Oliver’s Market Now 100% Employee Owned
Sonoma County, Calif., independent grocer Oliver’s Market has revealed that it is now 100% employee ownership, as the balance of its employee stock ownership plan (ESOP) was completed this past Oct. 31.
The sale was completed in two parts. The transition to employee ownership for Oliver’s 930 employees began back in 2017, when founder and President Steve Maass, sold a portion of the company to employees.
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For Oliver’s employees, customers, community and vendor partners the benefits of the sale of the company are as follows:
Employee ownership secures the independence of Oliver’s for years to come. Maass opted to sell to the employees instead of another grocer to not only preserve Oliver’s as an entity, but also to reward the employees, many who have worked at Oliver’s for more than 20 years, for their roles in building the company.
The structure of an ESOP includes annual allocation of company shares to eligible employees at no cost, providing an additional retirement savings account on top of the company-matched 401k.
Oliver’s is able to continue supporting and developing local companies as much as possible, many of which have worked with the company since its early years.
The grocer is able to remain a Social Purpose Corporation committed to supporting its employees, the local community and the environment, as well as a green business, and Oliver’s Community Card program and support of local groups and events are able to go on.
“When I started Oliver’s in 1988 with one store and 13 employees, I never dreamed it would grow and expand the way it has,” noted Maass. “As I envisioned the future of Oliver’s, it became clear that the only way to preserve our culture, remain independent and local, and reward the employees who contributed to our success was to create an ESOP company. I am proud of what we have built and very gratified to know that Oliver’s Market will be a part of Sonoma County for many years to come.”
Chosen as one of Progressive Grocer Magazine’s Outstanding Independents multiple times, most recently in 2024, Santa Rosa, Calif-based Oliver’s Market became an employee-owned company (ESOP) and a Social Purpose Corporation in 2017. The natural, conventional and specialty product retailer operates four stores in Sonoma County: two in Santa Rosa, and one each in Cotati and Windsor. Oliver’s carries more than 6,000 locally produced products, which account for 29.6% of sales annually.
