The Company

Jeff’s Gourmet Pies, Inc.

Tampa-based, wholesale bakery primarily serving chain restaurants and food service companies throughout the US and Canada.

The Challenge

Despite a very strong customer base, the Company had experienced a drop in profits and without significant capital upgrades to improve automation in the plant, the Company’s future was in doubt. The threat of litigation from the former owner prevented the current majority shareholder from making that investment and the Company was put into a Chapter 11 bankruptcy to cleanse the assets.

The Process

Equity Partners quickly completed a 30 day marketing process and generated a going concern, stalking horse offer that gave customers the confidence to continue placing orders. With the assurance of continued operations, Equity Partners was able to attract additional bidders to participate in a going concern auction.

The Solution

After several rounds of competitive bidding, an entirety offer was selected that provided substantial recovery for the secured creditor and allowed the Company to continue operations under new ownership.