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Legacy Capital Advises on Sale of Penick Produce Co., Inc and Assets of Penick Business, L.P. and Penick L.P.

HomeTransactionsLegacy Capital Advises on Sale of Penick Produce Co., Inc and Assets of Penick Business, L.P. and Penick L.P.
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New Orleans, LA – June 7, 2018 – Legacy Capital (www.legacycapital.com), an advisory firm specializing in investment banking for private companies, is pleased to announce that as of May 22, 2018, its clients, Penick Produce Co., Inc., Penick Business, L.P., and Penick L.P., have sold the entirety of Penick Produce and significant land assets in Penick Business and Penick LP in Vardaman, MS to local sweet potato operator Alexander Farms.

Penick Produce has been in operation since 1956. The company serves the sweet potato industry in North Mississippi by buying “process grade” potatoes from area farmers, i.e., potatoes that are not suitable for “fresh market” or retail consumption. The potatoes are bought primarily during the harvest season and stored for sale throughout the year. Without the operations of Penick Produce, many farmers would have to discard a substantial portion of their harvest.

Rob Langston, president of Penick Produce, noted, “My father-in-law, J. R. Penick, was a pioneer in the sweet potato industry in North Mississippi and on the national level. In addition to forming Penick Produce to serve the needs of the farmers, he also accumulated ownership of a substantial amount of sweet potato farming acreage. His leadership and vision helped create the ‘Sweet Potato Capital of the World’ in the Vardaman, MS area. We are pleased to be passing the business on to the trusted and experienced operations of Alexander Farms. Kenneth and his son, Ryan, will continue to serve the area for many years to come.”

Kenneth Alexander added, “I had a long friendship with J. R. Penick, and I shared his vision for the sweet potato industry in Mississippi. It is a pleasure to have the ability to continue his legacy.” Ryan Alexander also noted, “I hope to represent the new generation of sweet potato farming operations in the Vardaman area. We are excited to be in a position to make a substantial contribution to the industry.”

Legacy Capital served as transaction advisor to the Penick companies. Chip Porter, Managing Director, said, “It was a pleasure working with Rob and the Penick companies in this transaction. Rob and the Penick family had a clear vision of transitioning the business to maintain the services to the area, and we were able to help them accomplish their goals. It was also a pleasure working with the Alexanders and their advisors.” Porter added, “The agribusiness industry is an area of particular focus for Legacy Capital, and we look forward to working with others in the industry.”

Legacy Capital helps create value for owners of private companies with its depth of knowledge and technical execution expertise in mergers and acquisitions, recapitalizations and general financial advisory. Legacy Capital also provides valuation opinions and complex litigation support services.

Legacy Capital is a trade name for Legacy Capital, LLC and Legacy Capital Fund, Inc., a FINRA registered broker-dealer and SIPC member firm. www.legacycapital.com.