ECI – Engineers Construction

Engineers Construction, Inc. Transitions to 100% Employee Ownership Through ESOP

November 1, 2024

Williston, VT – Engineers Construction, Inc. (ECI), a Vermont-based heavy civil construction company,
has officially transitioned to 100% employee ownership through an Employee Stock Ownership Plan
(ESOP). This significant step reflects the company’s commitment to its employees and community,
ensuring an employee-centric future and eliminating the need for future ownership succession
planning.

“Selling to the employees was something we wanted to do to let the company culture we’ve built live on
and continue to improve,” said Kenneth Pidgeon, who along with his brother Scott, purchased the
company from their father Alan in 2004. “Rather than selling to the highest bidder, we wanted to do this
for the employees because they helped bring us to this point.”

Founded in 1965 by Alan Pidgeon, ECI has been a leader in Vermont’s construction industry over the
past six decades. The company, known for its technical expertise and dedication to safety and quality,
employs over 200 people, including seven registered professional engineers and 50 employees with
technical degrees. Its portfolio of innovative projects spans a wide range, from bridges and tunnels to
ski resorts and Burlington’s Downtown Transit Center. The ESOP transition marks a new chapter for the
company, designed to solidify its core values and strengthen its workforce.

As part of this transition, Ben Dow, an engineer and long-time leader at ECI, will step into the role of
President & CEO. Dow has been with the company since 1988, holding nearly every position in the
organization throughout his tenure. Since 2004, he has played a crucial role in evolving ECI’s culture
from a centralized, “old school” management style to a more collaborative, team-based approach that
has allowed the company to grow and take on larger projects. Notably, Dow was also instrumental in
developing the company’s Code of Conduct, which serves as the foundation of ECI’s culture today.

“It’s natural for ECI to become a company that operates for the benefit of the employees because the
company has already been run that way up to this point,” said Dow. “The most important people in the
company are not its executives but the people that are out there more than we are every day creating
success for the company.”

The ESOP allows each of the ECI employees to become shared owners of the company, with vesting
over time, via an employee retirement plan. By combining the new ESOP with the existing 401(k) plan,
ECI is providing a more stable future for its workforce.

“We have many employees who are really good with a shovel or an excavator or a transit but planning
for retirement and making those hard decisions to save early on in their careers can be difficult,” shared
Dow, “the ESOP is a great solution for our employees who work hard, day-in and day-out in rain, wind,
and snow, and, over time, the ESOP will help fund a meaningful portion of their retirement.”

ECI has been actively involved with the Vermont Employee Ownership Center (VEOC) since beginning
to explore employee ownership in 2019, attending VEOC’s annual conferences and receiving support
throughout the ESOP conversion process. “We’ve definitely felt that the support of VEOC and its annual
conference, as well as from the ESOP companies at the conference, has been very helpful,” Dow said. “It
feels like joining a club that is very supportive across the board in sharing strategies on what works well
and what doesn’t.”

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About Engineers Construction, Inc.

Founded in 1965, Engineers Construction, Inc. (ECI) is a heavy civil construction company based in
Williston, Vermont. Known for its technical expertise and commitment to safety, quality, and customer
satisfaction, ECI provides a range of construction services for infrastructure projects throughout
Vermont and the region.

Left to right: Previous co-owners Ken and Scott Pidgeon along with president and CEO Ben Dow in front of ECI’s new logo.