Tully & Holland Announces Sale of Drew's All Natural to Gertrude Hawk Chocolates, Inc.
July 6, 2010 - Wellesley, MA Tully & Holland, Inc is pleased to announce that it advised 96 Degrees, Inc. d/b/a Drew's All Natural, Chester, VT on the successful completion of its sale of assets to Gertrude Hawk Chocolates, Inc., Dunmore, PA. Tully & Holland initiated the transaction and acted as the exclusive investment banking advisor to 96 Degrees, Inc. d/b/a Drew's All Natural. The terms of the transaction were not disclosed.
Drew's, a leading manufacturer and marketer of all natural, organic salad dressings and other condiments with sales to leading retail and natural food stores nationwide and the acquirer, Gertrude Hawk Chocolates, each benefit immediately from the opportunity to cross-sell their branded, private label and co-packed products to one another's untapped base of complementary customers.
Tully & Holland's extensive knowledge of and deep relationships in the food industry sector facilitated the unlikely partnership of these two companies. Led by a former Kraft Foods executive, Gertrude Hawk Chocolates wanted to broaden their portfolio beyond confectionary making Drew's an attractive acquisition opportunity. Gertrude Hawk intends to maintain Drew's operations in Vermont.
About Drew's All-Natural
Established in 1995, Drew's all-natural and organic salad dressings and salsas are characterized by unique chef-created flavor combinations and premium quality all-natural ingredients. Drew's recent success has been driven by the development of an appealing private label program, enabling the Company to participate in the explosive growth of this category while simultaneously continuing to pursue opportunities to increase sales of the Company's branded products.