05 Feb Barry Company, Inc. ESOP
INDIANAPOLIS, February 5, 2019 – Eagle & Fein, P.C. is excited to announce that the Barry Company, Inc. has become an S Corporation Employee Stock Ownership Plan (“ESOP”), effective January 1, 2019. Brian A. Eagle has been appointed as the independent Trustee and played a vital role in the transaction negotiations for the ESOP. As Trustee, he will represent and protect the best interests of the ESOP as well as ESOP participants.
In the transaction, the ESOP acquired 100% ownership of the Barry Company, Inc., becoming the sole shareholder. The newly created Employee Stock Ownership Trust will allow current and future employees to gain ownership interest in the Company without personal investment. The ESOP works as a qualified retirement plan that is based on company performance and has the potential to generate significant retirement benefits for the Employee Owners.
“We have earned a reputation for providing the highest standards in service for nearly 90 years and that is due to the hard work of our employees,” stated Thomas Barry, Vice President of Barry Company, Inc. “It is our belief that the success of Barry Company is attributed to our employees and that becoming an ESOP allows them to take ownership of their efforts.”
Barry Company, Inc. is a full line Plumbing and Heating Wholesale Distributor based in Indianapolis. It was established in 1930 by Oscar F. Barry, Sr.
For more information about Barry Company, please visit www.barrycompany.net.