Industry: Financials / Insurance
Location: New Jersey
The Company Employee Stock Ownership Plan (“ESOP”) purchased 10% of the common stock of The Company in a leveraged ESOP recapitalization.
The Company specializes in underwriting liquor liability, property, general liability, umbrella and workers compensation insurance coverage for restaurants, taverns, nightclubs, package liquor stores, convenience stores, private clubs and banquet facilities.
Pendo Advisors, LLC served as independent financial advisor to the trustee of the ESOP and provided a fairness opinion in connection with the transaction.