Bumble Bee Foods, at the time a portfolio company of private equity firm, Centre Partners, had a vacant, closed food processing plant in Augusta, Georgia that was costing over $1 million annually in carrying costs and had environmental issues to overcome.
Worked with Bumble Bee general counsel on a strategy and marketing plan that allowed to define most advantageous exit strategy with the property. Because of locational and environmental issues, their best outcome wound up being a donation to a local church group rather than continue to carry the property and have ongoing liability.
As a result of the donation and associated goodwill with the community, Bumble Bee avoided future liability for environmental issues and millions in carrying costs over the next several years while also providing great benefits to local stakeholders. Bumble Bee Foods was able to significantly reduce its carrying costs by donating the building. More importantly, Bumble Bee Foods rebuilt and enhanced its image in the local Augusta community due to this act of charity, erasing any negative sentiment aimed at the company for closing its plant and eliminating jobs.