Verit Advisors® is Pleased to Announce the Sale of Iovino Enterprises to an Employee Stock Ownership Plan

/EIN News/ -- Chicago, IL, May 28, 2025 (GLOBE NEWSWIRE) -- Verit Advisors®, a Chicago-based investment banking firm, was engaged by New York-based Iovino Enterprises to provide expertise in structuring and executing an Employee Stock Ownership Plan (ESOP) transaction and debt capital raise that optimized the Company’s and shareholders’ objectives.  The Verit team was honored to support Iovino Enterprises in this monumental transition which will create meaningful employee benefits and preserve the founder’s legacy for years to come.

Richard Riccardi, Iovino’s Chief Financial Officer shared, “an Employee Stock Ownership Plan was the perfect outcome for us.  We had a great experience working with the complete Verit team.  They were proactive and supportive through every turn in the process.”

Iovino Enterprises, LLC, (IE) the parent organization to a family of companies that perform civil, electrical, mechanical, track, and remediation construction services for both public and commercial clients, was proud to announce the transfer of ownership into an Employee Stock Ownership Plan (ESOP) on March 27, 2025.

​With the establishment of the ESOP, Mr. and Mrs. Iovino endeavor to ensure that the Iovino Enterprises family of companies continues for years to come with its core values, success, and commitment to supporting the construction industry in the NY region. “This is the right way for us to maintain continuity and to move the company to the next level,” stated Mr. Iovino when addressing the organization’s employees.  “This is the next phase and I’m excited about it. I’m excited for all of us as employees to do this together…to engage and make sure that everyone is working towards the growth and the success of the company because it’s YOUR success, it’s YOUR future, and it’s YOUR retirement.”

​No change in management structure will take place, as each of the IE affiliates will retain its current leadership structure, with Mr. Iovino remaining as CEO.

​ABOUT IOVINO ENTERPRISES

​Previously, IE was owned by Thomas and Judith Iovino. Mr. Iovino, who has 50 years of construction experience, has built and acquired successful businesses throughout his career. He is the former owner of Judlau Contracting, Inc., which was founded in 1981 and subsequently sold to OHL in 2016. Mr. Iovino co-founded TC Electric, a firm specializing in traction power, electrical, and transit signal systems, in 2005. J-Track, a specialty track and heavy civil contractor followed in 2007.  Welkin Mechanical, specializing in mechanical, plumbing, and fire protection, was established in 2008.  Iovino Enterprises Partners, a management company providing financial, legal, human resources, marketing, and IT functions, was established in 2017 to support the growing portfolio of Iovino Enterprises companies. Most recently, Mr. Iovino founded heavy civil contractor MLJ Contracting, LLC, in 2017.

​Today, the Iovino Enterprises family of companies is ranked #3 in Transportation; #5 in Government/Public Building, and #12 overall Top Contractor in the New York Region by Engineering News Record (ENR), having performed projects for area agencies including MTA, NYCDDC, NYCDEP, NYSDOT, and PANYNJ. IE has a total combined revenue of approximately $800M.

For more information about the Iovino family of companies visit www.iovinoent.com.

ABOUT VERIT ADVISORS

Verit Advisors unites sophisticated investment banking capabilities with a client centric boutique, fluent in ESOPs, debt capital markets, mergers and acquisitions, and valuation services. Integrity, teamwork, service, and innovation are at the heart of the organization, as Verit strives to provide unparalleled advice and custom solutions to its clients. Mary Josephs and her team founded Verit Advisors in 2009. Josephs and her team are considered to be one of the foremost experts in ESOP transactions and middle market strategic alternatives.

For more information about Verit Advisors visit www.verit.com.

Pat Eichten
                    Verit Advisors, LLC
                    marketing@verit.com