Fieldbury plc, a holding company whose shares are traded on the Alternative Investment Market of the London Stock Exchange, has sold its investment in Dixie Sales Company, Inc. (“Dixie”) to Dixie’s senior management and a group of Fieldbury shareholders. The transaction was approved by Fieldbury shareholders on July 24, 2009, and was completed on July 31, 2009.
Dixie will be owned by three groups of shareholders, including members of the senior management team (Harold Reiter, CEO; Mike Rounsavall, president; and Jim Starmer, executive director); Barrett Corporation (through its subsidiary BMG Holdings Ltd); and a group of independent investors associated with Barrett Corporation.
“This is a very exciting time for Dixie, and we are extremely pleased with the confidence our shareholders and our key business partners have shown in our team and our vision,” said Starmer.
According to Starmer, there will be no change to Dixie management structure or personnel.
This transaction, while not having a major operational impact, will enable Dixie to focus on pursuing its strategic objectives and will eliminate the distractions of being a publically traded business. Also, the significant investment made by the management team is a strong endorsement of Dixie’s strategic direction.
For more information on Dixie Sales Company, visit www.dixiesales.com.