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Another long-time Idaho company changed hands recently — from a few sets of hands to many.
The Tate Family sold Tates Rents to its employees, right as the business turns 75 years old.
“I can’t think of a better way to celebrate our 75thanniversary. This structure establishes long-term viability for the company,” EricTatesaid. “Our employees made our company successful. Through the Employee Stock Ownership Plan, each one of them will directly benefit from our future success and growth.”
Tates is the second local business to turn to the ESOP model in recent weeks, following local ad agency Drake Cooper. It joins a growing number of Idaho businesses moving to full or partial employee control, including Norco Inc., Lighthouse Foods and others. Boise’s Winco Foods is also employee owned.
Tates Rents, known for its distinctive low baritone “Tates. Rents.” radio ads, first opened as the Safway Scaffolding Company in 1946 by founder Paul Tate. It went by a number of names of the years, including Tate Scaffolding Co., Tate Scaffolding and Power Tool Company, and as Tates Rents in recent decades.
The company, controlled until the ESOP sale by the third generation of the Tate family, operates nine locations across the Treasure Valley, providing rentals, sales and service of tools, construction equipment and more.
Tates said it would allocate to shares to employees over time who will “have the opportunity to become fully vested shareholders.”