The founder and chairman of American Pacific Mortgage in California sold the company to its employees through a partial employee stock ownership plan.
Kurt Reisig, founder and chairman of American Pacific Mortgage in Northern California, wanted to leave a legacy as much as he wanted to retire.
American Pacific Mortgage, founded in 1996, is a national retail mortgage in Roseville, Calif. The company funds over $22 billion annually, is licensed in 49 states, employs more than 3,500 people, and has over 200 branches across the U.S.“We have put a high importance on values and people who helped build the firm. We wanted to honor those people,” said Reisig.
“Deals to sell may be valuable to owners, it’s riddled with not so favorable outcomes for employees,” Reisig said. “I didn’t look at other transactions. I have no regrets about this.” There are about 6,500 ESOPs in the U.S. covering about 14 million participants, according to the National Center for Employee Ownership.
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