Robinson Brog Completes Sale of 49% of Moog Music, Inc. to Moog's Employees
Robinson Brog Leinwand Greene Genovese & Gluck P.C., (the “Firm”) and its Employee Stock Ownership Plan (“ESOP”) team, headed by Stanley E. Bulua, successfully represented Moog Music, Inc (the “Company”) in a transaction that resulted in 49% of the Company, in the form of convertible preferred stock, being acquired by the Company’s ESOP. The transaction closed June 5, 2015, and was featured in the New York Times article titled “Moog Music Gives Employees More Control,” which can be accessed by clicking the following hyperlink: New York Times – Moog.
Moog is an American company, based in Asheville, North Carolina, which manufactures electronic musical devices, systems, and instruments. The Company was originally founded in New York in 1953, and since then, through various iterations, continues to manufacture what are regarded as some of the most reputable, reliable, and quality electronic musical devices, systems, and instruments in the industry.
“The Moog ESOP transaction, through the cooperation of all parties, was processed as smoothly and efficiently as possible, and we are proud to have contributed to what amounted to a great success,” said Stan Bulua, a partner at the Firm. Roy Jacobs, also a partner and a member of the ESOP team, noted that “from the beginning, Mike Adams, President and owner of Moog Music, impressed upon everyone involved that Moog’s future would be more secure if placed in the hands of its loyal employees than if the company were sold to an outside party.” Mr. Bulua added that “Mike Adams stayed true to his vision, from day-one of the process, straight through to the closing date.”
In addition to Messrs. Bulua and Jacobs, the Firm’s ESOP team for this project included associate David Cykiert.