May 2nd, 2012 
Steve Dinehart 
This Company for sale is a a producer of 12 varieties of dry hops, including one proprietary variety and four of which the company is the primary grower of in the U.S. Additionally, the company grows wheat, seed grass and hazelnuts The company currently yields approximately one million pounds per year. Products are sold to the beer brewing industry in theU.S.
The company is comprised of approximately 930 adjacent acres: 245 acres are owned corporately, 580 acres are leased from the shareholders, and the remaining 105 acres are leased from third parties. Facilities include hop-drying and baling facilities (approximately 1.5–million-pound capacity), cold storage, and two homes, including a luxury four-bedroom home.
Sales for 2011 approximated $2.68 million with corresponding operating EBITDA of $765,550 (28.5 percent margin). Based on contracts in place with fixed-price commitments, sales are forecast to reach $3.46 million in 2012, which represents an increase of approximately 29 percent with corresponding EBITDA of $1.46 million (42.2 percent margin).
Going forward, sales in 2013 and 2014 are projected to increase 21.3 percent and 19.1 percent to reach $4.2 million and $5.0 million, respectively. Growth over the long term will continue to be positively impacted by the company’s established track record and strong customer relationships.
An additional investment opportunity is the shareholders’ ownership share in a major specialty hop merchant. Furthermore, more aggressive business development efforts and acquisition of additional acreage present exciting areas to pursue immediate growth for more aggressive and better-capitalized management.
|
Actual |
Projected |
|||||
| FYE December 31 |
2009 |
2010 |
2011 |
2012 |
2013 |
2014 |
| Sales ($000s) |
3,682 |
3,590 |
2,684 |
3,462 |
4,200 |
5,000 |
| % Growth |
– |
-2.5% |
-25.3% |
29.0% |
21.3% |
19.1% |
| Operating Expenses |
1,804 |
1,848 |
1,918 |
2,000 |
2,399 |
2,828 |
EBITDA |
1,878 |
1,742 |
766 |
1,462 |
1,801 |
2,172 |
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