Parman Energy Establishes Employee Stock Ownership Plan
Parman Energy Corporation, a Nashville-based petroleum distributor is now an employee-owned company.
Parman Energy Corporation, a Nashville-based petroleum distributor, announced that it is now an employee-owned company. The company’s original owners, Don Crichton and Johnny Jewell III, sold stock to the company’s newly established Employee Stock Ownership Plan (ESOP) in a transaction that closed February 20, 2015.
“We are excited that our team members who provide industry-leading service to our customers will share in the rewards of our company’s future success,” said Steve Moore, CEO & President of Parman Energy.
The ESOP transaction will not change company operations. Moore and his leadership team will continue to lead the company and its employees, who will now be able to benefit from the value of annual allocations of stock in the company. Designed as a long-term retirement benefit for employee owners, all employees who accrue one year of service with the company will be eligible to participate in the ESOP.
“At Parman Energy, we not only want to recruit and retain top talent to join our team, but also want to reward those team members,” said Julie Pomeroy, Vice President of Human Resources. “We are very excited to now add to the company’s current benefits the reward of an Employee Stock Ownership Program. We look forward to continued success in our industry with dedicated employees – now dedicated owners – of Parman Energy.”
Since the beginning of the year, Parman Energy has continued to grow rapidly and opened a new branch in Mississippi last summer. The distributor was recently named the 14th fastest-growing private company in Nashville by the Nashville Business Journal.
About Parman Energy
Parman Energy, an employee owned company, the company says it “is the most capable, reliable, and dynamic source for quality petroleum products and diesel exhaust fluid in the Southeastern region of the United States. We differentiate ourselves from our competitors by our commitment to excellence everyday. This commitment is demonstrated by the company’s continual investment in new technologies and ongoing infrastructure improvements, by our recognition in the industry as the market leader, and by daily actions of our employees. It is our goal to offer increased value to our customers through quality services, products and partnerships.” For more information visit website, Facebook page, Twitter, LinkedIn, or call 800-727-7920.