Matrix Announces the Successful Sale of Honey Farms, Inc.
RICHMOND, VA – October 18, 2017 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent middle-market investment bank, announces the successful closing on the sale of Honey Farms, Inc. (“Honey Farms” or the “Company”) to Global Partners LP (NYSE: GLP). Headquartered in Worcester, Massachusetts, the Iandoli family has owned Honey Farms since 1969, and the family’s retail food operations of delis and supermarkets spans back to the 1920s.
Honey Farms has enjoyed a long-standing reputation of superior customer service and strong brand recognition in the New England market; operating 33 stores in Massachusetts and one in New Hampshire.
The roots of the Honey Farms brand date back to the 1950s when they were dairy stores selling bread, milk and other staple food items. The Iandoli family purchased the Honey Farms chain along with a few legacy Millbrook Farms stores in July of 1969. After the supermarket business was sold in 1985, the Honey Farms stores became the core focus of the family, and the business grew significantly under the leadership of Wilfred Iandoli (deceased) and the current President and CEO, David Murdock, who has spent over four decades with the Company.
Mr. Murdock commented, “Having worked for Honey Farms and with the Iandoli family for over 40 years, the sale of the company is bittersweet, but the outcome for the family has been very successful. I want to thank the Iandoli family and our talented employees whose enduring commitment built an extremely strong company. Lastly, I want to thank our M&A advisors, Matrix, and our legal counsel, Fletcher Tilton, who did a wonderful job advising the company and the family through this process.”
Matrix provided merger and acquisition advisory services to Honey Farms, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the transaction. The transaction was managed by Spencer Cavalier, Managing Director; Sean Dooley, Vice President; and Christian Klawunder, Associate.
Mr. Cavalier added, “It was an honor to advise the Iandoli family and to work closely with Honey Farms’ talented management team, which was led by David Murdock. The Iandoli family and the management team built an extremely successful company, and the late Wilfred Iandoli and his family have been extremely philanthropic in the greater Boston community.”
Mark Donahue and Amanda Risch of Fletcher Tilton PC served as legal counsel for Honey Farms.