapter for the company, as it transitions into an ESOP (Employee Stock Ownership Plan) company.

In a press release announcing the news, Team Elmer’s President Troy Broad – part of the family that has owned the business since 1977 – shared that, “after careful consideration, our family decided to make a transition for the future.” That transition, Broad said, is meant to “convey our commitment to our employees and ensure the continuation of the same high level of services to our valued customers.” 

Per the release, Team Elmer’s “is now an independent sister company to Rieth-Riley Construction Co., Inc. and other employee-owned entities.” Despite the new ownership model, Team Elmer’s will continue under the same leadership that has spearheaded the company for years, though the business leadership team will now work “in conjunction with” the employee owners.