Hollandia Produce, L.P. announced it is transitioning the Company to become employee-owned by implementing an Employee Stock Ownership Plan. Pete Overgaag will stay on as Chief Executive Officer and assisted by the current executive management team, will remain heavily involved in Company operations through this transition.
Hollandia Produce has enjoyed a history of success, beginning in 1970 when founders Art and Magda Overgaag started the produce company with three acres of greenhouses in Carpinteria, California. Under the leadership of their son and current owner Pete Overgaag, the Company has grown to include two locations, and is now the largest greenhouse grower of hydroponic lettuce in the Western United States. Overgaag’s sisters Ellen Seyle and Karin Connolly are also active in the business.
An ESOP is a qualified retirement plan that invests in the common stock of the sponsoring company and provides eligible employees with an ownership interest in this company. It is intended to share in and drive increased productivity and profitability, and ultimately an increased stock price from which employee owners will directly benefit.
According to the National Center for Employee Ownership (NCEO), approximately 7,000 U.S. companies have an ESOP. Employee ownership promotes an engaged employee base with a vested interest in the performance of the company. The Employee Ownership Foundation 2014 Annual Economic Performance Survey found that 80 percent of respondents saw an increase in the company’s stock value as determined by independent valuations.
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Hollandia Produce L.P.