Matandy Steel, JN Linrose and Lamp Metal Trusses Sold to Employees

All images courtesy of Matandy

After 35 years of ownership, Frank and Joanne Pfirman announce the sale of their three companies: Matandy Steel and Metal Products, LLC, JN Linrose Manufacturing, LLC, and Lamp Metal Trusses, Corp.

In a transaction that was finalized on August 11th, 2022, the Matandy Companies were converted to an Employee Stock Option Plan (ESOP) and are now 100% employee-owned.

The surprise and celebratory announcement took place the evening of September 28th, 2022 at an all-employee event at the Stephen T. Badin High School Little Theater in Hamilton, Ohio.

Matandy low-carbon, flat-rolled steel coil.

Sale Preserves Company Culture

Frank Pfirman founded the company in 1987 in the bedroom of his parents’ home, operating for many years with just a card table, phone, typewriter and fax machine.

Over the past 35 years, the company has grown from one employee to a current tally of 110 team members who work for the company headquartered in Hamilton, that include three warehouses consisting of over 170,000 square-feet. The vertically-integrated companies include a state-of-the-art steel processing plant, as well as steel stud and metal truss manufacturing centers.

Pfirman’s vision through the years has resulted in the strategic growth of all three companies working in conjunction with one another to achieve impressive results.

Frank Pfirman, founder of Matandy

“I knew if we were to sell to a competitor or venture capitalist, there was a strong possibility that the culture we all worked so hard to establish would be gone and, in all probability, jobs could be lost,” said Pfirman. “Joanne and I both wanted to make sure that did not happen. This also ensures that Matandy will stay in Hamilton.”

ESOP Gives Economic Interest to Employees

Matandy will now be governed by a Board of Directors consisting of Andy Schuster, current CEO of the Matandy Companies and President of Matandy Steel, Matt Pfirman, President of JN Linrose and Andy Pfirman, President of Lamp Metal Trusses Inc. All three will remain in their current management positions.

Additionally, the board will include John Reister, retired attorney for Millikin and Fitton, and Woody Fitton, recently retired CEO of Great Miami Valley YMCA.

“This is a great benefit for our employees. I have to give Frank credit for choosing this option as a way to secure the future of Matandy and its companies for many years to come,” said Andy Schuster.

Andrew (Andy) Schuster, president and CEO of Matandy Steel and Metal Products

Employees were given business cards at the announcement with the title of Owner. An ESOP gives employees an economic interest in the company through the beneficial ownership of shares, which provides them with value in the company and its future.

“This is a continuation of the family atmosphere that Matandy has been built upon. We are grateful to each of our team members, and we look forward to a long and prosperous future for the Matandy companies,” said Schuster.

Matandy was advised by Steven James, President and CEO of SCJ Fiduciary Services who specializes in employee- ownership transactions. Appointed trustee to the newly created ESOP, James’ goal is to secure a sustainable future for Matandy in a manner that is highly beneficial to its employees while allowing room for growth to excel even faster.

Additional Resources

• Nonresidential Construction Backlogs Remain Steady, Construction Input Costs Dip
• Steel Prices are Down, Demand is Easing and Supply Is, Well, Improving
• Manufacturing Volume of Cold-Formed Steel Framing Products Up 11.2% in Q2 2022