{"id":3693,"date":"2020-01-24T11:58:45","date_gmt":"2020-01-24T16:58:45","guid":{"rendered":"https:\/\/www.stevenslee.com\/sesesop\/?post_type=transaction&p=3693"},"modified":"2026-07-31T11:41:48","modified_gmt":"2026-07-31T15:41:48","slug":"norair-engineering-corp","status":"publish","type":"transaction","link":"https:\/\/www.stevenslee.com\/sesesop\/outcome\/norair-engineering-corp\/","title":{"rendered":"Keeping a Firm in the Community and Preserving a Family\u2019s Legacy"},"content":{"rendered":"

Keeping a Firm in the Community and Preserving a Family\u2019s Legacy<\/h1>\n

Overview<\/strong><\/p>\n

Norair Engineering Corp.<\/a>\u00a0was founded in 1935 by Henry Norair in Washington, DC, with a focus on the burgeoning central heating and air conditioning markets. The company has since greatly expanded its offerings and the headquarters is now located in the DC suburb of Landover, MD. A general and mechanical contractor with a highly skilled and well trained workforce, Norair Engineering Corp. focuses on pump stations, treatment plants, municipal and federal infrastructure and process facilities.<\/p>\n

Situation<\/strong><\/p>\n

Examining options for the future of the firm, Richard Norair, President, CEO and majority shareholder, believed employee ownership would be a good fit. Norair Engineering Corp. was operating as an S Corporation and 25 of its 38 employees were unionized. An ESOP transaction would create liquidity for Norair and the remaining shareholders, add an employee benefit and facilitate long-term sustainability for the firm. It was important to the owners to provide a meaningful benefit to employees, including the union employees who have helped grow the firm over time, and the owners also wanted to ensure the business stayed in the community and continued the family\u2019s legacy.<\/p>\n

Solution<\/strong><\/p>\n

SES ESOP Strategies completed a transaction analysis, providing Norair Engineering Corp. with several options and the goal of developing a transaction structure and price fair to the shareholders and workable for an ESOP transaction. Attorneys from SES\u2019s affiliated law firm provided legal advice and helped negotiate the terms of the transaction, which closed Jan. 2, 2020. Norair became a 100 percent ESOP-owned firm and remained an S Corporation, enjoying the benefits of operating as a tax-exempt business enterprise due to the tax-exempt status of the ESOP as the sole shareholder of the company.<\/p>\n

\u201cWe thought an ESOP could be an ideal fit for us, but we weren\u2019t sure what it might look like,\u201d said Richard Norair, President and CEO. \u201cSES ESOP Strategies\u2019 professionals showed us a number of options and ensured the best possible solution for our unique circumstances.\u201d<\/p>\n

For more information on this transaction, please contact\u00a0Ed Renenger<\/a>, President and CEO, at 610.478.2238.<\/p>\n","protected":false},"featured_media":0,"menu_order":0,"template":"","format":"standard","meta":{"_acf_changed":false,"_exactmetrics_skip_tracking":false},"categories":[],"tags":[],"class_list":["post-3693","transaction","type-transaction","status-publish","format-standard","hentry"],"acf":[],"yoast_head":"\nKeeping a Firm in the Community and Preserving a Family\u2019s Legacy - SES ESOP Strategies<\/title>\n<meta name=\"description\" content=\"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.\" \/>\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\/outcome\/norair-engineering-corp\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Keeping a Firm in the Community and Preserving a Family\u2019s Legacy - SES ESOP Strategies\" \/>\n<meta property=\"og:description\" content=\"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.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.stevenslee.com\/sesesop\/outcome\/norair-engineering-corp\/\" \/>\n<meta property=\"og:site_name\" content=\"SES ESOP Strategies\" \/>\n<meta property=\"article:modified_time\" content=\"2026-07-31T15:41:48+00:00\" \/>\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\\\/outcome\\\/norair-engineering-corp\\\/\",\"url\":\"https:\\\/\\\/www.stevenslee.com\\\/sesesop\\\/outcome\\\/norair-engineering-corp\\\/\",\"name\":\"Keeping a Firm in the Community and Preserving a Family\u2019s Legacy - SES ESOP Strategies\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.stevenslee.com\\\/sesesop\\\/#website\"},\"datePublished\":\"2020-01-24T16:58:45+00:00\",\"dateModified\":\"2026-07-31T15:41:48+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\\\/outcome\\\/norair-engineering-corp\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.stevenslee.com\\\/sesesop\\\/outcome\\\/norair-engineering-corp\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.stevenslee.com\\\/sesesop\\\/outcome\\\/norair-engineering-corp\\\/#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\":\"Keeping a Firm in the Community and Preserving a Family\u2019s Legacy\"}]},{\"@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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