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Mulberry Street Management Services Inc., also known to the marketplace as Coordinating Council for Independent Living, and its contracting agency, West Virginia’s Choice Inc., combine to be leaders in the provision of case management and homemaker services in West Virginia.
Mulberry, speaking for the composite group of companies, announces the sale of 100% of the company to an Employee Stock Ownership Plan Trust.
Lazear Capital Partners, an investment banking firm headquartered in Columbus, Ohio, served as the financial advisor to the company for the transaction.
In discussing the decision to sell to an ESOP, Sharon Hayes, the company’s president and CEO, said, “The ESOP enables us to transition ownership while maintaining our strong existing management team and the long-term strategy of the company.
“It also meets our goal of rewarding employees that have helped shape the success of the company and will continue to do so in the coming years. With the transition to the ESOP, the legacy and culture established by our founder, Dennis Parrucci, will remain intact for many years to come.”
The company engaged Lazear Capital Partners to arrange the transaction and serve as the company’s exclusive financial advisor.
Lazear Capital’s team worked with ownership and the company’s management team to design a custom solution that provided employee benefits, financial flexibility and maximized tax advantages.
The financing Lazear Capital structured will allow the company to maintain a liquidity cushion, while supporting its growth.
“Lazear Capital drove the process and led a deal team that executed the transaction efficiently and in the timeframe promised,” Hayes said. “They remained an advocate and trusted partner for our Company and employees throughout the process and exceeded our expectations at every turn.”
Founded in 1980 and headquartered in Morgantown, the company, as combined, is the largest case management and homemaker agency in the state of West Virginia.
The company’s professional and trained employees provide community services, service program maintenance and coordination, and in-home care to the residents of West Virginia through its eight offices covering all 55 counties.
To learn more about Coordinating Council for Independent Living and West Virginia’s Choice, visit westvirginiaschoice.com.
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