Frank Lopez<\/a><\/p>\nThe parent company of the Central Valley\u2019s most popular pizza chain is now fully employee owned.<\/p>\n
Fresno-based Milano Restaurants International, which owns Me-n-Ed\u2019s Pizzeria, Me-n\u2019-Ed\u2019s Victory Grill, Blast & Brew and Piazza del Pane, announced Friday a newly established employee stock ownership plan, or ESOP. It enables employees to earn shares of company stock over time as tax-differed retirement wealth.<\/p>\n
The Ferdinandi family is transferring 100% of Milano\u2019s stock to the ESOP. CEO John Ferdinandi and Chief Operating Officer Tom Ferdinandi \u2014 sons of founder Tom Ferdinandi Sr. \u2014\u00a0will remain in their executive roles.<\/p>\n
Employees were informed Thursday.<\/p>\n
CEO John Ferdinandi said each of their employees is a trusted team member, and they want them to know they \u201cown and operate\u201d their own business in a tangible way.<\/p>\n
\u201cThis structure will only make the Company even more efficient, innovative and responsive to meet our customers\u2019 needs,\u201d John said. This is about more than ownership; it\u2019s about creating a culture where every team member feels invested in our shared future.\u201d<\/p>\n
In 1958, Tom Ferdinandi Sr., and his partner, Jim DeMera, bought Me-n-Ed\u2019s locations in Hanford and on Blackstone Avenue in Fresno. By the mid-1980s, they had grown the pizzerias from the original three locations to over 20. According to the company\u2019s website, they have more than 60 company-owned-and operated restaurants and more than a dozen franchise-owned restaurants in California and Arizona.<\/p>\n
Tom said they want their employees to benefit as they continue to help the company grow.<\/p>\n
\u201cLegacy was a critical factor in selecting this transaction, but equally important was ensuring that anything we did as owners would also help our employees succeed,\u201d Tom said.<\/p>\n
Advising Milano for the transaction was AmbroseAdvisors, a national investment banking firm specializing in employee-ownership transactions.<\/p>\n
AmbroseAdvisors Senior Managing Director Phillip Chou said Milano\u2019s shareholder vision was to secure a sustainable future for the company to benefit the stakeholders while empowering the workers who keep the operation running.<\/p>\n
\u201cThrough employee ownership, they have created an opportunity for dedicated workers to build their future wealth, achieve financial security, and share in the success they help create. When implemented effectively, employee ownership strengthens businesses, rewards hard work, and uplifts entire communities,\u201d Chou said.<\/p>\n
These sort of transactions typically involve selling the company to an ESOP trust. The company finances the purchase of the shares, and as it generates profits, the loan is repaid and shares are allocated to individual employee accounts.<\/p>\n
Under this arrangement, participants can sell vested shares at market value when they leave the company. They can receive cash if they sell at retirement age or roll it into an Individual Retirement Account if they are not.<\/p>\n
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