OAKBROOK TERRACE, IL – January 24, 2024 – Prairie Capital Advisors, Inc. (“Prairie”), a leading middle-market investment bank, acted as financial advisor to Newcastle Holdings, Inc. (“Newcastle” or “Company”) in the transition of the company into an employee stock ownership plan (“ESOP”). Prairie acted as exclusive financial advisor in this transaction to Newcastle and its shareholders and was led by Michael McGinley and Himanshu Chaudhry of Prairie. Terms of the transaction were not disclosed.
Newcastle Holdings, Inc., originally founded in 1997, has spent over 25 years developing personal relationships with their homebuyers while carefully crafting homes and communities across Birmingham, Alabama. Newcastle’s team is composed of seasoned professionals that are each committed to providing homebuyers with a smooth, professional, and unprecedented experience. Newcastle has created a reputation for building dream homes for their homeowners and communities.
Prairie worked closely with the leadership team and sellers, providing ESOP advisory expertise, and managing the preparatory, due diligence and negotiation phases of the ESOP transaction, as well as structuring the financing for the transaction.
“I sincerely enjoyed working with Prairie Capital Advisors on my ESOP transaction. Their team worked tirelessly to get this deal closed. Being the owner of the company, it was good to have a team of professionals who could consult me and stay steady throughout the negotiation process. They kept me well informed and provided a wealth of knowledge from all the deals they have closed. I would highly recommend them to anyone pursuing an ESOP!” says Glenn Siddle, Founder and CEO of Newcastle Holdings, Inc.
“Glenn is the kind of business owner that makes the Employee Ownership world so proud with his devotion to his employees and community. Newcastle’s ESOP ensures that generations of employee owners, homeowners and families will benefit from his generosity,” commented Michael McGinley, Managing Director at Prairie. Himanshu Chaudhry, Vice President at Prairie added, “The ESOP will continue Newcastle’s commitment to operational excellence while creating substantial opportunities for the employees to grow.”
About Prairie Capital Advisors
Prairie is a leading financial advisory firm specializing in creating and executing ownership transition strategies for middle-market companies nationwide. In 2022, Prairie was named ESOP Investment Bank of the Year by M&A Atlas. For more information, visit www.prairiecap.com.
Wendy Gugora, Director of Marketing
Prairie Capital Advisors, Inc.