Ron Dennis, the owner of Dennis Paper and Food Service, plans to sell the Bangor company to its 125 employees through an employee stock ownership plan, effective Jan. 1.
Dennis told Mainebiz that he plans to stay on as president through the ownership transition that will give all employees an active role in decision-making for the 106-year-old company and a share of its profits. The terms of the sale were not disclosed.
Dennis told Mainebiz the company has grown its gross revenues tenfold since 2004, up to $80 million this year from $8 million 10 years ago.
The company had 23 employees in 2002 before a shift to distributing a broader range of products.
Dennis said with the sale announcement there will be no other changes to the company’s management.