Neighborhood Fresh recently completed the sale of the company to an employee stock ownership plan.
Neighborhood Fresh is a local grocery store in Northeastern Indiana, with four locations in Gas City, North Manchester, Syracuse and North Webster. It offers in-store services that include bakery, deli, lottery, custom cake decorating, a large selection of beer and wine and an offering of natural and organic items.
As a local grocery, the company and its employees offers customers a variety of fresh products and provide career potential with similar values.
“After considering various ownership transition structures for the Neighborhood Fresh team, it was evident that an ESOP met almost all of my near- and long-term ownership transition objectives,” said Todd Taylor, owner of Neighborhood Fresh.
Prairie Capital Advisors, a middle-market investment bank, acted as financial advisor to Neighborhood Fresh.
Prairie worked with the management team and sellers, providing advisory expertise and managing the preparatory, due diligence and negotiation phases of the transaction, as well as structuring the financing for the transaction. Terms of the transaction were not disclosed.
“Todd believed that an ESOP was the correct transition path to take for Neighborhood Fresh and is excited for the future of the company,” said Tim Jamison, director at Prairie.
Shaun McGehee, director at Prairie, added, “Choosing the option to involve the employees in the culture of Neighborhood Fresh will further the company’s commitment to superior product quality and customer service. It was a pleasure working with the Neighborhood Fresh team throughout the entire transaction process.”