Armory Securities, LLC is pleased to announce the successful $130M sale of Everde Growers pursuant to a Chapter 11 §363 Sale of the U.S. Bankruptcy Code. Armory served as exclusive investment banker for the sale and placement agent for $110M of new financing to support the transaction.
Everde Growers is one of the foremost horticultural producers nationwide, specializing in growing of a diverse range of shade trees, shrubs and ornamental plants. The Company is headquartered in Houston, TX and operates a coast-to-coast operation of 14 farms totaling more than 6,700 acres across Texas, Florida, California, and Oregon. The Company produces over 33 million plants annually and has 5,000 unique plant selections to major retail customers, landscape contractors, and re-wholesalers.
Everde Growers retained Armory Securities, LLC as its exclusive investment banker. In coordination with the Debtor’s creditors and their respective advisors, Armory conducted a sale process under §363 of the U.S. Bankruptcy Code obtaining proposals from a broad set of strategic and financial buyers. Armory secured stapled financing commitments for new debt to support a transaction for prospective buyers, and ultimately structured and negotiated a sale of the Everde assets to a new ownership entity, TYFCO, LLC (a new entity created by existing ownership as TreeSap Farms, LLC) for $130M in total cash, assumed liabilities and other value to the estate.
The sale transaction was financed with a staple financing package placed by Armory Securities including a $90M asset-based revolving line of credit and a $20M real estate term loan. With this capital structure, Everde Growers is well-positioned to invest in innovation and long-term growth and remains committed to delivering top-quality plant material, service, and value across its national network. Everde Growers CEO Jonathan Saperstein commented, “We are incredibly grateful for the support of our employees, vendors, customers, and business partners throughout this process. These continued partnerships have been essential to our stability and will remain key to our future success. We look forward to growing together in the years ahead.”
For information on this transaction or about Armory Securities, please contact one of the following deal team members:
Doug McDonald
Managing Director
dmcdonald@armorysecurities.com
310.721.2671
Ron Papile
Director
rpapile@armorysecurities.com
818.967.6480
Armory Securities, a division of Armory Group, LLC, is a leading investment bank dedicated to helping middle market companies and their constituents. Armory Group, through its subsidiaries, provides investment banking services, asset management services and advisory services, including enterprise transformation and interim management, to middle market companies and their stakeholders. Learn more about Armory Group, and its subsidiaries, at www.armorygroupllc.com.
Armory Securities, LLC, member FINRA, Member SIPC