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1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 1992 1993 1994 1995 1996 1997 1998 1

Employee

Ownership

Arizona
Growth and expansion of the company continued,
just as Ray and Lou Rosendin had hoped, and
the Arizona office opened its doors in 1995. The
office started in a 4,000 square foot, three-story
“We’re just at the tip. We can do so much better. Sheryl Cefali, Managing Director at Duff & Phelps, office building. In the early days, people worked
I think we are going to be even more dominant and valuated Rosendin Electric and in 1992, the company in the lunchroom and Rosendin was known as the

more influential within the industry over the next 15-20 had $70 million in revenues. It was decided to “California Company.”
years. It’s just who we’ve become. If we can maintain transfer ownership of the company to the employees “Tremendous challenge comes with
by setting up an ESOP.
that, I’ll have to find a new word for amazing!” opening a new office in a new area.

~Larry Beltramo, President “Ray Rosendin used to take a bunch We were presumptuous in thinking
of us to lunch for update meetings that everybody would be calling us,
and, on this particular occasion, Ray and that our clients that we knew
invited a few more people. During from Northern California and other
the course of conversation, he said parts of the country would be saying Mike Greenawalt
he was going to transfer ownership we need you here, welcome! We Senior Vice
President
of the company by setting up an started from scratch with a great
Tom Sorley
Rosendin Electric is nearly 100 years old and were in their late 50s, each owned about 50% of CEO ESOP.” brand and product, but we had to sell it and let
2017 marked the 25th anniversary of being the company, were getting closer to retirement people understand who Rosendin really was at the
an employee-owned company. Rosendin has age, and wanted to have some liquidity for their In 1995, Sorley became president of Rosendin time.”
always been an organization built around family; shares. They were interested in freeing up the Electric. “I was very honored and a little bit nervous
an organization who cares for one another and wealth of the company while also maintaining the about being named President,” said Sorley. “I was Being an ESOP enhanced Rosendin’s overall brand
brings caring AND solutions to our customers. active growth that was taking place. taking over the company from someone whose name in Arizona. Our people believed in our brand and
This relationship based business model is a key was on the building. There was some apprehension, product, embraced an entrepreneurial spirit, and
part of what has shaped and grown Rosendin As part of a company analysis, the brothers yet at the same time overall excitement because were out selling Rosendin’s services with passion.
into the company it is today. engaged Duff & Phelps, a third party advisor Larry [Beltramo], Jim [Hawk], and myself had often
in San Jose, California, to perform a valuation talked about the direction we would like to take the Tom, Jim, Oregon, and San Jose
Ownership to Employees of the company and determine if creating an company and we knew that we had the backing of In 1997, Tom Sorley became Rosendin’s CEO and
In 1992, Rosendin Electric had been a family ESOP would be the best option for the family, the a lot of other leaders from inside the organization Jim Hawk was named Executive Vice President.
owned business for over 70 years. Ray and Lou employees, and the company. who felt the same. We thought we could take a great Growth remained strong and Rosendin opened an
Rosendin, sons of founder Moses Rosendin, company and make it better.” office in Oregon. During this time, it became apparent

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