Turnaround Allows New Equity and Refinancing

Farm Fresh Catfish

Hollandale, Mississippi


Catfish Farm Operation. $70 million annual sales. $15 million debt

  • The Company was a leading processor of catfish.
  • The company was formed by a group of catfish farmers and financial investors to purchase a division of Hormel.
  • A subsequent buy-out of the financial investors and an unsuccessful outsourcing of company management to Farmland Industries in anticipation of a merger, which did not occur, left the company without management, deeply in debt and unprofitable.


  • MorrisAnderson (MA) was engaged as turnaround advisor to the Board of Directors and as investment banker to develop strategic alternatives.
  • MorrisAnderson successfully rebuilt management and restructured operations.
  • Developed a creative equity financing approach by selling catfish delivery rights to independent farmers who wanted guaranteed processing capacity.


  • MA’s approach generated $5.6 million of new equity capital.
  • Following this equity infusion, there was a refinancing of the senior secured debt via $15 million of bonds issued by the State of Arkansas.