Birmingham, AL – January 11, 2021 – Sain Engineering Associates, Inc. (SEA,) an energy engineering firm, announced today that they have become 100% employee owned, effective January 1, 2021. SEA’s founder, Steve Sain, sold the remaining 60% of his ownership interest to an Employee Stock Ownership Trust, allowing current and future employees to gain complete ownership in the Company at no cost to each individual. Employee-owned companies often see greater productivity, higher profitability and increased revenue.
Employee-owned companies are companies in which the staff owns stock shares, giving them a stronger voice in management decision-making. Effectively, the ESOP is a qualified retirement plan which, based on company performance, could generate significant retirement benefits for SEA’s Employee-Owners. It also inherently minimizes taxation of a company’s earnings, redirecting it toward its Employee-Owners.
Commenting on the announcement, Brenda Phillips, President of SEA, said, “Today, we are a robust competitor in the energy engineering world. SEA provides building commissioning and optimization, as well as energy resilience for both private and federal government agencies. We believe our expertise drives innovation and our extraordinary service propels client success. Delivering unparalleled service requires great employees who are focused and dedicated to the business at hand and that clearly describes our team. We are thrilled to be able to provide this benefit to them.”
Steve Sain, who will officially retire but serve as Chairman of the newly formed Board of Directors, also noted: “In light of the current challenges facing American workers, an ESOP is an excellent way to ensure the continuation of our world-class service model, help retain valued employees, and enhance the company’s productivity and profitability. We foster our ownership culture throughout our organization, including our staff members located all over the globe, and even our rank and file constitute the majority of voting members on our Board of Directors. I fully expect our ESOP to increase the retirement security of our Employee Owners, particularly if we continue on the growth path we have enjoyed in previous years. I’m proud of our team for achieving this pivotal moment in SEA’s 30+ year history.”
Sain adds, “I believe SEA will remain relevant and focused on what makes it successful from the perspective of our clients and employees. SEA is poised with an incredible team to lead my legacy into the future with talent and dedication. I have no doubt that the leadership of SEA will ensure foundational principles for serving our clients, fulfilling our people and managing our business with relentless integrity.”
Sain Engineering Associates, Inc. (SEA) is a widely recognized global leader in energy engineering for federal programs with their unprecedented success of the Resource Efficiency Management (REM) program which has resulted in enhanced sustainability and increased resiliency for military installations and federal agencies throughout the globe. Today, SEA continues its mission to serve the Federal Government while expanding services into healthcare, education, commercial and manufacturing industries by providing a portfolio of comprehensive energy services with innovative building commissioning and optimization processes, alternative and renewable energy solutions and resiliency strategies, all addressing climate change with verifiable results. Our licensed professionals bring technical expertise while providing a seamless experience through relationship-building to ensure facility owners achieve their goals and objectives for optimized facility performance. Located in Birmingham, AL, SEA is a small employee owned business that has achieved world-class energy excellence for its clients for more than 30 years.
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