Brinkmann Constructors to Sell Company to Employees via Employee Stock Ownership Plan (ESOP)

ST. LOUIS (July 19, 2013)  – Founder and Chief Executive Officer Robert G. Brinkmann is selling his 90-plus percent ownership stake in Brinkmann Constructors to company employees through an Employee Stock Ownership Plan (ESOP).

“The arrangement solidifies the future role of Brinkmann Constructors for our customers and employees,” said the 64-year-old Brinkmann, who opened the doors to the Chesterfield, Mo.-based national design/build contractor in 1984. “I want those who have helped build the company – and those who will continue to build it – to have an ownership stake. It is an act of gratitude that reflects the joy I’ve experienced teaming with this group to create winning construction solutions for our clients.”

The company has retained Stone Carlie to oversee ESOP implementation. The ESOP is scheduled to take effect in early 2014 pending completion of independent valuation and financing arrangements.

Brinkmann has more than 75 people on its staff at its Chesterfield headquarters and nearly 25 people at its Western Regional Office in the Denver area. Among that number are 44 engineers and 35 superintendents. More than 75 percent of its operations team has at least a bachelor’s degree in engineering or construction management. Its remaining superintendents have completed advanced apprenticeship training. More than 30 employees have been certified LEED AP BD+C.

The ESOP formation culminates a leadership succession plan Brinkmann initiated in 2000 with a structured six-year mentoring program for key managers.  In 2006, Brinkmann transferred partial ownership of the firm to several long-time employees. Today, those partial owners include President Brian Satterthwaite, 46, who joined Brinkmann in 1994; Executive Vice President Tom Oberle, 45, who joined in 1993; Project Superintendent Kevin Snow, 59, who joined in 1985; and Director Larry Lapinski, 39, who joined in 1997.

In 2010, Satterthwaite became president of the company and Oberle was named executive vice president. Since then, day-to-day operations have been led by Satterthwaite and Oberle, joined in 2011 by Larry Lapinski, former director of Brinkmann’s Denver operations, when Lapinski was appointed national director of operations.

“Under their day-to-day leadership, the company weathered the Great Recession in good order. Now, with the support of a stabilizing economy, we are poised for a new burst of growth,” Brinkmann said. “I have no plans to retire, and will continue working here in a role that supports sales and continues the development of our outstanding engineers and construction professionals.”

In fiscal 2012, the company generated revenues of $205 million, a 17 percent increase over 2011 revenues. Its backlog of new work exceeds $210 million. To contrast, the firm posted $350,000 in revenues in its founding year of 1984.

Current key projects include:

• The $50 million Streets of St. Charles planned community in St. Charles, Mo.
• A $40 million, 227,000-square-foot high school campus for the Wentzville School District in St. Charles, Mo.
• Projects in Sunset Hills, Mo. and Chesterfield, Mo. totaling $60 million for senior residential care provider, Friendship Village.
• The Wind Crest retirement community for Erickson Living in Highlands Ranch, Colo., with 128 residences offering assisted living, memory care, post-acute rehabilitation and long-term nursing care service.

All told, in 29 years of business, the firm has completed more than 900 projects with a total construction value exceeding $2.75 billion.

The firm also developed the Construction Superintendent-Journeyman iPad app in 2011. After co-developing and testing the app for its own use in 2011, the app is now marketed and used worldwide to better manage construction projects from the field.

As a national general contractor which nurtures a culture of engineering and construction creativity, Brinkmann has completed projects for customers spanning multiple industries in 30 states. As innovative builders trained to always develop a better idea, Brinkmann effectively collaborates with clients, architects and engineers to deliver thoughtful solutions to achieve client goals. Engineering News-Record ranks Brinkmann among the nation’s Top 100 design/build firms.