This Bradenton farm has become a landmark. Now it seeks a new owner

The owners of C&D Fruit and Vegetable Co. Inc. and Trio Farms, LLC, who filed for Chapter 11 protection on Feb. 9, have decided to sell the company.

Privately held and family-owned, the Bradenton businesses, founded more than 35 years ago, grow, pack and ship fresh fruits and vegetables to wholesale customers throughout the U.S. and Canada.

Along with the O’Brien Family Farms retail market, 16505 State Road 64 E., the companies have been local favorites in the Bradenton area, offering strawberries in the winter and a mix of peppers, tomatoes, beans and squash in the fall and spring.

The retail market and farm has hosted numerous school field trips during the past eight years. They have built a loyal customer base with its U-pick operation and food offerings such as strawberry shortcake.

The companies built strong relationships with major food retailers throughout the U.S. and sell produce under the Berry Fine, Dover Classics and North River Vegetables brands.

While the companies amassed revenues of $75 million over the past three years, labor costs and lower-priced products from Mexico have made profitability challenging.

“We have struggled to compete with Mexico as prices kept dropping and profits declined. While I believe our berry quality is better than the product from Mexico, paying our employees a fair wage has always been important to us," Tom O’Brien, president and Founder of C&D, said in a press release.

In addition to the 46 acres that houses the retail operation and packing house, the companies also own two parcels of land in Palmetto and Parrish that provide housing for the farm laborers.

“We have up to 150 people living in these facilities throughout the year. We know our farm can’t run without these folks and we want to make sure they have adequate housing to live in during the season," O'Brien said.

Complicating the farming operation's financial picture was the discovery in 2010 that its then-bookkeeper had embezzled hundreds of thousands of dollars. While the bookkeeper was terminated, charged, prosecuted and convicted, the magnitude of the loss was crippling, according to the press release.

In order to mitigate the effects of the crime, ownership entered into a number of financing agreements with the eventual goal to sell the companies.

Those efforts were ultimately unsuccessful and with the notes maturing, ownership made the decision to file for Chapter 11 protection on Feb. 9.

“There were a number of factors that contributed to the filing. If it had just been one or two, we would have been OK, but we got hit with multiple, internal and external, problems at the same time. We are optimistic this process will allow the companies to quickly exit bankruptcy, properly funded and ready to continue serving our customers,” O’Brien said.

Equity Partners HG of Baltimore has been retained to find a buyer for the companies, the banking investment services company announced in a press release.

Matt LoCascio, a managing director at Equity Partners HG, called the offering an excellent opportunity to acquire the substantial land and equipment assets of a fully functioning farm.

"The history of C&D and Trio speak volumes to the type of operation the O’Brien family has run for years. A new owner will be stepping into an exceptional situation,” LoCascio said.

The asking price was not listed, and it was not clear whether the companies would be sold as a whole or piecemeal.

O’Brien Family Farms is not part of the bankruptcy filing, but ownership is open to exploring all options, LoCascio said.

This story was originally published April 17, 2018 at 3:49 PM with the headline "This Bradenton farm has become a landmark. Now it seeks a new owner."