Deal List

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DEALS BY INDUSTRY

DEALS BY SERVICES

  • American Italian Pasta Company

    Food & Beverage

    Manufacturer and marketer of branded and private label dry pasta

    Provided strategic advisory services

  • Buffalo Wild Wings Inc.

    Food & Beverage

    Owner, operator and franchisor of restaurants

    $59 million initial public offering of common stock

  • Century Foods International

    Food & Beverage

    Designer, processor and distributor of whey protein products for the sports nutrition industry

    Sold to: Hormel Foods Corporation (Austin, MN)

  • Driggs Farms of Indiana, Inc.

    Food & Beverage

    Processor of private label ice cream and ice cream related products

    Financial advisor for the company in its bankruptcy case; sold to: Land-O-Sun Dairies, LLC (Johnson City, TN), an affiliate of Dean Foods Co. (Dallas, TX)

    Driggs Farms of Indiana, Inc.

    Western Reserve acted as exclusive financial advisor to the Bankruptcy Estate of Driggs Farms of Indiana, Inc. in its sale to Land-O-Sun Dairies LLC, a subsidiary of Dean Foods Company (NYSE: DF).

    Founded in 1911 and based in Decatur, Indiana, Driggs was a leading private label manufacturer of ice cream and frozen novelties.  The company manufactured its own Delicious®, El Premio® and Driggs Farms® labels, as well as private labels for national grocery retailers and distributors.

    Western Reserve was retained as the company’s exclusive investment banker.  After seeking numerous liquidity alternatives through a traditional sale process, Driggs Farms filed a motion to sell the business through a Section 363 asset sale to a stalking horse bidder, Fieldbrook Foods Corporation, which had entered into a definitive asset purchase agreement after negotiations led by Western Reserve.

    In accordance with procedures approved by the bankruptcy court, Western Reserve solicited written offers from other prospective purchasers to “top” the stalking horse bid.  Among the more than 60 potential buyers contacted, Dean Foods entered the auction process with Fieldbrook, and over the course of the September 2008 auction, the bid changed hands 35 times before Dean Foods emerged as the highest bidder.  As a result, the primary secured creditor was paid in full, and other creditors of Driggs realized a significantly higher recovery than was originally expected.  

    Dean Foods is one of the nation’s leading food and beverage companies, producing a full line of dairy and soy products.  At the time of the transaction, it operated more than 100 U.S. plants employing over 26,000 people.

  • Gorges Quik-To-Fix Foods Inc.

    Food & Beverage

    Supplier of meat to retail grocers and food service industries

    Financial advisor for the company in its Chapter 11 case; sold to Smithfield Foods, Inc. (Smithfield, VA)

  • High Liner Foods Inc.

    Food & Beverage

    Processor of branded and private label frozen foods in North America

    Provided strategic advisory services

  • Homeland Stores Inc.

    Food & Beverage

    Grocery retailer

    Arranger and placement agent for $65 million of debtor-in-possession financing

  • Horizon Organic Holding Corporation

    Food & Beverage

    Processor and marketer of branded organic milk and other dairy products

    Provided strategic advisory services

  • Hy-Vee Inc.

    Food & Beverage

    Chain of grocery stores

    Sale leaseback of five grocery stores

  • I&K Distributors Inc.

    Food & Beverage

    Manufacturer, wholesaler and distributor of branded and private label potato salads and other foods

    Sold to: Chef Solutions, Inc. (Schaumburg, IL) a subsidiary of LSG Lufthansa Service Holding AG (Neu-Isenburg, Germany)

  • International Flavors and Fragrances Inc.

    Food & Beverage

    Creator and manufacturer of flavors and fragrances

    $75 million credit tenant lease

  • Main Street Gourmet

    Food & Beverage

    Manufacturer of customized frozen bakery goods including muffins, muffin batters, cookies, brownies, bars and other specialty items

    Sold to: Clover Capital Partners LLC (Los Angeles, CA)

    Main Street Gourmet

    Western Reserve acted as exclusive financial advisor to Main Street Gourmet in its sale to Clover Capital Partners LLC.

    Main Street Gourmet, headquartered in Cuyahoga Falls, Ohio, was founded in 1987 by childhood friends Steve Marks and Harvey Nelson.  Today, the company is a leading provider of frozen bakery items, including whole grain and all natural muffins, brownies, cookies, granolas and other specialty desserts.  Main Street Gourmet is well recognized for its expertise in customizing recipes for many premier food retailers, bakery-cafes, in-store bakeries, restaurants and delis.

    Shareholders retained Western Reserve to assist in a potential sale of the company and the identification of a partner with the resources to support the management team’s growth plans.   Western Reserve confidentially introduced the company to a range of financial and strategic buyers and assisted in negotiating key transaction terms.

    In April 2011, Main Street Gourmet was acquired by Clover Capital, a private equity firm based in Los Angeles, California.  The shareholders retained an ongoing ownership interest to share in the economic benefit of the company’s future growth potential.

    Messrs. Marks and Nelson said, “Western Reserve’s expertise, wisdom and experience provided an immense amount of comfort and security throughout the process.  We were thoroughly impressed with their commitment to keep our best interests first while achieving our strategic and financial objectives.  We are truly fortunate to have selected Western Reserve to handle this transaction.”

    . . .

    The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.

  • Marsh Supermarkets, Inc.

    Food & Beverage

    Operates supermarkets, fresh produce markets and convenience stores in Indiana and Ohio

    $50 million private placement of senior notes

  • Morgan’s Foods, Inc.

    Food & Beverage

    Operates 70 quick-service restaurants under franchises, including 57 KFCs, 4 Taco Bells and 9 “2n1” units

    Provided fairness opinion in PIPE transaction

  • New Paris Creamery Company Inc.

    Food & Beverage

    Creamery producing milk, ice cream, cottage cheese and other dairy products

    Sold to: Finevest Services, Inc. (Greenwich, CT)

  • Quaker Steak & Lube

    Food & Beverage

    Franchisee and operator of quick service restaurants

    Provided strategic advisory services

    Quaker Steak & Lube

    Western Reserve provided strategic advisory services to Lube Holdings Inc. (d/b/a Quaker Steak & Lube).

    Lube Holdings is the owner, operator and franchisor of Quaker Steak & Lube, a highly differentiated casual dining restaurant concept developed and refined over the past 33 years.  The company’s signature menu item is its award-winning chicken wings, known as “Best Wings USA”, prepared using the company’s assortment of 19 signature sauces and rubs.  At the time of the transaction, the Quaker Steak system comprised 27 locations in 10 states, including Florida, Georgia, Indiana, Iowa, North Carolina, Ohio, Pennsylvania, Tennessee, West Virginia and Wisconsin.  Quaker’s primary growth strategy was to continue developing its franchisee-owned restaurant system, primarily through new area development agreements for exclusive territories, with experienced franchise owners willing to develop three to five locations each.

    In December 2009, Western Reserve was engaged by Lube Holdings to help the company negotiate the conversion of its Series A preferred stock into common stock.  Western Reserve also assisted in the recapitalization and negotiation of certain senior debt obligations related to a mortgage loan held by the company.

  • Quality Dining Corporation

    Food & Beverage

    Franchisee and operator of Burger King and Chili's restaurants and owner and operator of three other restaurant concepts

    Provided strategic advisory services

  • Quality Dining Corporation

    Food & Beverage

    Franchisee and operator of Burger King and Chili's restaurants and owner and operator of three other restaurant concepts

    $40 million follow-on offering of common stock

  • Quality Dining Corporation

    Food & Beverage

    Franchisee and operator of Burger King and Chili's restaurants and owner and operator of three other restaurant concepts

    Provided fairness opinion

  • Riser Foods Inc.

    Food & Beverage

    Wholesaler and retailer of grocery products

    Sold to: Giant Eagle, Inc. (Pittsburgh, PA); provided fairness opinion

  • Sandridge Food Corporation

    Food & Beverage

    Manufacturer and marketer of prepared foods for the retail and foodservice markets

    Provided buy-side advisory services

  • Smith & Wollensky Restaurant Group

    Food & Beverage

    Premium chain of steakhouse restaurants

    $45 million initial public offering of common stock

  • Spartan Stores Inc.

    Food & Beverage

    Retailer and distributor of groceries

    Merged with: Seaway Food Town, Inc. (Maumee, OH); provided fairness opinion

  • Spartan Stores Inc. (L.L./Jiroch and J.F. Walker subsidiaries)

    Food & Beverage

    Distributor of products to convenience stores

    Sold to: The H.T. Hackney Co. (Knoxville, TN)

  • Veteran Supply Company Inc. (Bankruptcy Estate of Grabill Corporation)

    Food & Beverage

    Wholesaler and retailer of restaurant supplies

    Financial advisor for the company in its parent's Chapter 11 case; sold to: Mr. Leslie Barnard (Chicago, IL)

  • Volume Services America Holdings

    Food & Beverage

    d/b/a Centerplate; provider of food, catering, merchandise, design and facility management services for sports and entertainment venues

    $300 million initial public offering of Income Deposit Securities

  • Wendy’s of Cuyahoga County Inc.

    Food & Beverage

    Franchisee of 23 fast food restaurants

    Sold to: Wendy's of Niles, Inc. (Rochester, NY)

  • Wild Oats Markets Inc.

    Food & Beverage

    Owner and operator of natural foods supermarkets

    Provided strategic advisory services

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