Paddock Pool Equipment Company Becomes a 100% Employee-Owned Company
Paddock Pool Equipment Co., Inc. (Paddock) has announced the sale and transfer of all of the remaining shares of stock to the Paddock Pool Equipment Co. Employee Stock Ownership Trust (ESOP), making Paddock 100% employee-owned. The company’s sole shareholder, Don Baker, and board of directors approved the transaction on August 31st with the intent of further strengthening its commitment to its employees, customers, collaborators, and communities.
“After more than 60 years of being owned by my family, selling the company to our employees is the right decision”, said Don Baker, Paddock’s CEO. “This move allows for the company to remain independent and continue to innovate, grow and prosper, as well as be a destination workplace for our employees.” Don will take on the role of Chairman of the board and day to day operation will continue to be managed by COO Michael McDuffie and the leadership team. Mr. McDuffie noted that the conversion to 100% employee-owned will not impact Paddock’s eligibility to work with our customers and suppliers.
Founded in southern California in 1922 as Paddock of California, Paddock was the pool builder to the movie stars. William Baker, Don Baker’s father, purchased the company in the 1960’s and along with his son, helped build the company from a residential pool builder into the standard bearer for American-made commercial pool equipment.