| Eight months after acquisition of Arrowood and Byron, combined sales were lower than anticipated to cover acquisition debt service. As a result, Legacy decided to pursue a sale of substantially all of its assets.
Key transaction issues included:
- Legacy’s relationship with and reliance on its sales and marketing partner
- Necessity of a quick close because of marketing and harvest issues
- Numerous creditor issues
- Pressure on sales and financial results during the M&A process
Chanin served as exclusive financial advisor to Legacy and structured and negotiated a successful sale transaction on behalf of Legacy and all parties involved:
- Chanin attracted both strategic and financial bidders from across the globe and ran a highly competitive auction
- Despite numerous obstacles, Chanin was able to achieve a substantial valuation, on a very tight timeframe.
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