Home » World » Congrats, Clif Bar! Its Sale To Mondelez Boosts Our View That This Is ‘The ESOP Decade’

Congrats, Clif Bar! Its Sale To Mondelez Boosts Our View That This Is ‘The ESOP Decade’

Congrats, Clif Bar! Its Sale To Mondelez Boosts Our View That This Is ‘The ESOP Decade’

My heartiest and heartfelt congratulations to Clif Bar & Company and its employees on their landmark agreement to sell to Mondelēz International! The natural energy, nutrition and snack bar maker – 20% owned by its employees – sold itself for $2.9 billion, with additional earnout possibilities.

Clif Bar and Gary Erickson and Kit Crawford, its husband-and-wife owners and co-Chief Visionary Officers, have been our friends for over a dozen years. I was privileged to work with Clif Bar when they established a 20% ESOP plan in Spring 2010 through the sale of family-owned common stock and have maintained ties ever since.

See also  2022 NBA Free Agency: Zach LaVine, James Harden Headline List Of 40 Players Who Could Be Available

The expected acquisition of Clif Bar and other major employee-ownership developments convince me that my assertion over a year ago is materializing that this this will be “The Decade of the ESOP.”

Since the coronavirus pandemic began, we have seen a rise in employee ownership. This has been buoyed by PE firms, led by global investment giant KKR & CO, and Long Point Capital, among others, using a broad-based employee engagement model that, for KKR in particular, seeks to make every worker in a U.S. manufacturer it acquires a participant in the success of the company they work for.

We’re seeing a growing number of states establishing state ESOP centers to help family-owned and other companies secure the benefits of employee-ownership. And last December, after Congress acted to make 100% ESOPs eligible for sole-source follow-on government contracts, President Biden signed into law the first-ever government contracting program to specifically encourage ESOPs. The law also dedicates funds to improve education about employee ownership. (That Jared Bernstein, a…

Read full article on worldnewsera.com