BaseRock Partners Advises K&E Excavating on ESOP Sale, Preserving Employee Ownership Legacy
K&E Excavating, founded in 1998, has been sold to an ESOP with BaseRock Partners advising. The deal transfers ownership to over 400 employees across six states.
DENVER — BaseRock Partners, an investment bank focused on the engineering and construction sector, announced the completion of a transaction in which K&E Excavating, Inc. (“K&E”) has been sold to an Employee Stock Ownership Plan (ESOP). BaseRock Partners (“BaseRock”) acted as the exclusive financial advisor to K&E throughout the process.
Company Background and Growth
K&E Excavating was founded in 1998 in Salem, Oregon, as a small, family-owned excavation and grading contractor. Over the past 28 years, the firm has evolved into a full-service civil construction company, expanding its service offerings to include underground utilities, highway and bridge construction, paving, concrete, rock crushing, and airport construction. Today, K&E operates across Oregon, Washington, California, Idaho, Montana, and Alaska, employing more than 400 people. Through the ESOP, all employees have become owners of the company.
Leadership Perspective on the ESOP Transition
Kerry D. Kuenzi, President of K&E Excavating, explained the rationale behind the ESOP route: “Pursuing an ESOP allowed us to protect what we built over the last 28 years. Our employees are the reason K&E has grown from a small excavation crew into a company that serves the entire Pacific Northwest, and this transition ensures they share directly in that success. Selling to an outside buyer couldn’t guarantee our culture or our commitment to our communities would be carried forward. Transitioning ownership to our people did, and we are very proud to be able to do this for our employees, because essentially, they (the employees) got us to where we are at.”
Kuenzi also praised BaseRock’s advisory work: “BaseRock Partners was incredible. The knowledge, timeliness, quality, and accuracy were phenomenal. They took us through a complicated process and made us feel comfortable with every step, delivering on every timeline they set. Their expertise, professionalism, and reputation showed throughout the entire process. They were an absolute joy to work with from start to finish.”
About BaseRock Partners
BaseRock Partners is an investment bank built to serve the engineering and construction industry. BaseRock advises clients using a team-oriented approach that combines decades of industry expertise, deep industry relationships, and unique transaction capabilities specifically designed to meet the needs of engineering and construction companies. Learn more at baserockpartners.com.
For more information about K&E Excavating, visit keex.net.
