Rockland, Maine-based Eastern Tire & Auto Service Inc. is now 100% employee-owned through its newly created Employee Stock Ownership Plan (ESOP).
“For 77 years, Eastern Tires & Auto Service has played a significant role in the lives of our employees, generations of customers and our community,” says Alvin Chase Jr., the dealership's owner.
“My brother and our families are very proud of what the business has accomplished to date. This transfer of stewardship is a natural progression. Because of this transaction, we know the company will prosper and thrive for future generations, while continuing its culture of commitment.”
“Instead of two owners (Aaron Chase and Alvin Chase Jr.) ‘in the store,’ there will now be more than a dozen – including Aaron and Alvin, as both will be staying on for years to come,” says Kris Smit, chief financial officer, Eastern Tire.
According to Eastern Tire & Auto officials, in the past 10 years, more than 100 Maine companies across a wide range of industries have undertaken ESOP transactions.
“This is our third transaction in (the tire) industry," says Susan Scherbel, a representative from Bellview Associates, who advises Eastern Tire. "And we are excited about doing more. It seems like a really natural fit."
