Northern Tree Services, Inc., a 44-year TCIA member company based in Palmer, Massachusetts, recently completed a transaction to become 100% employee owned through a newly created employee stock ownership plan (ESOP). The Northern Tree Employee Stock Ownership Plan became effective August 1, 2020.
Since 1932, Northern Tree has provided a wide range of tree services to its customers, which includes utilities, property-management companies and railroads, as well as state and municipal agencies.
Phil Cambo, Northern Tree CEO, chose to pursue an ESOP after discovering that it offers what he thought was a perfect solution to address his responsibility to implement a succession plan, while simultaneously providing clear direction for the company’s continued success. With the new ESOP in place, Cambo will work closely with the next-generation leaders and gradually hand over operational control of the business. The company has about 270 employees, though that fluctuates seasonally.
Lazear Capital Partners worked with Northern Tree Services to design a custom solution that includes employee benefits, financial flexibility and maximal tax advantages.
Cambo will chair the ESOP’s newly created board of directors along with Tim Lamotte, Northern Tree’s president and CFO, and Jeff Sullivan, president of New Valley Bank.