Brereton-Hanley Advises on Tanimura & Antle, Inc. Sale to ESOP
California Vegetable Grower Shares Ownership of Farm with Employees
SAN JOSE, Calif., Feb. 15, 2017
SAN JOSE, Calif., Feb. 15, 2017 /PRNewswire/ — Brereton, Hanley & Co., Inc. (“Brereton-Hanley”) served as exclusive financial advisor to Tanimura & Antle, Inc. in its sale of equity from the shareholders to the newly created Tanimura & Antle Employee Stock Ownership Plan (ESOP) for an undisclosed sum. The transaction officially closed on February 10th, 2017 and represents the first time a major Salinas Valley grower/shipper of fresh produce has used shared capitalism as an employee benefit. Farm workers will be beneficial owners of a large farm for the first time in US history.
“We evaluated several directions for the next phase of our company and met with several investment banks; Brereton-Hanley brought us the best idea,” said Rick Antle Tanimura & Antle’s CEO. Brereton-Hanley Partner, Brandt Brereton shared, “We are very proud to be associated with a market leader like Tanimura & Antle that is blazing a trail for its industry into new leadership heights in the areas of sustainable social, economic, and environmental practices.” Brereton-Hanley Partner, Jared Hanley added, “Given the increased importance placed by retailers and consumers on how employees are provided for within the produce industry, we see other produce growers adopting the ESOP structure for these and other reasons.” Other advisors to the Company and its Board of Directors included ESOP Law Group, The Principal and KPMG. The transaction was approved by the plan trustee, Fiduciary Services, Inc., Columbia Appraisal Group and Vedder Price advised the trustee.
About Tanimura & Antle Founded in 1982, Tanimura & Antle is an employee-owned family farm and industry-leading, third-generation grower-packer-shipper with a passionate commitment to growing premium quality produce. When they joined forces, the Tanimura family and the Antle family brought together more than 50 years of experience, knowledge and love of the land to establish a produce company unrivaled in the quality of its products, innovation and dedication to growers, customers, consumers and employees. Today, as one of the largest independent lettuce growers in the United States, Tanimura & Antle farms more than 36,000 acres of rich, fertile farmland and ships a full line of premium fresh produce products throughout North America, Europe and Asia.
About Brereton, Hanley & Co., Inc. Brereton, Hanley & Co., Inc. (“Brereton-Hanley”), founded in 1995, is an investment bank headquartered in San Jose, California and conducts business nationally. Brereton-Hanley provides M&A advisory, Private Equity advisory and ESOP advisory services to middle market companies seeking liquidity, growth or un-biased corporate finance advice. More information is available at www.breretonhanley.com
Contact For Brereton-Hanley:
Brereton, Hanley & Co., Inc.
1100 Lincoln Ave, Suite 386
San Jose, California 95125
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SOURCE Brereton, Hanley & Co., Inc.