Boldt Group Cements Legacy with 100% Employee Ownership

APPLETON, WI – May 01, 2026 – After more than 130 years and four generations of family leadership, The Boldt Group, a national construction powerhouse, has fully transitioned its ownership to the hands of its employees. In a landmark move finalized on January 2, 2026, the company completed a 100% Employee Stock Ownership Plan (ESOP) transaction, ensuring its legacy is carried forward by the very people who build it.

The transaction, guided by the expertise of Chicago-based investment banking firm Verit Advisors, marks the culmination of a decade-long strategy that began with a partial ESOP in 2016. For a company that started as a small family carpentry shop in 1889, this shift represents a modern solution to a timeless challenge: how to preserve a deeply-rooted culture while securing a prosperous future.

Building a New Foundation on a Century of Values

The decision to embrace full employee ownership is a direct reflection of the principles that have guided Boldt since its inception. The company's culture, described by its leadership as one grounded in honesty, fairness, and a love of construction, finds a powerful new expression in the ESOP model.

“Our culture, the way we treat our employees and the way we do our work, has set Boldt apart dating back to my great-grandfather, Martin Boldt,” said Tom Boldt, Chairman of the Board of Directors and the fourth-generation family leader. “You can’t succeed alone. You build a great company by bringing in good people and allowing them to do what they do best.”

This philosophy is now institutionalized. Every employee, from the project site to the corporate office, has a tangible stake in the firm's success. This move ensures that Boldt remains independent, avoiding a sale to a competitor or private equity firm that could alter its core identity. It's a succession plan that prioritizes continuity and empowers the workforce, transforming employees into owners and stewards of the company's future.

The Ownership Advantage in a Competitive Industry

The transition to a 100% ESOP is more than a cultural milestone; it is a sophisticated financial and strategic maneuver. An ESOP provides a mechanism for the company to buy back its own shares from the family shareholders, often using a loan that the company repays with pre-tax dollars. This offers significant tax advantages, as both the principal and interest on the ESOP loan are typically deductible. For a company structured as an S-corporation, becoming 100% employee-owned can result in the elimination of federal and most state corporate income taxes, freeing up substantial cash flow to reinvest in the business, pay down debt, and fund employee benefits.

These benefits extend directly to the new employee-owners. As the company prospers, the value of the shares held in their retirement accounts grows, creating a powerful mechanism for long-term wealth accumulation. This "ownership mindset" is proven to boost productivity, innovation, and engagement.

“We exist for one reason, and that is to create extraordinary opportunities for people so that they can create their best lives," shared Dave Kievet, President and CEO of The Boldt Group. "The ESOP is the epitome of providing opportunity for people. The more they grow as individuals, the more the organization grows. That is the root of our success.”

In the highly competitive construction industry, which faces persistent challenges in attracting and retaining skilled labor, this model provides a distinct advantage. Employee-owned firms consistently report lower turnover and higher employee tenure. For a company like Boldt, which manages complex, large-scale projects nationwide in sectors from renewable energy and healthcare to advanced manufacturing, a stable, motivated, and experienced workforce is its most critical asset.

A Growing Blueprint for Family Business Succession

Boldt's move is part of a larger trend, particularly among long-standing family businesses and construction firms facing a "silver tsunami" of retiring owners. Rather than selling to an outside party, many are turning to ESOPs as a way to cash out while preserving their company's legacy, community ties, and employee base. The structure provides a ready-made buyer—the employees themselves—and a path to liquidity for owners that also rewards the people who helped build the business.

The complexity of these transactions requires specialized guidance. Verit Advisors, which structured the deal, specializes in navigating the intricate financial and legal frameworks of ESOPs. The process involved not only structuring the buyout but also raising the necessary debt capital to fund it, ensuring the new ownership structure would be sustainable for decades to come.

“It was an honor for us to be a part of this historic next chapter for Boldt,” commented Jake Cravens, Managing Director at Verit Advisors. “A significant amount of time, effort, and care was spent ensuring that the structure would support a sustainable employee ownership structure and the legacy of the Boldt family. The transition to 100% ESOP ownership is a natural extension of their core values.”

As The Boldt Group embarks on its next century, its ownership structure is now as innovative as the construction and lean methodologies it champions. By placing its future directly in the hands of its employees, the company has not only secured its own legacy but has also provided a powerful blueprint for how American businesses can thrive by sharing success.