Atlanta-based Pike Nurseries said Monday its employees now have a bigger stake in the local gardening favorite business.
Pike and its sister company, Armstrong Garden Centers, have combined to operate under an established Employee Stock Ownership Plan, which transfers ownership of the two gardening businesses to employees through a defined contribution benefit program.
The ESOP is designed to help long-term associates building “sweat equity” in the company without out-of-pocket expenses, Pike said. All other employee programs and benefits are unchanged in the new structure.
“The ESOP program allows us to reward our employees for their hard work and longevity with the company,” said Mike Kunce, CEO and Chairman of Pike and Armstrong. “This structure not only enables management continuity, but also ensures the employees who have built and sustained Pike Nurseries and Armstrong Garden Centers play an integral part in the future success of the business.”
About 4 percent of companies in the United States are company-owned, Pike said. Pike has 16 retail locations in the Atlanta, Greensboro and Charlotte.
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