Doubling Revenue, Multiplying Ownership: Waterline’s ESOP Success

Waterline Industries, a New Hampshire-based construction firm specializing in municipal infrastructure, began succession planning in 2012. After exploring traditional paths—including a sale to competitors—the leadership team was left unconvinced. “We didn’t like the idea of our employees being at the mercy of someone who had been our competitor,” said Maria, Waterline’s former owner and current Chief Financial Officer. “We’re a family, and we wanted to take care of them.”

The turning point came when the company was introduced to Bellview Associates. Bellview’s team offered a customized, seller-sensitive approach that stood apart from other advisors. They helped Waterline consolidate its affiliated businesses, strengthen valuation, and design a structure that addressed both the operational and emotional priorities of the founders. “It was our life’s work—our biggest asset,” Maria shared. “Bellview made it possible for us to exit in a way that protected what we built and empowered the people who helped build it with us.”The ESOP transaction closed in 2018. Since then, Waterline has experienced exceptional growth—doubling revenue and increasing share value in just seven years.

A cornerstone of Waterline’s ESOP success is its highly engaged employee ownership culture. “Our employees embraced the business immediately. When they realized that saving money meant making money, everything changed”. A volunteer ESOP committee manages education efforts, community outreach, and internal communication. “We had 23 people show up to the first meeting,” Maria noted. “Today, there’s a waitlist.”

Though the transaction was completed years ago, Bellview Associates continues to provide responsive and reliable support—from regulatory updates to plan amendments. “Even seven years later, we still reach out when we need something, and they’re there,” said Maria. “It’s not just a one-and-done relationship—they’ve stayed involved and supportive the whole way.