Jasper Holdings, Inc. has risen to No. 23 on the National Center for Employee Ownership’s 2025 Employee Ownership 100, up from No. 27 a year earlier, a climb that underscores significant growth in employee ownership tied to the company’s succession and expansion strategy. Company leadership attributes the rise to its conversion to a 100% employee stock ownership plan (ESOP) in 2009 and subsequent growth that expanded the pool of associate-owners from roughly 2,100 to about 4,500.

The change in rank reflects a more than doubling in the company’s employee-owner cohort: an increase of approximately 2,400 associate-owners, or about a 114% rise since the ESOP conversion. That growth has coincided with a push to broaden the firm’s business mix through acquisitions, including Jer-Den Plastics and Jenkins Plumbing, moves management describes as part of a diversification strategy that has broadened the company’s revenue streams and employee roles.

For Dubois County, the shift matters because employee ownership tends to concentrate economic gains locally. As more associates hold equity, retirement resources and long-term financial stakes increasingly belong to workers rather than outside investors. That can translate into greater household stability, higher local spending, and reduced risk of plant closures tied to absentee ownership. The addition of thousands of associate-owners also means a larger share of the county’s workforce participates directly in business performance and value creation.

The acquisitions that accompanied the company’s ESOP-driven expansion point to another local implication: diversification can help insulate jobs from sector-specific downturns. By adding businesses in plastics and plumbing services, the company spreads its exposure across different markets and customer bases, which can reduce volatility in employment and payroll in the region. For local suppliers and service providers, a larger, consolidated employer with a wider footprint may represent both opportunity and increased bargaining power in procurement and labor markets.

On a broader policy level, Jasper Holdings’ trajectory illustrates how ESOPs are used for business succession while aiming to preserve local ownership. ESOPs benefit from federal tax provisions that make employee ownership an attractive option for transferring ownership to workers, and the company’s example contributes to a longer-term trend toward alternative ownership structures in mid-sized private firms seeking continuity and worker retention.

Looking ahead, the company’s continued ascent on the Employee Ownership 100 will be one indicator to watch for the county’s economic health. Sustained growth in associate-owner numbers and successful integration of recent acquisitions would reinforce the local footprint of ownership and could provide a buffer against broader regional economic strains. For Dubois County residents, the immediate takeaway is that a well-known employer’s expanding employee-ownership base may translate into greater local economic resilience over the coming years.