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| Client: |
Best Brands Corp. ("BBC" or the "Company") |
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| Business: |
Best Brands Corp. is a leading manufacturer and distributor of high-quality specialty bakery products to in-store bakeries, retail and wholesale bakeries, and food service establishments. The Company principally manufactures finished, higher value-added bakery products including frozen baked cakes and cupcakes, frozen laminated dough products (e.g., turnovers and croissants), frozen cookie dough, and complementary products such as bases, mixes, fillings, and icings. |
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| Client Objective: |
BGL was engaged by the shareholders (including management and Brantley Partners, among others) of BBC to explore strategic liquidity alternatives to maximize the company's value including a recapitalization or sale of the business. |
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| Results: |
BGL conducted a broad auction process including international and domestic strategic parties, as well as financial investors focused on the food industry. Following the marketing process, BGL received formal offers for the business, including a recapitalization alternative whereby the existing shareholders would receive a large dividend and retain majority control. Following analysis, BGL worked with the Company to complete the recapitalization at a value that exceeded the shareholders' valuation expectations.
In conjuction with the recapitalization, BGL continued to work with BBC and its shareholders on acquisition opportunities. |
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