Due diligence review of Southern Belle Dairies
Our attorneys advised Broughton Foods in connection with the due diligence review of Southern Belle Dairies. Broughton's plan was to purchase Southern Belle and then to go public through an IPO. The team advised Broughton management about the implications of a Compliance Agreement in Lieu of Debarment under which Southern Belle was operating at the time of the acquisition and IPO. Within a month of the closing, Southern Belle, now a division of Broughton, received a notice of suspension and proposed debarment from the Department of Agriculture. The firm also represented Broughton in the debarment proceeding. In connection with this effort, we prepared a corporate compliance program for Broughton.