Berkeley Chamber of Commerce News

Choate Construction Announces 100% Employee Ownership

Posted by Berkeley Chamber of Commerce on December 19, 2016 in Press Releases
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Choate Construction Announces 100% Employee OwnershipMt. Pleasant, SC (December 16, 2016) — Choate Construction Company is excited to announce that it is
transferring beneficial ownership, becoming 100% employee owned via the newly created Choate
Employee Stock Ownership Plan (ESOP) Trust, thus allowing current and future employees to enjoy
beneficial participation in the Company.

“Choate is a tight-knit family, and we truly care for each other. We were solicited continuously over the
years by larger contractors to sell the company, but we decided to keep the business in the family, to
perpetuate our culture of excellence,” says Millard Choate. “We are blessed to be able to implement
this structure to express our dedication to our exemplary employees. This will provide individual
financial security as well as preserve the entrepreneurial spirit that has always permeated this company.
The ESOP allows us to take this spirit to the next level, while also ensuring our vision, core values, and
management team stays intact.”

Millard Choate will transition from the position of President to Chairman & CEO, and Dave Priester will
assume the role as President and COO. The management team will remain intact.

Millard noted, “Upward mobility and career advancement are extremely important. The ESOP allows
for both seamless management succession and future opportunity.”

Choate Construction was advised by CSG Partners, a boutique investment bank specializing in ESOPs.

Choate’s financial condition will remain strong. Both of Choate’s bonding companies have endorsed and
given full support of this transaction.

The ESOP transition was announced to all 450+ employee-owners at a celebration on December 15th.

ABOUT CHOATE CONSTRUCTION
As one of the largest general contractors in the southeast, Choate Construction Company considers its
reputation to be its number one asset with its future success founded upon the strength of its customer
relationships. Choate Construction excels in both base and interior construction with office locations in
Atlanta, Charleston, Charlotte, Raleigh, and Savannah. Choate strives to lead the industry in financially
viable, functional solutions and continually invests in the tools to do so, promoting advances in Building
Information Modeling (BIM) software, LEED® Rating system and Risk Mitigation. Please visit
www.choateco.com for more information.

Choate Construction Announces 100% Employee Ownership