The RAM Family of Restaurants and Breweries announced today that it has become an employee owned company.
Founded in 1971 in Lakewood, Washington, the company has grown to more than 30 restaurants with three distinct brands across six states; The RAM Restaurant & Brewery in Washington, Oregon, Idaho, Illinois, and Indiana; C.B. & Potts Restaurant & Brewery in Colorado; and CI Shenanigans in Tacoma, Washington.
The company has always been proud of its family-owned status and the consistent focus on delivering a quality food and beverage experience to more than 100,000 weekly guests. Now the business is owned by a new family, its family of team members who recently acquired ownership in the company.
Two thousand of The Ram's team members acquired this ownership through a newly formed Employee Ownership Stock Plan (ESOP). Stock is allocated to team members over time at no cost to them.
Dave Iverson, COO of RAM, says, "The ESOP is our opportunity to give back to our outstanding RAM restaurant team and to tangibly recognize their commitment to the company and to our guests. We wanted to share with all of those who have helped us in achieving the success we enjoy."
After observing the growing in popularity of ESOPs among breweries and restaurant groups alike, the Iversons recognized that employee-owned companies evolve and grow for the better. As a result, they elected to implement an ESOP to create that ownership culture in their own restaurant and brewery locations. The ESOP structure will allow The RAM to remain independent and dedicated to its mission of providing superior quality food and ice-cold craft beers in its community-focused restaurants.
Moving forward into 2015 and beyond, both Jeff and Dave Iverson will continue to lead and grow The RAM along with the senior leadership team. The announcement of this "holiday bonus" from the Iverson brothers came as a surprise to The RAM team as word spread this past Friday of their good fortune.
"For over 40 years we have focused on building family-oriented restaurants that contribute to the communities they serve," says RAM President Jeff Iverson. "Forming an employee-owned company was another way for us to give back to the community, and it recognizes the hard work of each and every team member who has helped grow The RAM into the award-winning family of restaurants it has become," Iverson added.
CSG Partners Managing Director Eitan Milstein led the transaction team. "It was a great pleasure to work for the RAM Restaurant group and help them form an employee-owned organization," says Milstein. "The business and its many employees will no doubt benefit immensely from the transaction as the company continues to grow and prosper in the future."