Huron Transaction Advisory Successfully Completed the Sale of Pate Dawson Company to Cheney Brothers

Pate Dawson, a fifth generation family owned business, is recognized as a leading foodservice distributor and procurement supplier in the southeastern United States.

Pate Dawson distributes a broad range of products to independent restaurants, country clubs, hotels, and resorts, as well as national and regional fast casual restaurants and casual dining restaurants. Pate Dawson has longstanding distribution alliances and partnerships with national and international fresh, frozen and dry food, and non-food products manufacturers, and offers over 1,500 customers approximately 10,000 stock-keeping units.

Situation Summary:

In the fall of 2015, despite three years remaining on its supply agreement, Bojangles' Famous Chicken 'n Biscuits ("Bojangles") unexpectedly transitioned its business to a distributor with a national footprint, as Bojangles looked to grow beyond its southeastern footprint. Significant operational and organizational changes related to Bojangles’ transition resulted in the company becoming liquidity constrained. Pate Dawson engaged Huron to assist in preserving the ongoing operations and explore strategic alternatives. Huron Transaction Advisory’s efforts culminated in the sale of the company to Cheney Brothers, a Riviera Beach, Florida based foodservice company.

Our Approach:

Huron Transaction Advisory was retained to explore strategic alternatives for the company, utilizing our experience in providing investment banking and financial advisory services for financially and operationally distressed companies. Huron, together with Pate Dawson's board of directors, assessed the likely outcomes of a refinancing, restructuring, and sale process. Ultimately, Huron Transaction Advisory, in collaboration with the company, designed a comprehensive yet  expedited sale process to complete the transaction despite significant financial and legal complexities.

Results & Benefits:

Within a few months of launching the sale process, Huron Transaction Advisory received multiple letters of intent to purchase all or substantially all the company's assets. In August 2016, Pate Dawson successfully completed the sale to Cheney Brothers.

Huron's investment banking services are provided by its registered broker-dealer affiliate, Huron Transaction Advisory LLC, member FINRA/SIPC.

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