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RABIN DIFFERENCE

Patterson Vegetable Company

HIGHLIGHTS

  • $4.8M Total Value
  • 16 Parcels of Land
  • Cold Storage Facilities
  • Office Building
  • 1,500 Items Auctioned

OPPORTUNITY

After 66 years in business, the Patterson Vegetable Company of Patterson, CA decided to close its doors. The plant employed 350 workers and processed a variety of vegetables including spinach, zucchini, cauliflower, tomatoes, and Brussels sprouts. Their secured lender, AIG, had no interest in taking title to any of the assets – including the plant, the processing equipment, the cold storage facilities, or the 16 parcels of land owned and used by the company.

OUTCOME

Always ready for a challenge, Rabin took on all of Patterson’s assets. Rabin conducted a very successful auction, selling more than 1,500 items of equipment over two days. We worked with the local city council to address easement issues that surrounded various land parcels. Rabin simultaneously assembled a diverse group of real estate buyers using our extensive network of investors to purchase the buildings and land. Local fruit producers, cold storage company and a group of local investors participated in the purchase of the real estate. While the community was sad to lose a long-standing business, Rabin was able to successfully redistribute the assets to other local business owners.

 

SELLER SOLUTION

CASE STUDIES