Independent Corn By Products
An Independence, Iowa based corn cob processor.
This forty year old company was losing money and owned very few assets, relative to its debt. The three main competitors stood out as being the only logical buyers and time was of the essence as the full season’s supply of cobs was about to be contracted for by competitors.
Through Equity Partners’ process, 100 companies looked at the business and, within 75 days, five offers were made, none by companies in the business.
A competitive environment was created and Equity Partners negotiated a more than 100% increase from the original offer. Best Cob, LLC was the successful buyer. As a result of the marketing efforts, all of the secured debts were paid in full, employees were retained, and the company continues to operate.