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Neenan Takes Back Seat in Firm; Sells Majority Stake to Employees

FT. COLLINS, CO-David Neenan will remain as chairman, but is quietly bowing out of the day-to-day grind at his Ft. Collins-based construction company. He has sold his majority interest to the employees, holding onto a 10% interest.

By John Rebchook | Updated on March 07, 2001

FT. COLLINS, CO-David Neenan, founder of his namesake general contracting and development firm, quietly has sold the Ft. Collins-based Neenan Co. to his employees. Ft. Collins is about a 90-minute drive north of Denver.

Last year, the Neenan Co. had sales close to $200 million, making it the largest fully integrated, design-build firm in Colorado, he says. By fully integrated he means that it is one-stop shopping for customers. In addition to building everything from medical buildings to downtown office buildings, it will design, develop, and sometimes even take ownership positions in them.

It’s one of the few construction firms in the country that is structured as an ESOP (employee owned stock ownership plan, he says. “I know there are other employee-owned general contractors in the country,” Neenan tells GlobeSt.com. “I just don’t know who they are.” Most construction firms are owned by families or structured as “Sub Chapter S” corporations, where a few insiders own the company, he says.

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