Chapter 14 - NORTHLINE OR HORIZON
Independent fiduciaries reviewed both offers.
NorthLine:
$151 million.
Horizon:
$154 million.
But price was not everything.
NorthLine promised:
eighteen-month employee retention.
Horizon:
twenty-four months.
NorthLine pension treatment:
good.
Horizon:
better.
NorthLine planned to close one underused depot.
Horizon planned to retain all three but consolidate routes.
Environmental liabilities differed.
Final adjusted value was close.
The fiduciaries recommended Horizon.
Board agreed.
Final negotiated price:
$157 million.
No Shawna consulting agreement.
Her leases either terminated or repriced.
Employee protections improved.
The sale closed eleven months after the backyard incident.
Pierce Food Systems kept:
restaurant supply,
packaging,
commercial real estate,
and restaurant holdings.
Company survived.
No layoffs apocalypse.
No family bankruptcy.
Independent review did not destroy value.
It improved the process.
Daniel would have laughed.
He hated rushed deals.
I found an old email from him:
May you like
If Mom says something has to close Friday or civilization ends, ask who gets paid Monday.
I laughed until I cried.
