Charlotte, North Carolina-based Mosaic Capital Partners LLC, has announced that it has led the structuring and funding of the employee stock ownership plan (ESOP) buyout of Galfab, a manufacturing company with locations in Indiana and Arizona that was previously owned by Wastebuilt Environmental Solutions LLC, Bolingbrook, Illinois.
Mosaic Managing Partner Keith Butcher says, “Our team at Mosaic was honored to be selected to partner with Jerry Samson, the management and employees in Galfab’s transition to employee ownership. Galfab is recognized throughout the industry as a premier designer and manufacturer of waste equipment of all types.”
Samson, Galfab CEO, says, “We were very thorough in our process to choose the right partner. It became evident that Mosaic offered our employees, our customers and our growth strategy the best opportunity. The desire to create an ownership opportunity in Galfab for our over 150 employees was always the top priority for us. Our employees are the heart and soul of Galfab. We feel our corporate philosophy respects their individual skills, cooperative spirit and dedication to exceptional quality and service. This company was founded by Don Galbreath and built on his reputation in the industry. Taking care of all the employees was foremost on our mind. Galfab is well-known as an industry innovator and this new structure will position Galfab as a leading-edge manufacturing employer.”
Dave McKeon, COO of Wastebuilt Environmental Solutions, says, “We are very proud of Galfab’s growth and success under Wastebuilt’s ownership, and we look forward to partnering with Jerry and his team as Galfab becomes an independent, employee-owned company. Wastebuilt will continue to focus on its core business of providing parts, service and equipment to the refuse industry, with Galfab as an important partner for our company.”