DeBlois Electric Inc. announced Monday that the company is now 100% employee owned through an employee stock ownership plan. The announcement signals the beginning of a new ownership structure that will continue to operate with the same vision and leadership previously established.
The privately held company was started by Willie and Gaetane DeBlois in 1967, and under the management of their sons, Ray and Mitch, has grown to be one of Maine’s leading electrical contractors.
It has 70 employees working from its headquarters in Lewiston.
Primarily a retirement benefit for the company’s merit-shop employees, the employee stock ownership plan will supplement 401(k) plans and health benefits, plus issue ownership shares to all participating employees at no cost. To further benefit the newly formed stakeholders, the plan aims to create financial stability while rewarding productivity and efficiency, in turn positively impacting the work environment. The program is also designed to retain talented staff and attract qualified candidates to the growing company.
“We are thrilled to bring in a new generation of ownership to DeBlois Electric through our Employee Stock Ownership Plan. This represents our long-standing commitment to the future and success of the company,” Ray DeBlois, chief financial officer, said.
“We have always had a family and field-first culture, so empowering our employees with an ownership stake makes sense for us,” President Mitch DeBlois said. “We remain dedicated to developing a high-involvement culture that works as a team toward continuous company growth and provides our clients the highest level of service, quality and craftsmanship.”