Spinx Forms ESOP
Published in CSP Daily News
Retailer offers new benefit through partial employee ownership
GREENVILLE, S.C. -- On Dec. 28, 2011, Stewart Spinks completed a partial sale of The Spinx Co. to an employee stock ownership program (ESOP). Stewart Spinks, founder and CEO, and Steve Spinks, president, will retain leadership of The Spinx Co., which operates gasoline-convenience retail stores in South and North Carolina.
The move to a partial ESOP will position The Spinx Co. for continued growth and success in a highly competitive industry. In addition, it puts in place an employee benefit plan that enables employees to become part owners of the company they work for.
"This is a way for me to say 'thank you' to the associates for all they have done for The Spinx Co. I can think of no better way to celebrate Spinx's 40th year in business than by sharing my success with all of them," said Stewart Spinks, founder and CEO of The Spinx Co. "The associates are my new partners and I look forward to everything we will achieve."
The Spinx Co. owns and operates 65 stores employing more than 700 associates.
Spinx completed the deal with advisement and structuring support from Butcher Joseph Hayes LLC, a merchant bank based in St. Louis. It provides investment banking advisory services to lower-middle-market companies.
Based in Greenville, S.C., Spinx operates 65 convenience retail stores in South Carolina and North Carolina. Founded in 1972 by Stewart Spinks, today the company is the largest privately held gasoline-convenience retailer in South Carolina and is ranked among the top U.S. c-store chains in the country.
The company is currently celebrating its 40th anniversary (see Related Content below for previous CSP Daily News coverage).