Steel Pro: A Proud Employee-Owned Success Story
Steel Pro, a stainless steel tank manufacturer based in Rockland, Maine, proudly displays its employee-owned status for all to see.
The company’s manufacturing plant features a massive sign declaring, “100% EMPLOYEE OWNED AND OPERATED,” a symbol of the company’s pride and commitment to its employee-owners. This message is also prominent on the company’s website and reflects its recognition as one of the “Best Places to Work in Maine.”
According to Jeanne Cyr, Steel Pro’s Chief Financial Officer, “Every time a customer walks through our doors and sees that sign, it sends a powerful message. Employee ownership is a key part of our identity—both for recruiting and customer relationships.”
The transition to employee ownership began a decade ago when Steel Pro executed an Employee Stock Ownership Plan (ESOP) with the support of Bellview, an ESOP-focused investment bank. This move was spearheaded by Chris Beebe, the company’s former owner, who had taken over from the founders after joining the company in 1983. After stepping back from daily operations, Chris decided it was time to retire fully. Selling the company to the employees via an ESOP became his chosen exit strategy.
“Chris had immense loyalty to the employees,” Jeanne explains. “Many of us had worked at Steel Pro for years. Chris viewed the ESOP as a way to reward employees’ dedication and ensure the company’s long-term stability. It was his way of passing on the legacy of ownership.”
Chris’s decision to pursue an ESOP led him to Bellview, whose team quickly got to work ensuring the transaction’s success. In just a few months, the plan was finalized, with Steel Pro officially becoming employee-owned on January 1, 2014.
“Bellview hit the gas and made it work,” Jeanne recalls. “Their team designed a structure that avoided placing undue financial burden on the company while meeting Chris’s goals. The process was efficient, seamless, and tailored to Steel Pro’s needs.”
Since becoming an ESOP, Steel Pro has reaped significant benefits. Employees have embraced their roles as owners, leading to a more cohesive team and improved operational outcomes.
“Our improved safety record is just one example of how the ESOP has positively impacted our culture,” Jeanne says. “We’ve become more collaborative, and there’s a shared commitment to ensuring everyone goes home safely at the end of each day.”
Financially, the ESOP has also delivered tangible rewards.
“When employees receive their annual stock certificates and see the growth, it reinforces the value of our shared success,” Jeanne adds. “The more successful we are as a company, the more everyone benefits.”
Steel Pro’s long-term vision includes paying off the ESOP ledger in the coming years and leveraging the tax advantages of employee ownership. The company also plans to move into a new, larger facility in Union, Maine, while ensuring its iconic “100% EMPLOYEE OWNED AND OPERATED” sign finds a prominent place in the new space.
“It’s exciting to see the younger generation stepping up and taking ownership,” Jeanne says. “I’m optimistic about Steel Pro’s future and the continued success of our employee-owners.”
Steel Pro’s journey demonstrates the transformative power of employee ownership. With Bellview’s guidance, the company has created a thriving, employee-focused culture that drives success.