RESA Power, a market leader in power systems electrical testing, transformer services, and life extension solutions for power distribution equipment, announced the launch of the company’s Employee Ownership Plan (EOP) for its employees.
All RESA Power full-time employees, who are not already stockholders and who have logged one year of tenure, received a one-time grant of 6,000 shares in the Company at no cost. Under the Company’s 5-year growth business plan, those shares could be worth potentially several months of salary at the exit.
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The landmark RESA Power EOP is the first of its kind for the power systems services industry and structured to achieve 100% employee participation, including acquired companies, once the one year of full-time tenure is achieved.
“RESA Power is proud to take a bold step within our industry and put a plan in place to reward all of our employees with a stake in the company,” said, Monte Roach, Chief Executive Officer at RESA Power. “RESA Power is committed to growing the business and market share by mobilizing employees to act as owners and embrace opportunities with the ‘One RESA’ mindset by driving performance and creating sustainable value for our employees, customers, and investors.”
Current and prospective full-time employees who reach one year of tenure in the future will also be granted the one-time stock grant, with a value recalculated based on the present-day value of the company at the time.
Christine Brooks, Chief Human Resources Officer added, “The Employee Ownership Plan at RESA Power is the first-of-its kind benefit in our sector and a powerful lever to demonstrate our commitment to employees and core cultural competencies. The plan aims to retain RESA’s strong existing talent pool and give us a strong differentiator in the labor marketplace. By providing RESA Power employees a noteworthy level of ownership, we all share in the success and growth of the business.”
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The RESA Power shares were issued with the financial support and backing of the owner, Investcorp, and in recognition of the employee’s service and contributions to RESA Power, regardless of location and salary level. Investcorp partnered with RESA Power in December 2021 and has been supportive in accelerating the company’s growth ambitions both organically and through M&A with two acquisitions to date.
Amit Gaind, Partner at Investcorp, commented, “Aligning the interests of RESA Power employees with those of the Company through share ownership represents a positive step in our ESG (Environmental, Social and Governance) integration journey. Investcorp is looking forward to supporting the RESA Power team as they pursue the significant opportunities in front of them.”
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