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BOISE, IDAHO — Tates Rents announced in a press release it is now a 100-percent employee-owned company.

Trent Tate, Eric Tate and Paula Bramble, the third generation of the Tate family to own and operate Tates Rents have sold the company to their employees via an Employee Stock Ownership Plan. This plan rewards the employees who have made Tates Rents the growing, successful company it is today. The shares held by the ESOP will be allocated to the employees and over time employees will have the opportunity to become fully vested shareholders.

It was important to the Tate family to ensure the company legacy carries on after they retire. Tates Rents has been a part of the community for 75 years and this plan will preserve the culture of treating customers and employees right for years to come.

“I can’t think of a better way to celebrate our 75th anniversary. This structure establishes long-term viability for the company,” Eric Tate said. “Our employees made our company successful. Through the Employee Stock Ownership Plan, each one of them will directly benefit from our future success and growth.”

With the help of legal counsel, Spokane-based attorney Philip J. Carstens, an ESOP specialist and Dale Stevens, Independent Trustee, the ESOP was established.

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