, 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.
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.
SOURCE Evergreen Cooperatives
