{"id":3534,"date":"2026-07-13T18:16:42","date_gmt":"2026-07-13T22:16:42","guid":{"rendered":"https:\/\/www.stevenslee.com\/sesesop\/?post_type=transaction&#038;p=3534"},"modified":"2026-07-13T18:16:42","modified_gmt":"2026-07-13T22:16:42","slug":"diamondback-truck-covers","status":"publish","type":"transaction","link":"https:\/\/www.stevenslee.com\/sesesop\/transaction\/diamondback-truck-covers\/","title":{"rendered":"DiamondBack Truck Covers"},"content":{"rendered":"\r\n\r\n\r\n<h2 class=\"entry-title\">DiamondBack Truck Covers<\/h2>\r\n<header class=\"entry-header\" data-rocket-lazy-bg-42b7caed-91fc-43c7-a46d-ac3667e49a0d=\"excluded\">\r\n<div class=\"grid1120 entry-header-inner\"><header class=\"entry-header\" data-rocket-lazy-bg-f3314e5a-831b-4e84-b93c-34f1bff4eb3d=\"excluded\">\r\n<div class=\"grid1120 entry-header-inner\"><header class=\"entry-header\" data-rocket-lazy-bg-b0b85905-844a-41d4-b3b4-4472308bbc32=\"excluded\">\r\n<div class=\"grid1120 entry-header-inner\">\r\n<h3 class=\"header-description\">Automotive Accessories Manufacturer Bolsters Employee-Centric Culture, Commits to Employee Ownership<\/h3>\r\n<\/div>\r\n<\/header><\/div>\r\n<\/header><\/div>\r\n<\/header>\r\n<h4><strong>Overview<\/strong><\/h4>\r\n<div class=\"entry-content-main\">\r\n<p class=\"wp-block-paragraph\">Founded in 2003 in Phillipsburg, PA, DiamondBack Truck Covers (\u201cDiamondBack\u201d or the \u201cCompany\u201d) has grown from an entrepreneurial garage operation to a manufacturing corporation that builds and supplies high-strength truck bed covers and other automotive accessories to customers across the country. The Company\u2019s \u201cBuilt Different\u201d branding not only refers to their patent-protected, industry-leading truck covers and products, but to the community- and employee-focused values that define their way of doing business. DiamondBack\u2019s leaders believe that company success has been fueled by their workforce, who bring technical skill and dedication to delivering top-quality products to the job each day.<\/p>\r\n<h4><strong>Situation<\/strong><\/h4>\r\n<p>DiamondBack sought to create meaningful employee benefits and maintain its employee-forward culture in its business succession evolution. The owners envisioned a long-term business plan that would reward the dedication of their workforce with a portion of company equity over time, sustain growth among key customer sectors and provide a partial liquidity event for stakeholders. After a comprehensive evaluation of transaction approaches, a minority stock redemption followed by a contributory employee stock ownership plan (ESOP) emerged as the natural fit for the Company\u2019s goals.<\/p>\r\n<h4><strong>Solution<\/strong><\/h4>\r\n<p>DiamondBack engaged\u00a0<a href=\"https:\/\/sesesop.com\/\">SES ESOP Strategies<\/a>, along with affiliated law firm\u00a0<a href=\"https:\/\/www.stevenslee.com\/\">Stevens &amp; Lee<\/a>, to structure and implement the new ESOP. SES guided the entire life cycle of this unique transaction, which involved extensive modeling on cashflows to create a strategic structure for a partial redemption of Company shares. The contributory ESOP, including a sizable initial contribution that allocated shares to reward longevity, was an efficient way to create long-term and sustainable employee ownership. SES raised the debt for the redemption and attorneys from Stevens &amp; Lee prepared the ESOP transaction and redemption-related documents and led lending negotiations.<\/p>\r\n<p>\u201cOur employee community is what drives our business, and rewarding their loyalty and dedication with company ownership was a top priority in our long-term plans,\u201d said Ben Eltz, CEO of DiamondBack Covers. \u201cSES ESOP Strategies and Stevens &amp; Lee were great partners throughout the transaction, providing guidance through financing details and clearing hurdles with efficiency. They allowed us to empower our employees to share in the future success of their work.\u201d<\/p>\r\n<p>For more information about this ESOP transaction, please contact\u00a0<a href=\"https:\/\/sesesop.com\/team_member\/edward-c-renenger\/\">Ed Renenger<\/a>, SES President and CEO,\u00a0at 610.478.2238,\u00a0<a href=\"https:\/\/sesesop.com\/team_member\/mark-b-russell\/\">Mark Russell<\/a>, Heads of Finance, at \u00a0817.566.1013 or\u00a0<a href=\"https:\/\/sesesop.com\/team_member\/sean-tamba-matthew\/\">Sean-Tamba Matthew<\/a> at 215.508.7705.<\/p>\r\n<\/div>\r\n","protected":false},"featured_media":0,"menu_order":0,"template":"","format":"standard","meta":{"_acf_changed":false,"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0},"categories":[],"tags":[],"class_list":["post-3534","transaction","type-transaction","status-publish","format-standard","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>DiamondBack Truck Covers - SES ESOP Strategies<\/title>\n<meta name=\"description\" content=\"Waldron engaged SES ESOP Strategies, along with its affiliated law firm,\u00a0Stevens &amp; Lee, to structure the new ESOP plan and guide the Company through the transaction process.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.stevenslee.com\/sesesop\/transaction\/diamondback-truck-covers\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"DiamondBack Truck Covers - SES ESOP Strategies\" \/>\n<meta property=\"og:description\" content=\"Waldron engaged SES ESOP Strategies, along with its affiliated law firm,\u00a0Stevens &amp; Lee, to structure the new ESOP plan and guide the Company through the transaction process.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.stevenslee.com\/sesesop\/transaction\/diamondback-truck-covers\/\" \/>\n<meta property=\"og:site_name\" content=\"SES ESOP Strategies\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.stevenslee.com\\\/sesesop\\\/transaction\\\/diamondback-truck-covers\\\/\",\"url\":\"https:\\\/\\\/www.stevenslee.com\\\/sesesop\\\/transaction\\\/diamondback-truck-covers\\\/\",\"name\":\"DiamondBack Truck Covers - SES ESOP Strategies\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.stevenslee.com\\\/sesesop\\\/#website\"},\"datePublished\":\"2026-07-13T22:16:42+00:00\",\"description\":\"Waldron engaged SES ESOP Strategies, along with its affiliated law firm,\u00a0Stevens & Lee, to structure the new ESOP plan and guide the Company through the transaction process.\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.stevenslee.com\\\/sesesop\\\/transaction\\\/diamondback-truck-covers\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.stevenslee.com\\\/sesesop\\\/transaction\\\/diamondback-truck-covers\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.stevenslee.com\\\/sesesop\\\/transaction\\\/diamondback-truck-covers\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.stevenslee.com\\\/sesesop\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Transactions\",\"item\":\"https:\\\/\\\/www.stevenslee.com\\\/sesesop\\\/transaction\\\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"DiamondBack Truck Covers\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.stevenslee.com\\\/sesesop\\\/#website\",\"url\":\"https:\\\/\\\/www.stevenslee.com\\\/sesesop\\\/\",\"name\":\"Griffin Financial Group\",\"description\":\"TAILORED ESOP SOLUTIONS. 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