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Q1 2019 Highlight
Chartworth Advises Poultry Products Northeast Management Led Buy-Out and Financing New Distribution Facility
Poultry Products Northeast Acquired by
Private Ownership Group
Food distribution company to invest $28 million to build new facility in Londonderry, NH
Hooksett, NH (April 2019) - Poultry Products Northeast is looking toward a very bright future. The food distribution company was acquired in a management-led buyout from its longtime owner, Julian Stogniew. The new owners put a financing package in place exceeding $30 million to recapitalize the company and finance the construction of a modern distribution and processing facility.
Under Stogniew's leadership, PPNE grew from a local poultry processing company to one of the region's largest independent food distributors. Thanks to Stogniew, PPNE is strongly positioned for this investment to achieve the long-term plans of the new ownership group. "This new group of owners share my commitment to our employees and I look forward to watching them lead PPNE to the next step in its evolution," said Stogniew.
"We are grateful to Julian and the dedicated team at PPNE who have worked to build the company to what it is today,"" said Bill Conrad, CEO & President of PPNE. "We wouldn't be where we are today without their efforts and commitment. With his blessing, we are excited to look forward to the future."
The new ownership group's financial investment will facilitate the construction of the new 105,000-square-foot building which will be developed by Brennan Investment Group, one of the largest owners and developers of industrial property in the country. The new facility, to be located in Londonderry NH, will feature 40,000 square feet of warehouse space, the bulk of which will be refrigerated or frozen, an 18,000-square-foot refrigerated dock, 8,000 square feet of processing space and a 3,000-square-foot test kitchen and presentation room. This new building will allow PPNE to be more efficient, augment its product lines, and achieve higher fill rates and service levels for its customers.
The new ownership group brings extensive business experience to PPNE. Several of the investors have been involved with PPNE for many years and have an intimate understanding of the company and its employees. With this sizable investment, the primary goals of this group go hand-in-hand with PPNE: to continue building a long-term future for this financially independent food distribution business focused on center-of-plate products.
Chartworth, LLC served as the financial advisor to PPNE, working closely with the PPNE owner and management team in developing the strategy, planning, financing and closing the series of transactions leading to the sale of PPNE and the financing of the new distribution facility.
About Poultry Products Northeast
PPNE is committed to consistency in service, quality and loyalty to their customers and employees. With over 60 years of history, PPNE is the largest independently-owned food distributor in New England and upstate New York focused on center-of-plate products. They have over 3,000 customers and provide a full line of proteins and provisions, including all-natural and local products like beef, poultry, pork, seafood, lamb, veal, ethnic specialties, produce and provisions. For more information about Poultry Products Northeast, go to http://www.morethanchicken.net/
About Brennan Investment Group
The Chicago-based private real estate investment firm, acquires, develops, and operates industrial properties in select major metropolitan markets throughout the United States. Since 2010, Brennan Investment Group has acquired over $3 billion in industrial real estate. The company's current portfolio spans 28 states and encompasses nearly 40 million square feet. For more information on Brennan Investment Group, go to http://brennanllc.com/
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Chartworth provides corporate finance, investment banking, business development and management consulting services to entrepreneurial companies. The firm specializes in helping businesses in transition build and realize corporate value through mergers and acquisitions.
For more information, please contact:
Principal, Chartworth, LLC
Tel: (603) 781.1199