Harris Williams & Co.
, a preeminent middle market investment bank focused on the advisory needs of clients worldwide, announces the sale of GreenLine Foods, Inc. (GreenLine), the largest provider of fresh-trimmed packaged green beans in North America, to strategic buyer Apio, Inc. (Apio). Apio is a wholly owned subsidiary of Landec Corporation (Landec; Nasdaq:LNDC). GreenLine was a portfolio company of The Riverside Company (Riverside). Harris Williams & Co. acted as the exclusive advisor to GreenLine. The transaction closed on April 23, 2012 and was led by Glenn Gurtcheff, Tim Alexander, Jeff Cleveland and Brant Cash in the firm’s Consumer Group.
“GreenLine maintains the #1 position in a fast growing value-added vegetable category and has established a widely recognizable consumer brand. The company occupies a unique position as the only year-round, nationwide processor of value-added green beans and the only processor with its own refrigerated distribution network. These strengths made GreenLine a strategic asset that is highly complementary to Apio’s existing product set and capabilities,” said Glenn Gurtcheff, a managing director and head of Harris Williams & Co.’s Consumer Group.
“The health conscious consumer is alive and well. GreenLine’s steady growth over the past 25 years has been driven by demand for the freshness and improved taste and texture that the company’s products offer. In addition, GreenLine’s packaging innovations capitalize on consumer need for more easy-to-prepare and healthy food alternatives,” added Tim Alexander, a managing director at Harris Williams & Co.
Founded in 1985, GreenLine is North America’s largest and only nationwide provider of fresh-trimmed, washed and packaged green beans. With innovative processing and packaging capabilities, GreenLine was the creator of the value-added green bean market and has continued to expand its product offering to include wax beans, bean blends, sugar snap peas, French green beans, hydroponic lettuce, and other value added vegetable products. When GreenLine beans reach customers’ kitchens, they're trimmed and ready to cook, ensuring quick preparation, consistent quality and easy storage that outlasts traditional bulk product. The company operates manufacturing and/or distribution centers in Bowling Green, OH; Vero Beach, FL; Pico Rivera, CA; Chester, NY; Rock Hill, South CA; and Hanover, PA.