Page 37: of Marine News Magazine (June 2022)

36 38

rights of the company had been sold Growth plan ing ownership to maintain the com- to its employees through an Employee While the company has been grow- pany’s borrowing power and resources

Stock Ownership Plan (ESOP), which ing, it has its sights set on even more should the right opportunity arise. allows the leadership team to stay in expansion. “Since May of 2020, we “If a new product line comes on and place while providing a competitive have been on a torrid stretch where we need to invest in inventory, we’re return for the shareholders—without we’ve seen our top line numbers grow more than able to do that. If the right the potential challenges that often by about 35%,” Braitmayer said. acquisition opportunity came up, come with a change in control of a He noted that IMTRA is investing we’d be eager to consider those things closely held business. to grow its physical footprint to more as something that we could leverage “It really checked a ton of boxes ef? ciently handle its increased ? ow of for the future,” he said. “When we for us,” Braitmayer said. “There’s a products, and that it is working closely structured the deal on the ESOP, we misinterpretation that if you sell to supplier partners to understand their wanted to make sure that how we did your employees, that somehow you’re supply chain challenges and how to best it didn’t hamper us from those kinds going to receive less than you would keep products ? owing for customers. of normal business growth trajectory, from another buyer. And I don’t be- “We’re continuing to invest in our things that we would’ve been doing, lieve that’s actually the case.” people, which is our number one re- whether we did the ESOP or not.” “You get to keep your management source,” Braitmayer said. IMTRA has team intact, and you get to basically been adding staff and is looking to involve all your employees. Personally, hire for several more positions, spe-

I believe that employee ownership is ci? cally for serving the commercial also a great opportunity for us in the marine market where the company states to address wealth inequality. And sees signi? cant opportunities.

while that sounds really philanthropic, According to Braitmayer, IMTRA is which I believe in building that out, I well known in the commercial marine don’t feel that came at some sort of dis- space for several key products, such as count that the [previous ownership] Sleipner thrusters; Norsap chairs; Ex- had to give. We feel super happy with alto, Decca and Roca wipers; plus a the price that we got and the way that large spread of both self-manufactured the transaction played out. And I’m re- and sourced lighting solutions.

ally excited about what it’s going to do “We’re continuing to look to ex- for our employees as we go forward.” pand our commercial portfolio. In the “We have a core of really great last couple of years, we’ve added a cou- mid-career people,” Braitmayer said. ple of great relationships,” Braitmayer “With this setup, the employees, all of said. The executive cited growth op- them, they’re going to earn their own- portunities from working with Nor- ership stake. . . Now we just have to wegian company Libra, which sup- develop great leaders that are going to plies doors and hatches, as well as a be able to run the business, maintain recent partnership with KPM Marine, the culture, continue to be focused on an English manufacturer that does air our customers, ? nding new products, handling systems and bilge pumps. ? nding new solutions for the custom- “And we’re always looking for more.” ers that we work with, continue to do Braitmayer explained that IMTRA what we’ve done for 70 years, and the “very strategically” chose to do much ownership part will take care of itself.” of the ESOP ? nancing through exist- www.marinelink.com MN 37|