Fort Worth – Paragon Sports Constructors, a longtime builder of synthetic turf, natural‑grass fields, tracks and stadiums across Texas, announced that it is now a 100% employee‑owned company. The transition, completed in January, was carried out with the help of J.P. Morgan’s ESOP Advisory team.
From family‑run paving shop to $120 million business
Founded in 1987 as a family‑owned paving company, Paragon began by surfacing running tracks. Today the firm designs, constructs and maintains a full range of athletic facilities, from community fields to major stadium projects. When William Chaffe and a group of partners purchased the company in 2009, annual sales were about $9 million. Under their leadership, revenue has grown to more than $120 million.
“We didn’t want to be the biggest. We wanted to be the best,” Chaffe, President and Chief Operating Officer, said.
Why an ESOP?
Like many construction firms, Paragon faced pressure to sell to private‑equity investors or strategic buyers. Company leaders believed the true value lay not only in equipment and contracts but also in the seasoned workforce that had built the business for decades. Rather than cash out, they chose to share ownership with the employees who helped create the company’s reputation.
Through an Employee Stock Ownership Plan (ESOP), eligible workers will accumulate shares over time as part of their retirement plan, without having to purchase stock out‑of‑pocket. “We are Texans building for Texans, with ownership at every level,” Chaffe explained.
Employee reaction
When the news was shared, many staff members expressed strong emotion, describing the ESOP as a “second retirement plan” that could secure their financial future. Long‑time employees said the move reinforces the family‑like culture that has defined Paragon for more than 30 years.
J.P. Morgan’s role
Paragon turned to J.P. Morgan’s ESOP Advisory team to evaluate options and structure the transition. Doug Dell, a commercial banker on the team, said the company had a clear vision: “They wanted to protect their culture, preserve independence and reward the people who built the company.” Phillip Wiginton, North Texas Market Executive for J.P. Morgan Commercial Banking, added, “Growth isn’t only about getting bigger. It’s about retaining talent, preserving institutional knowledge, and making decisions today that position the business to thrive for the next generation.”
What changes for the workforce?
Six months after the conversion, day‑to‑day operations remain unchanged. The same management team runs the business, and employees continue building fields and tracks for schools, clubs and municipalities. The key difference is that workers will soon receive statements showing the value of their ESOP shares, and the company is investing in financial‑literacy education to help staff understand and maximize their ownership benefits.
Chaffe sees a symbolic link between the company’s product and its new structure: “Paragon wouldn’t be the company it is today without the people who have helped build it. Now our employees have the opportunity to share in where it goes next. That’s the legacy we want to leave, and we couldn’t be prouder of what we’re building together.”
Original reporting: Fort Worth Report — read the source article.
