Tri-Duncan Farms is the largest US vertically integrated provider of organic vegetables to natural food and mainstream markets.
Tri-Duncan Farms had achieved significant momentum in the organic farming marketplace. When the FDA revised the consumer labeling policy, the demand for Cal Organic brand products soared.
To take advantage of this opportunity, the family owners sought a financial partner to help fuel the expansion of the Cal Organic brand.
Brereton, Hanley arranged due diligence meetings with a number of the country’s largest publicly traded food and agricultural companies. After managing a soft auction between two strategic buyers and one private equity group, we ultimately closed an acquisition agreement with Grimmway Enterprises, selling the operating companies and leasing from the family 5,000 acres of certified organic farmland.
This deal was the highest reported multiple of EBITDA negotiated for a US based agricultural company in the last 10 years.
“You took the time to help us fully understand the strategic dilemma we faced and what financial alternatives we had. Despite the 18-month sale process, you never gave up and you impressed us with your ethic.
What I appreciated the most was when you told the buyer it was unacceptable for us to carry back paper in the deal even before you conveyed their request to me. Telling me what not to do that day was valuable advice and I respect and trust you for it. You are also a gifted negotiator, Brandt; we would not have been able to negotiate the purchase price you did.
I know we will have a lifetime relationship as a result of your service. If I can be of further service as a reference, please let me know.”