Varnum LLP advised Wolverine Crane & Service in completing a sale of 100% of the company to an employee stock ownership plan (ESOP), preserving local ownership and supporting the company’s long-term stability. Under the ESOP, employees will earn beneficial ownership over time, providing a meaningful retirement benefit while maintaining the company’s existing leadership team and day-to-day operations.
Wolverine Crane is a West Michigan-based provider of overhead crane systems and related services, serving industrial clients across the Midwest. All 60 employees at Wolverine Crane’s Grand Rapids, Kalamazoo, Traverse City, and Romulus locations are eligible to participate in the ESOP.
Varnum advised the owners of Wolverine Crane in all aspects of the ESOP transaction. Partner John Arendshorst led the team, which included Conor Boland, Joe Levan, and Andrew Jenks. The professional advisory team also included Pilot Hill Advisors and DWH.
