A leading grocery retailer in rural markets of south Georgia and north Florida, and a family-owned business controlled by the second generation.
Harveys was facing increasing competition from large national and multi-national retailers with greater financial resources. Furthermore, no third generation family members were willing or capable of running the business.
Engagement Process and Outcomes
The Situation – Brookwood advised the owners of Harveys Supermarkets in the sale of the business to a foreign buyer and aided in expediting the complex foreign approval process that ensued.
Comprehensive Process – Brookwood conducted thorough due diligence and prepared a comprehensive descriptive memorandum on the business with an emphasis on breaking the Company into retailing and distribution segments. Brookwood then prepared a very extensive buyers list, including numerous multinational firms. After contacting potential buyers, Brookwood received very strong offers from a number of groups, including one foreign buyer.
Excellent Outcome – Brookwood assisted in navigating client and buyer, Belgium-based Delhaize Group (NYSE: DEG) through the complex foreign approval process, resulting in outstanding results for all constituents: Company, management, and employees.