Industry: Financials / Insurance
Location: North Dakota
The Employee Stock Ownership Plan (“ESOP”) purchased 10% of the common stock of the Company in a leveraged ESOP recapitalization.
The Company underwrites property and casualty insurance policies for multi-peril crop, crop hail, private passenger automobile, farm owners, homeowners and commercial property and liability policies.
Pendo Advisors, LLC served as independent financial advisor to the trustee of the ESOP and provided a fairness opinion in connection with the transaction.