Stout has advised BDO USA (BDO) on the establishment of an employee stock ownership plan (ESOP). Stout served as the exclusive financial advisor to BDO and led the ESOP structuring, financing process, and execution on behalf of the company. Stout also served as the sole debt placement agent on a term loan financing led by Apollo-managed funds to facilitate the ESOP. The transaction closed on August 31.
BDO is now among the largest ESOPs in the country and is the first large public accounting firm to transition to ESOP ownership.