DeBlois Electric, Inc., a leader for over 50 years in electrical construction, is proud to report that it has become 100% employee owned through an Employee Stock Ownership Plan (ESOP). This announcement signals the beginning of their new ownership structure that will continue to operate with the same vision and leadership previously established.
Primarily a retirement benefit for the company’s merit-shop employees, the ESOP will supplement 401(k) plans and health benefits, plus issue ownership shares to all participating employees at no cost. To further benefit the newly formed stakeholders, the plan aims to create financial stability while rewarding productivity and efficiency, in turn positively impacting the work environment. The program is also designed to retain talented staff and attract qualified candidates to this growing company.
“We are thrilled to bring in a new generation of ownership to DeBlois Electric through our Employee Stock Ownership Plan. This represents our long-standing commitment to the future and success of the company,” says Ray DeBlois, Chief Financial Officer of DeBlois Electric. The privately held company was started by Willie and Gaetane DeBlois in 1967, and under the management of their sons, Ray and Mitch, has grown to be one of Maine’s leading electrical contractors.
“We have always had a family and field-first culture, so empowering our employees with an ownership stake makes sense for us,” says Mitch DeBlois, President of DeBlois Electric. “We remain dedicated to developing a high-involvement culture that works as a team toward continuous company growth and provides our clients the highest level of service, quality and craftsmanship.”
Andy Bosse, Vice President of Construction, who has worked at DeBlois Electric for over 30 years, states, “I am honored to be part of a company that works toward the betterment of its employees and believe this is a great opportunity for skillful individuals that want to join our team and grow with us.” Vice President of Operations Steve Morin adds, “DeBlois Electric has always valued its employee and treated us as family. Becoming an ESOP is the best next step to solidify our culture.” Bosse and Morin will join the DeBlois on the board of directors of the new company structure.
DeBlois Electric is a pro-active, solutions-oriented electrical contractor that prides itself on building lasting relationships. Since 1967, DeBlois Electric has been committed to its employees, the community, and the construction industry as a whole. DeBlois Electric continues to provide service to residential and small commercial customers, in addition to holding a portfolio of many notable large construction projects in the state of Maine. The company currently employs 70 team members, working from their headquarters in Lewiston, Maine.