via Paragon Sports Constructors website
Paragon's project portfolio includes turf installation at Brewer High School.
Paragon Sports Constructors announced Tuesday that it has become a 100% employee-owned company through the establishment of an Employee Stock Ownership Plan.
The Fort Worth–based firm, Paragon Sports Constructors, said the transition reflects its long-standing emphasis on its workforce by giving employees a direct ownership stake in the company. Over the past 16 years, the company has built synthetic turf and natural grass athletic fields, running tracks, and courts through design-build and turn-key construction and maintenance services across Texas.
“Over the years, while clients were buying the PSC brand and services, they were really buying into our people and our culture,” said William Chaffe, president of the company. “As we plan for the future of Paragon, we couldn't think of any better way to protect what we have built, while also ensuring long-term stability and independence, other than giving beneficial ownership in the company to those who have built it.”
The company said it has posted year-over-year growth for nearly 16 consecutive years and now joins approximately 6,300 ESOP companies nationwide, representing about 10.7 million active employee-owners.
ESOPs are long-term retirement benefits that use a trust to hold company stock for eligible employees, allowing ownership to transition to employees at no cost.
ESOPs have shown to significantly enhance employee engagement, satisfaction, and security by making workers partial owners of the company, according to an analysis by Kiplinger. This shared ownership means employees benefit directly from the company’s success, as their net worth increases with company stock value. According to the National Center for Employee Ownership, ESOP participants in the United States tend to have twice as much in retirement savings as employees in non-ESOP companies.
This motivates employees to invest more effort, solve problems proactively, and stay committed long-term. ESOPs also lead to higher job satisfaction by giving employees a voice in company decisions, often resulting in better wages, retirement benefits, and reduced risk of layoffs during economic downturns.
“Through employee-ownership, the company's success will directly benefit our employees, helping build a more stable future for them and their families,” Chaffe said. “Providing our employees with a stake in the future of the company is our way of saying ‘thank you’ for the time and care they have and will continue to give to Paragon.”
The company said there will be no changes to day-to-day operations or management. Chaffe, the existing management team, and all current employees will remain in place.