Montminy & Co. Advises S&H Packing in Sale to Grupo Glemka and Condor Cold Storage; Joel Montminy Comments
LOS ANGELES, CA - Earlier this month, S&H Packing sold certain assets to family office investors. The company, based in Los Angeles, California, and working within our industry, was advised by Montminy & Co. during the transaction. I spoke with Joel Montminy, Chief Executive Officer and Founder, to learn more.
“We were hired by the founding family of S&H to sell the business, which included four different produce asset classes,” Joel explained. “We found that the greatest value for the sellers would be derived by selling portions to several buyers who cherished their pieces, versus packaging it all to one buyer. We sold the farming operation to the Wonderful Companies, the produce warehouses to two different family office real estate investors, and the distribution and produce mart operation to a private buyer.”
As you may recall, we reported on the sale of S&H Farms to The Wonderful Company in May of last year.
Two of S&H Packing’s warehouse properties were sold during the deal—one acquired by Grupo Glemka, the other acquired by Condor Cold Storage.
“In each deal, we maximized the price for the seller with speedy close, while the buyers had a specific need for the specific asset they acquired. In the case of the sale of the warehouses specifically, the investors are accumulating a collection of cold storage facilities and, therefore, had raised capital around the thesis of Southern California consolidation and long-term value appreciation,” Joel noted.
At this point, there are no further assets in the market, but Montminy & Co. continues to provide strategic advice to the family and Board of S&H Packing.
“Our firm has represented over 30 produce companies up and down the supply chain,” Joel concluded. “We currently are working with five different agricultural companies on transactions, including three in California and two overseas. We pride ourselves on bringing the highest level of capital markets knowledge, expertise, and contacts to support these clients as they navigate transformational events. Whether it’s selling or buying a business, valuation, or Board advisory work, we are proud to support to these exceptional families and operators.”
AndNowUKnow will continue to stay on top of the latest industry news, so please stay tuned.