Workers become millionaires in sale of employee-owned Philadelphia insurance company
Six years after workers acquired their company from second-generation owner William A. Graham IV through an Employee Stock Ownership Plan, the 215 people who now work at Graham Co. are selling the Philadelphia-based business-insurance agency to national broker Marsh & McLennan Agency. Graham leaders confirmed Tuesday that their board has agreed to sell. The buyer, part of global insurance giant Marsh McLennan Cos. Inc. won't say how much it's paying, but people familiar with the deal say Marsh McLennan agreed to pay five times Graham's expected yearly sales, which works out to about $375 milli......
Aug 01, 2023