Wilcox Family Farms is a prominent producer and distributor of egg- and milk-based agricultural products. Management had identified Oregon as an attractive expansion opportunity and gained support of their Board of Directors to move forward.
The Wilcox management team had contacted several established milk producers regarding a possible acquisition but found no takers. After making a deposit on a new "greenfield site," Exvere was engaged to make a final attempt to acquire a going concern in order to accelerate the return in capital
Within six weeks, Exvere was able to arrange meetings with nearly every producer in Oregon, and identified several potential acquisition candidates. This background work also provided valuable market intelligence regarding market trends and competitive activity.
Many of the established producers were family firms with lengthy histories within their respective communities. It quickly became apparent that emotional concerns far outweighed financial issues in the decision of whether to sell. Exvere's intermediary role enabled the sellers and their advisors to objectively consider the benefits of a sale to the Wilcox family and reach a favorable decision. Wilcox was able to acquire two separate firms and enter the Oregon market, thus avoiding the time and expense of building a new facility and the costly expense of gaining market share.