News

Fort Dearborn Wins TMA's Transaction of the Year Award for National Fruit Product Company Sale

Chicago, Illinois - March 14, 2008

The Turnaround Management Association ("TMA"), Chicago/Midwest Chapter today awarded Fort Dearborn Advisors, LLC the 2007 Medium-Sized Transaction of the Year for the sale of National Fruit Product Company, Inc. ("NFPC") to NFP Holdings, LLC. Key elements recognized by the TMA were the impressive outcome for the family owners who received all-cash in a stock sale at an attractive valuation, the quick and complete exit from all of the varied operations of the Company, and the assumption or repayment of all Company liabilities. The TMA also noted the buyer's commitment to continue running the plant located in Winchester, Virginia thereby providing continuity of the family legacy and the retention of nearly 400 jobs in Winchester, and the speed to close which was within four months of our retention.

NFPC is a nearly 100 year old regional processor of branded apple sauce, apple juice, apple vinegar and other fruit products with approximately $100 million in revenue. Most products are sold under the flagship White House brand. The Company sells products primarily to leading retailers in the southeastern United States as well as to foodservice customers nationwide. NFPC was owned and managed by 3rd and 4th generation descendents of the founding family. NFP Holdings was formed by a NFPC senior manager and private investors to acquire the Company.

Fort Dearborn has been previously recognized by the Turnaround Management Association as well as by the M&A Advisor for Middle Market Financing of the Year during 2007 and Business-to-Business Services Transaction of the Year during 2005.