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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: |
Concurrent with the Company's recapitalization, BGL was engaged by the shareholders (including management and Brantley Partners, among others) of BBC to provide advisory services in connection with a potential strategic acquisition. |
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| Results: |
BGL identified and proposed the acquisition of the U.S. foodservice and bakery products businesses, as well as the Canadian locations operated under the Gourmet Baker name (collectively the "Multifoods" business), from The J.M. Smucker Company (NYSE: SJM). The Multifoods foodservice and bakery products businesses manufacture, market, and distribute baking mixes, frozen baked goods including muffins, cakes, doughs, as well as frostings, to restaurants, retail and wholesale bakers, and other commercial customers in the U.S. and Canada. For the fiscal year ended February 28, 2004, Multifoods' foodservice and bakery products businesses had net sales of $202.5 million.
In addition to customary advisory services such as business valuation, BGL helped to structure the transaction and negotiate the key terms and conditions. BGL also helped raise the financing required to consummate the acquisition. |
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