Me-n-Ed’s Pizzeria employees now own the local pizza chain.
Milano Restaurants International, the parent company for Me-n-Ed’s, announced that employees have taken 100% ownership of the company through a newly established Employee Stock Ownership Plan.
The big picture: Milano shareholders have transferred complete ownership to employees through a qualified retirement plan.
- Employees will receive shares of company stock annually at no cost. That allows them to earn ownership over time and accumulate tax-deferred retirement wealth.
- Milano President and CEO John Ferdinandi and Milani COO Tom Ferdinandi will remain in their current positions.
Flashback: Milano was founded in 1958 and has grown through the years to operate and franchise multiple restaurants throughout the state – including Me-n-Ed’s Pizzeria, Me-N-Ed’s Coney Island, Me-N-Ed’s Victory Grill, Blast & Brew and Piazza del Pane.
What they’re saying: John Ferdinandi said each Milano employee is a trusted team member and that the company wanted the employees to feel that they “own and operate” their own business.
- “This structure will only make the company even more efficient, innovative, and responsive to meet our customers’ needs,” John Ferdinandi said. “By giving everyone a real stake in our success, we’re building on the foundation laid by our father, Tom Ferdinandi Sr., his partner, Jim DeMera, and the many employees who contributed to the operations starting in 1958. Since that time, we’ve continued to drive that growth with the support of our team, ensuring we deliver exceptional experiences and keep Me-n-Ed’s and its sister brands thriving for generations to come. This is about more than ownership; it’s about creating a culture where every team member feels invested in our shared future.”
- Tom Ferdinandi said the company wants its loyal employees to benefit as they continue to help grow Milano.
- “Milano will remain independent, strong, and stable, and our future should continue to be built by the team, not by outside investors,” Tom Ferdinandi said. “We decided to implement the ESOP because we believe it is the best way to provide all our team members with a meaningful stake in the company in a manner that protects the legacy that we have built. Legacy was a critical factor in selecting this transaction, but equally important was ensuring that anything we did as owners would also help our employees succeed.”
