Cleveland-based Evergreen Cooperatives, a nonprofit focused on revitalizing urban neighborhoods by preserving jobs that build middle-class wealth, has acquired Xacto Signs, a Bedford-based manufacturer of channel letters, neon and monument signage and cabinet bases.
The deal marks the sixth transaction by the Fund for Employee Ownership, Evergreen Cooperative's social impact initiative designed to fund company transitions to employee ownership. Terms of the deal were not released.
Evergreen Cooperatives will lead the transition to employee ownership with Xacto’s employees.
Founded in 2001, Xacto Signs was owned by Richard and Roberta Holzer who will remain post-acquisition. The company currently has 12 employees who will remain with the business as it converts to employee ownership.
“After more than 25 years in operation, we are very excited about this next chapter for Xacto Signs," Roberta Holzer said in a statement. "As one of the regions more prominent wholesale manufacturers, the company will continue to thrive and grow in the hands of our dedicated employees. Richard and I have long been interested in turning Xacto Signs into an employee-owned business and Evergreen Cooperatives has helped us achieve this goal. With their support, employee owners will have access to wealth-building opportunities and will be able to grow the business in a great new direction.”
“We are extremely excited to welcome Xacto Signs to Evergreen’s portfolio of employee-owned firms," Evergreen’s Chief Investment Officer, Jeanette Webster said in a statement. "Richard and Roberta have been wonderful to work with throughout the entire transaction, and we look forward to the continued growth of the new cooperative to benefit both the employees and community.”
