FORT KENT — Daigle Oil Company (DOC) has announced that it is now 100 percent employee owned.
DOC transitioned from a privately held company to an employee-owned company through an Employee Stock Ownership Plan (ESOP) that allows vested employees to acquire ownership of the company and share in the company’s growth and success.
“Our company has been locally owned and closely held for 60 years and is a reason why we have such loyal customers,” said Rick Daigle, CEO. “We believe providing ownership as a company benefit will increase dedication to the company, improve work effort, reduce turnover, and lead to a culture of leadership and responsibility. This also adds value to our customers, who we look to continue to serve.”
The ESOP will not change company operations, with officers and directors remaining the same; Rick Daigle remains as CEO and Dan Vaillancourt continues as president and chief operating officer.
“We looked at many options for securing the company’s future.” said Vaillancourt. “Selling to a competitor was truly not one of them. We have always believed in local employee control and decision making and trust our employees more than anyone else to carry on the mission and values of our company.”
Under the plan, all eligible employees will earn a yearly allocation based on their percentage of eligible compensation. The ESOP is a qualified retirement plan and operates according to Federal ERISA guidelines.
Daigle Oil Company is a diversified company servicing customers in Northern and Central Maine with a range of energy-related products and services. DOC delivers oil, propane, kerosene, diesel and bulk pellets, installs and services heating and cooling systems and sells alternative heating options including wood and pellet boilers and propane heating equipment.
DOC also operates eight retail DOC’s Place gas stations located in Madawaska, Fort Kent, Caribou, Presque Isle, Houlton, Lincoln and Bangor. The company has been in business for 60 years and continues to develop and grow its brands and offerings.