Scarborough Hot Tub, Swim Spa and Sauna Dealer, Mainely Tubs Converts to ESOP
Maine Hot Tubs, Saunas and Swim Spas Dealer, Mainely Tubs, Continues to Innovate. Offers Free Hot Tub and Swim Spa Test Soaks to Maine and New Hampshire Residents.Press Release VideoLoading the player...Details(prREACH)
Maine’s oldest and largest retail hot tub company, Mainely Tubs, has just announced that it has converted to an Employee Stock Ownership Plan (ESOP) company.
Founded in 1978, Mainely Tubs was the first business in Maine to use the catchy title “Mainely” in its trade name. Since then, there have been a number of “firsts” for the company.
In 2004 Mainely Tubs became the largest volume single store dealer in the entire Hot Spring Spas network when it sold 888 new hot tubs, and in 2016 it received that award for the 13th time.
In 2006, Mainely Tubs was the first two-time winner of what owner Jim Van Fleet describes as the Vince Lombardy trophy of the hot tub industry – the Locksin Thompson Award – and in 2015 it won the same award for the third time. HotSpring Spas, known as Watkins Wellness, is the largest manufacturer in the hot tub/portable spa industry.
40 current Mainely Tubs employees are now represented by a retirement trust under the guardianship of Portland-based Spinnaker Trust, an ESOP Trustee specialist. Sr. VP Jeannine Pendergast said “Spinnaker Trust is honored to participate with industry leader Mainely Tubs in order to perpetuate the remarkable success of this Company for the benefit of its employees.
“This structure is a unique way to reward employees for their hard work and long service in that all future company results will accrue to the exclusive benefit of their retirement plan,” said Jim Van Fleet, owner of Mainely Tubs. And importantly, Van Fleet points out that this structure means that the same staff can continue to support the 21,000+ customers that are now part of the Mainely Tubs “family”.
Van Fleet, 68, longtime President of Mainely Tubs, has been laying the groundwork for his succession for the last 5 years, and while he will remain the Company’s CEO for the foreseeable future, much of the responsibility for day-to-day operations of the Company has already been handed to current staff.
Diana Locke, GM/COO leads the staff, and is joined by Finance/IT/Marketing Manager Scott Bell, and Operations Manager Richard Hyde as the Company’s key management.
The transaction has been financed by Machias Savings Bank, as well as by Van Fleet. Machias President Larry Barker said “the staff culture and extraordinary customer service of Mainely Tubs is so similar to that of Machias Savings that we felt participation would be a win/win for both companies. The bank was also very impressed by the Company’s financial performance as it has experienced a compound annual growth rate of 6-7 times the rate at which GDP has grown since 2009.”
To celebrate and help consumers discover the benefits of owning a hot tub, Mainely Tubs will be providing free hot tub test soaks for the entire month. They do recommend however that people wanting to schedule their free 30-minute test soak call them ahead of time to reserve their spot.
To learn more about the benefits of hot tub hydrotherapy, visit the company website http://MainelyTubs.com. While you’re there, pick up a copy of this free buyer’s guide “5 Hot Tub Buying Mistakes and How to Avoid Them”.
About Mainely Tubs Mainely Tubs has been serving Maine and New Hampshire as the leader in hot tub sales and service since 1978. They currently support 21,000+ customers and have been ranked the world’s largest Hot Spring Store for 13 years.
Mainely Tubs is dedicated to supporting their customers' un-interrupted enjoyment of the highest quality relaxation products including Hot Spring Spas, Endless Pools Fitness Systems, and Finnleo Saunas, as well as many water care products and services. Their commitment to high quality products and to their customers’ satisfaction has never wavered, and as a result, most of their business comes to them as referrals from happy customers.
To learn more, pick up a copy of this free guide “5 Hot Tub Buying Mistakes and How to Avoid Them”. Just call 207-883-6357 or go to http://MainelyTubs.com.
Mainely Tubs 415 Payne Road Scarborough, ME 04074LinksAttachmentsQuotesThis structure is a unique way to reward employees for their hard work and long service in that all future company results will accrue to the exclusive benefit of their retirement plan.ImagesContact
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