DeVita & Associates, Inc., a Greenville-based engineering firm, announced today the formation of an Employee Stock Ownership Plan (ESOP). Under the terms of the plan, DeVita will be a 100% employee-owned company.

“At no time has DeVita & Associates been better positioned for this transition,” commented Frank DeVita, founder and president. “We have talented people who are committed to our firm and its growth, an experienced management team and strong operations and client relationships. We have the best people for the markets we’re competing in, and to help support the firm’s continued success it was time to expand the ownership group and provide our employees with a stake in the company as it continues to grow.”

DeVita’s management team will remain the same with Frank DeVita serving as President; Derrick Hiott, Vice President and General Manager of the Precast Division; Lee Chapman, General Manager of the Commercial Division; Craig Boozer, Controller; James Williams, General Manager of DeVita & Associates of Virginia, LLC; and Atinendu Deb Roy, Chief Operating Officer of DeVita Engineering (India) Pvt. Ltd.

Frank DeVita and his Executive Team decided the time was right to determine the future of the company and began developing a leadership plan in 2006. After receiving inquiries about the business and its availability to be acquired, the team agreed that employee ownership was the best choice for the future of DeVita & Associates.

“Who better to partner with than the people who have contributed to the success of this firm,” DeVita said. “An ESOP fits our culture very well because we have employees who already act like owners, and that is the best way to create a firm that will last through multiple generations of leadership.”

With 65 employees world-wide, DeVita & Associates has seen significant growth and success over the past several years, including the formation of DeVita and Associates of Virginia in 2008 and establishment of DeVita Engineering (India) in 2007, both wholly-owned subsidiaries of DeVita & Associates, Inc. DeVita was named one of South Carolina’s Fastest Growing Companies in 2007 and 2008 and was also named one of the Best Places to Work in South Carolina in 2008; both are testaments to the company’s commitment to the success of its clients and employees.

“I am excited for everyone at DeVita,” commented Derrick Hiott. “We all work hard to provide quality services that exceed our client expectations, and this ESOP is an excellent way to reward the people who are committed to our company and its mission.” In addition to the ESOP, DeVita opted to continue the company’s 401(k) plan.

Research shows that employee owned companies that effectively promote employee involvement outperform competitors by a substantial margin.