Three Arizona-based companies are transitioning into a new ownership structure, including one of the largest commercial contractors in the state.Willmeng Construction Inc., one of the largest private companies in the state, unveiled its plans in November to launch an Employee Stock Ownership Plan, or ESOP, marking the 100th company in the Grand Canyon state to become employee owned.It will now be the second largest ESOP general contractor in Arizona and No. 8 across all construction-related ESOP companies, according to the company, which will be 100% employee owned.James Murphy, CEO of Willmeng, said the company’s culture is built on “great outcomes” for its clients and is supported by retaining a talented workforce.”Transitioning to an ESOP is a way to double down on expanding upon that formula of success — retaining the most talented, caring builders in the industry,” said Murphy in a statement. “This change allows every team member to share in our success, making us even stronger together for our clients, community and employees.”The construction firm currently has more than 350 employees. It is following in the footsteps of Sundt Construction, which celebrated its 40th anniversary of its ESOP this year.Sign up here for the Phoenix Business Journal’s free newsletters, and download our free app for breaking news alerts.Two additional companies that announced plans for ESOPs in November were Chandler-based Kovach Enclosure Systems and Mesa-based Next Level Steel.Founded in 1970, Kovach designs, manufactures and installs panel and glazing systems for commercial building enclosures. It has more than 310 employees with a presence across eight states.Next Level Steel, founded in 2020, is a steel fabricator that has grown from six employees to more than 125 with a second steelyard opening in Goodyear. It has provided steel services for clients such as Intel, Taiwan Semiconductor Manufacturing Co. and the JFK Airport in New York City.Earlier this year, Suntec Concrete made the switch to becoming employee owned after 40 years of being in business.Separately, Valley hospitality firm …
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