Capstone Advises Pacific States Petroleum on the Creation of ESOP
Capstone Headwaters, now Capstone Partners, advised Pacific States Petroleum, Inc. (PSPI), a fuel distributor, on the creation of an Employee-Owned Stock Ownership Plan (ESOP).
As of January 1st, 2021, PSPI implemented an Employee Stock Ownership Plan (ESOP) where 100% of PSPI’s stock was put in a trust to be distributed over time to team members meeting the general criteria below. Each qualified team member becomes a partial owner of the company.
The leadership team of PSPI explained, “This benefit is geared to reward owners for their hard work as seen in the growth of the company’s bottom line. The program is completely funded by the company and no employee contributions are required or allowed. Our ESOP was designed to reward employees who believe in the Company, its leadership, and its mission. Over the past 20 years, the voices and contributions of our team members have created a dynamic and inclusive work environment with every member fully invested in the process. With the ESOP, employees (owners) can now take extra pride in what they do as we all work to continue being California’s on-site fueling, propane and transportation leader.”