Doughtie’s Foods, Inc.
Closely-Held Family-Owned Transaction
Doughtie’s Foods, Inc.
Doughtie’s Foods, Inc., based in Portsmouth, Virginia is a distributor of food service products throughout the mid-Atlantic region of the United States. Prior to its acquisition, Doughtie’s was a thinly traded public company with a large minority position owned by a family trust. Mann, Armistead & Epperson, Ltd. first became involved with Doughtie’s when one of its major competitors filed a SEC Form13-D report subsequent to acquiring a 9.0% stake in Doughtie’s. Our firm was hired by the Board of Directors of Doughtie’s to help them review their options as related to this competitor as well as other opportunities to maximize shareholder value. After reviewing all scenarios, the Board elected to initiate an auction process to sell the company. We prepared materials and contacted numerous financial, strategic and international parties. We ultimately elected to negotiate a definitive merger agreement and commence a tender process with SYSCO Corporation (SY–NYSE), a $17 billion Texas based food distributor. Our firm acted as financial advisor to the Board of Directors and to the Special Committee.
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