SEATTLE, WA /PRNewswire/ — SoundEarth Strategies, Inc. (SoundEarth), one of the nation’s leading providers of environmental engineering services, announces that it has become an employee-owned company.
Berthin Hyde, the founder and Chief Executive Officer of SoundEarth, and his partners, transferred their stock holdings to an Employee Stock Ownership Plan (ESOP), making the employees beneficial owners of the business. Employing over 60 people, SoundEarth operates out of its Seattle headquarters with additional offices in Oregon, Colorado and California. The company provides environmental investigation, site remediation and brownfield redevelopment, engineering, and water resource services.
The executive management team will remain the same, with Berthin Hyde serving as CEO. John Lambie and John Funderburk will continue to serve as Vice Presidents.
“Our extraordinary employees are responsible for SoundEarth’s success,” said Berthin Hyde. “Although we considered other alternatives, we felt that sharing ownership is the right way to reward existing employees for their continued contribution, dedication and hard work and also to help recruit future employees. Implementing the ESOP enables employees to benefit in the future success of the company. We are grateful to our clients over the past ten years that made this all possible and we are all very proud to be able to do this.”
CSG Partners LLC, a boutique investment bank with offices in New York and San Francisco specializing in ESOPs, designed and implemented the transaction. Eitan Milstein, a Managing Director of CSG Partners commented, “We’re proud to have worked with a leading organization like SoundEarth. Under the current economic conditions, ESOPs are enjoying a surge in popularity since they provide an attractive and tax efficient liquidity alternative for business owners while allowing employees to share in the company’s success.”
SoundEarth’s Chief Administrative Officer, Sabrina Kis said, “We were very fortunate to have Eitan Milstein and the CSG Partners’ team lead us through the ESOP process. Their level of expertise, professionalism, and responsiveness to our needs was absolutely outstanding.”
Berthin Hyde formed SoundEarth in 2001 and quickly grew the company into one of the nation’s premier providers of environmental related engineering services for commercial and public projects. Headquartered in a renovated 1925 vintage Sockeye Salmon canning facility on the waterfront of Seattle, Washington, SoundEarth operates primarily in the Western United States.
Funding for the transaction was provided by Foundation Bank, a locally-owned, full service, state charted commercial bank located in Bellevue, Washington.
SOURCE SoundEarth Strategies, Inc.