McCarthy Celebrates Decade of Employee Ownership

One of the nation's oldest and privately held construction companies -- which has offices in Newport Beach -- celebrated its 10th anniversary this week of 100 percent employee ownership, company officials announced.

Originally founded in 1864 as a family-owned business, McCarthy Holdings, Inc. has experienced much success over the last decade being structured as an S corporation employee ownership plan (S ESOP) following the sale of Michael M. McCarthy's majority ownership in 2002 to its employees. Michael Bolen, the company's chairman and chief executive officer, says despite the nation's uncertainty over the last decade, the company has been transformed due to employee ownership.

“We have experienced significant success on a wide variety of fronts, enabling us to deliver even higher quality projects on-time and on-budget," Bolen said in a released statement. "Moreover, with the addition of the ESOP, our employee owners now have an additional retirement benefit, an outstanding advantage from which all Americans could gain.”

Over the last 10 years McCarthy has worked hard to show its clients and partners of its unique approach in the construction industry.

“While many other contractors are selling out to owners overseas and moving away from performing their own work, our focus on hands-on building is even stronger than ever," Derek Glanvill, the company's president and chief operating officer, explained. "We believe a true builder has a genuine command of the practice of building, better understanding how to balance schedule, cost, quality and safety so we can deliver the best final outcome."

McCarthy has received several accolades over the last several years including being named one of the safest builders in America after improving safety results by more than 82 percent and ranked as the 6th leading green builder in the country.