, July 22,
2024 /PRNewswire/ -- Evergreen Cooperatives, a
nonprofit focused on revitalizing urban neighborhoods by preserving
jobs that build middle-class wealth, has added to its growing
portfolio of employee-owned businesses with the asset purchase of
Xacto Signs, an industry-leading manufacturer of channel letters,
neon and monument signage, and cabinet bases.
Evergreen Cooperatives' Fund for Employee
Ownership Acquires Sign Manufacturer, XACTO Signs
The deal represents the sixth transaction by the Fund for
Employee Ownership, Evergreen Cooperative's social impact
initiative designed to fund company transitions to employee
ownership. Xacto signs manufactures signage solutions for all types
of businesses in its 18,000 square-foot facility located in
Bedford, OH. The transaction
details have not been released.
Founded in 2001, Xacto Signs was owned by Richard and Roberta Holzer who will remain with
the new cooperative post-acquisition. The company currently has 12
employees that will continue with the business as it converts to
employee owned.
"After more than 25 years in operation, we are very excited
about this next chapter for Xacto Signs. As one of the regions more
prominent wholesale manufacturers, the company will continue to
thrive and grow in the hands of our dedicated employees. Richard
and I have long been interested in turning Xacto Signs into an
employee-owned business and Evergreen Cooperatives has helped us
achieve this goal. With their support, employee owners will have
access to wealth-building opportunities and will be able to grow
the business in a great new direction." said Roberta Holzer.
Evergreen Cooperatives will lead the transition to employee
ownership with Xacto's employees. Evergreen's Chief Investment
Officer, Jeanette Webster says, "We
are extremely excited to welcome Xacto Signs to Evergreen's
portfolio of employee-owned firms. Richard and Roberta have been
wonderful to work with throughout the entire transaction, and we
look forward to the continued growth of the new cooperative to
benefit both the employees and community."
Evergreen Cooperatives
Launched in 2008 by several Cleveland-based institutions, the Evergreen
Cooperative Initiative works to create living-wage jobs in
low-to-moderate income communities in and around Cleveland. The Fund for Employee Ownership, an
Evergreen initiative, is designed to preserve local jobs, helps
employee-owners build wealth and assists small business owners
interested in transitioning beyond their current business
interests.
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SOURCE Evergreen Cooperatives