RICHARD BECOMES EMPLOYEE-OWNED THROUGH NEW ESOP

CHICAGO, July 14, 2026 /PRNewswire/ -- Richard, a veteran-founded national general contracting and construction management firm, today announced it is now an employee-owned company through an Employee Stock Ownership Plan (ESOP). The transition establishes a structure that allows eligible employees to share in the long-term value they help create, while keeping the company independent and anchored in its values.

"Today is one of the proudest days in the history of Richard. It's the honor of my lifetime to announce the people who show up, carry the work, and build with purpose every day now own Richard through an ESOP. I did not make this decision because I am done building. I made it because I believe we are just getting started. The future of this company will belong to the people who are building it every day." –Jed Richard, Founder & CEO, Richard Purpose Builders

Founded on the belief that construction means more than what gets built, Richard operates under its Build with Purpose philosophy, applying intention to projects, teams, careers, relationships, and communities. Company leadership described employee ownership as a natural extension of values the organization has held since its founding.

The ESOP also strengthens Richard's platform for growth. As an employee-owned company, Richard gains a financial and cultural structure that supports investment in its people, expansion into new markets, and development of leaders at every level. The company's leadership structure, operating model, and day-to-day responsibilities remain unchanged.

"Becoming employee-owned reinforces something that has always been true here; what each of us does matters," said Jed Richard, Founder and CEO. "When we win, we win together. When we build, we build together. That is what Purpose Builders do."

Richard remains committed to the standards that have defined the company: safety, quality, client service, financial discipline, and long-term reputation. The firm has set a vision to become the most admired construction company in the United States by 2040.

About Richard Purpose Builders

Founded by Jed Richard, Richard is a national, purpose-driven general contracting and construction management firm headquartered in Chicago, IL, with offices in San Diego, CA and Denver, CO. Recognized as one of America's fastest-growing construction companies by Crain's Fast 50 and a best place to work by Best Companies Inc, Richard is guided by its Build with Purpose philosophy, delivering projects with intention, integrity, and a commitment to the people and communities it serves. As of July 2026, Richard is proudly employee-owned. For more information, visit richardgroup.com.

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SOURCE Richard Group