Situation
Old Dominion Peanut Company, Inc. (“ODP”), headquartered in Norfolk, Virginia and founded in 1913, is the largest manufacturer and marketer of branded brittle and peanut candy in the U.S. ODP was purchased by Bill Del Chiaro and a group of private investors in 2004 from the Brown family. Under the leadership of ODP’s management team and shareholders, the Company expanded its distribution channels, marketing & branding and product offering.

Given the seasonality of ODP’s market and commodity pricing pressure during 2010 – 2011, an initial process was put on hold.

Objective
ODP and its shareholders wanted to create a successful exit strategy for their investment and needed assistance identifying strong strategic and financial buyers to provide a liquidity event and succession plan for Bill Del Chiaro, ODP’s President & CEO.

Solution
Matrix’s relationships and knowledge of the top competitors in the food and snack industry, combined with Matrix’s familiarity and expertise with financial buyers, provided the Company with a number of exit options.

Working closely with management, Matrix analyzed and evaluated the Company’s options and preferences and introduced offers from strategic buyers and financial sponsors that were interested in acquiring 75% to 100% of the Company.

Matrix proactively negotiated through complex working capital, environmental & deferred tax topics.

After providing ODP with a number of options, ODP’s shareholders chose Hammond’s Candies, a family owned and operated manufacturer of hard-candy and snacks based in Denver, Colorado, to acquire ODP.