Border States is celebrating 40 years of employee-ownership in 2024. Originally established in 1984 by former CEO Paul Madson, Border States’ Employee Stock Ownership Plan (ESOP) gives all employee-owners a stake in the success of the company. Under Madson's leadership, the company transitioned to 100% employee-ownership by 2000, setting the stage for extraordinary growth in the following decades.
“The establishment of our ESOP provided opportunity for every employee-owner to contribute their talent, knowledge and hard work to serve our customers' needs, grow our company and enjoy the benefits our ESOP provides for a meaningful and prosperous retirement,” said Jason Seger, Border States president and CEO, in the press release. “The 40th anniversary of the ESOP is a testament to the growth a company can have through visionary leadership with a foundation built on employee ownership.”
Border States supplies products and services to construction, industrial and utility customers. The 100% employee-owned company is rated the sixth largest electrical distributor in the United States by Electrical Wholesaling magazine. Border States has more than 3,500 employee-owners in 31 states. The Branch Support Center (corporate office) is located in Fargo, ND.
Since 1984, Border States has grown from $40 million in sales to more than $4 billion in their most recent fiscal year. This growth has included numerous acquisitions, and geographic expansion to 31 states.
