About the Company:
Founded in 1992 with locations in Memphis and Nashville, TN, Off The Dock is a value-add processor and distributor of center of the plate proteins and specialty products to independent restaurants, food distributors, and commercial establishments across Tennessee and neighboring states.
Sell-Side Mandate:
The Lenox Group has maintained a longstanding relationship with Clearbrook Holdings Corp (“Clearbrook”). Off The Dock had identified meaningful near-term growth opportunities within its core business, while working to transition a legacy shareholder out of the business.
The Lenox Group performed a market valuation of the business and evaluated a range of potential liquidity alternatives. Ultimately, the Company determined a Minority Recapitalization would be the most effective way to unlock liquidity and provide capital to invest in future growth. Clearbrook engaged The Lenox Group to find a new Partner for the business. The transaction team worked closely with the Company to develop marketing materials, create a financial model, market the Company to prospective buyers, negotiate key deal points, and manage transaction due diligence.
Outcome:
The Lenox Group advised Off The Dock on a Minority Recapitalization with a private consortium of investors, bringing in a combination of new debt and equity to support ongoing growth and transition the legacy shareholder. Following the transaction, Roger Vaughn joined the ownership group and was promoted to President of the business.