MCLEAN, VA – Feb. 9, 2017 – International law firm Greenberg Traurig represented Phacil, Inc. in the sale of the company to its newly formed Employee Stock Ownership Plan (ESOP). Established in 2001 in Arlington, VA, Phacil, Inc. is one of the country’s leading providers of technology solutions to the federal government.
The Greenberg Traurig transaction team for the sale of Phacil, Inc. to the ESOP was led by Shareholders Scott Meza (N. Virginia), Jeffrey S. Kahn, Rebecca G. DiStefano and Brandon G. Feingold (Boca Raton). They were assisted by Shareholders Timothy J. Jessell (N. Virginia) and Michael R. Einig (Miami) and Associate Christopher T. Turek (N. Virginia). The investment banking firm The McLean Group, worked closely with the Greenberg Traurig team and was led by Managing Director Greg Nossaman.
Greenberg Traurig provided counsel in the areas of plan design, tax, employee benefits, and other matters related to the Company’s ESOP structure. The firm also advised in the areas of corporate and ERISA fiduciary duties.
“We are pleased about Phacil’s transition of ownership to our valued employees. The employees win and the continuation of the company is not disrupted. We will continue to work together to deliver our customers the very best customer service,” said Mark Cabrey, Phacil’s President and Chief Operating Officer. “We are grateful for the expertise, counsel and attention to detail that the Greenberg Traurig team brought to our ESOP transaction. Their commitment of their deep resources was integral to the success of our transaction."
Scott Meza, who together with Jeffrey S. Kahn, Co-Chair of Greenberg Traurig’s ESOP Practice led Phacil’s legal transaction team, commented, "We were extremely fortunate to have been able to work with Phacil on this transition to employee ownership. Phacil and the other senior management team embraced the use of an ESOP as a way of achieving their goals, and ensuring the well-being of their employees.” Meza further said, "The ESOP was an ideal strategy to best meet these objectives and a perfect fit for Phacil’s existing culture. We have also found that an ESOP is an excellent ownership transition vehicle for companies in the government contractor space.”
About Phacil, Inc.:
Phacil, Inc. (“Phacil”) is a leading, employee-owned provider of mission-focused, results-driven technology solutions to the Federal Government. Phacil’s diverse range of solutions in Software Services, Systems Engineering, Integration & Operations (SEI&O), Cybersecurity, and Service Desk operations enables our team of over 800 technical professionals to effectively serve our customers throughout the U.S. and overseas. We were founded in 2001 as a Delaware Corporation and in late 2016, became an employee-owned company. We are headquartered in Arlington, Virginia and have a team of over 800 technical professionals to effectively serve our customers throughout the U.S. and overseas. For more information on the company, visit www.phacil.com
About ESOPs:
ESOPs are qualified retirement plans that primarily invest in company stock for the benefit of the employees, providing an ownership stake in the company. An ESOP also allows for a better-managed ownership transition, preservation of local jobs, and the maintenance of a company’s legacy in the community. According to the ESOP Association there are approximately 10,000 ESOPs in place in the U.S., covering 10.3 million employees (10 percent of the private sector workforce). In 2016, the ESOP practice of global law firm Greenberg Traurig, LLP received the ESOP Law Firm of the Year award at the 8th annual Americas M&A Atlas Awards in New York City, New York.
About Greenberg Traurig, LLP
Greenberg Traurig, LLP (GTLaw) has more than 2,000 attorneys in 38 offices in the United States, Latin America, Europe, Asia and the Middle East and is celebrating its 50th anniversary. One firm worldwide, GTLaw has been recognized for its philanthropic giving, was named the second largest firm in the U.S. by Law360 in 2016, and among the Top 20 on the 2016 Am Law Global 100. Web: www.gtlaw.com Twitter: @GT_Law.