Griffin Serves as Exclusive Investment Banker to the Pennock Company
The Pennock Company (“Pennock” or “the Company”), is a leading floral wholesaler and logistics company and has been providing both flowers and flower supplies to the Mid-Atlantic, Western PA and Lower Atlantic regions since 1882. The Company has warehouses and distribution centers in Pennsauken, NJ, Pittsburgh, PA, Laurel, MD, Jacksonville, FL, and a port in Miami, FL. The Company has a sophisticated cold chain and logistics framework with their own climate-controlled trucks, drivers and proprietary EDI tracking system to allow for seamless procurement and delivery of perishable flowers and hardgoods from domestic and international suppliers. Pennock has been employee-owned since 1982 and now has over 100 employee shareholders.
Situation
After nearly one and a half centuries of successful operations and evolving industry dynamics, the ESOP Trustee determined it was an opportune time to seek liquidity for select assets of the Company and generate value for the employee shareholders.
Solution
Pennock selected and engaged Griffin as its exclusive investment banker to solicit interest from potential strategic buyers for the assets of the Company. Griffin targeted a group of strategic buyers in the industry and managed a competitive process that generated multiple proposals. The Company ultimately chose to partner with Delaware Valley Floral Group (DVFG), a portfolio Company of Staple Street Capital (Staple Street), to acquire Pennock’s Pennsauken, NJ, and Laurel, MD, locations. Pennock will retain the assets of Pittsburgh, PA, and Jacksonville, FL. DVFG is one of the largest floral distribution and logistics companies in the U.S and is based in Sewell, NJ. In 2023, DVFG partnered with Staple Street, a private equity firm based in New York with more than $900 million of capital under management.
For more information on this transaction, contact Thomas Whalen, Sr. Managing Director, at 610.205.6115, Stephen J. Meehan, Director, 610.205.6112, or Jeff Tallman, Vice President, at 610.205.6013.
