Vermont Brothers Sell Company to Their Employees
Brothers and co-owners Jason and Shaun Patnaude announced that they have sold their mechanical and building automation contracting company to their employees in Vt., N.H., and N.Y. The sale is partly intended to attract more employee-owners to fast-growing Alliance Group, which provides heating, ventilation, and air conditioning (HVAC) and building automation services and support.
“The reason why we’ve been successful has been customer service, care, and engagement from our hard-working team,” said Jason Patnaude, the older brother and President of Alliance Group. “We’re betting that as an employee owned company, we will have an even greater opportunity to build even longer relationships with our employees, customers and our community.”
“We could have sold it for more to a private bidder,” said Shaun Patnaude, the younger brother and Vice President of Alliance Group, “but it wouldn’t have been the right thing for our employees, or even Jason and me, who would like to continue working here. A private sale didn’t tick off all the boxes or fit with our core values.”
Alliance is one of dozens of companies that are making Vermont one of the most employee-owned states in the nation. “Studies consistently show that employee ownership not only benefits the local economy, it also translates into higher level of engagement by workers, boosting productivity, revenues, profits, stability, and income levels for employees,” said Matt Cropp, Co-Executive Director of the Vermont Employee Ownership Center.
Vermont Employee Ownership Center (www.veoc.org (link is external)) promotes and fosters employee ownership in order to broaden capital ownership, deepen employee participation, retain jobs, increase living standards for working families, and stabilize communities.
Alliance Group (www.agusa.com (link is external)) prides itself on being one of the largest mechanical service contractors in New England. Founded in 2010, the 125+ person company of highly skilled technicians focuses on the service side of building mechanical, automation, and HVAC.
