CSG Partners Advises Henny Penny on ESOP Transaction
NEW YORK, Jan. 19, 2015 /PRNewswire/ -- CSG Partners LLC, the New York-based boutique investment bank, announced that it advised Henny Penny Corporation on its sale of stock to a newly formed employee stock ownership plan (ESOP). Following the transaction, Henny Penny is now owned by its 700 employees. The transaction ensures that the company, previously owned by the Steve Cobb family, will remain privately owned.
Headquartered in Eaton, Ohio, Henny Penny is one of the country's leading designers and manufacturers of premium foodservice cooking, holding and display equipment for thousands of restaurants, supermarkets, and institutions around the world. The company also recently acquired Wood Stone, the leading global manufacturer of stone hearth and specialty cooking equipment.
George W Thacker III, a Managing Director who led the transaction team at CSG Partners, commented, "Working with Henny Penny and the Cobb family on this transition to employee ownership was truly a pleasure. A company the size and strength of Henny Penny has many options, but throughout the process, the Cobb family emphasized the importance of taking care of the company, its employees, and the local community." Thacker further said, "The ESOP was an ideal strategy to best meet these objectives."
"This is an exciting and historic day for Henny Penny, Wood Stone and our employees. Our employees always have been and will continue to be the key to our success," said the company's Chairman Steve Cobb. "None of this could have happened without CSG Partners and the team they assembled. I am thankful for their expertise, advice, and attentiveness through every stage of the transaction," Cobb said.
In addition to CSG Partners, the company was advised by the law firm of Greenberg Traurig LLP. Greenberg was led by shareholders Jeffrey Kahn, Fred Fisher, and Rebecca DiStefano.
About Henny Penny
Henny Penny continues more than 50 years of innovation that began in Eaton, Ohio with the first commercial pressure fryer in 1957. Today, Henny Penny offers a wide range of high quality foodservice equipment designed for easier operation, greater flexibility and lower operating costs. Product lines include pressure and open fryers, combi ovens, rotisseries, holding cabinets, display merchandisers; through tis subsidiary Wood Stone it also offers stone hearth and specialty cooking equipment.
About CSG Partners
CSG Partners, LLC is a boutique investment bank specializing in ESOPs, mergers and acquisitions, and capital advisory services for middle-market companies. Our clients have spanned the full middle-market spectrum, with values ranging from $10 million to $1 billion. Founded in 2001, the firm has built a reputation of having the nation's preeminent ESOP investment banking practice. The firm has closed over 160 ESOP transactions for companies with an aggregate value exceeding $9 Billion. CSG Partners operates from offices in New York, San Francisco and Washington, DC. More information on the firm can be found at www.csgpartners.com and LinkedIn.
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SOURCE CSG Partners LLC
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