Maricopa Orchards: Maximizing Value in a Multi-Lender Farm Workout
Navigating complexity to align lender outcomes
Maricopa Orchards, a major pistachio and almond operation in California’s Central Valley became over-leveraged as commodity prices and land values declined. With six lenders involved, the court appointed Lance Miller of Pivot Group as Receiver for Prudential and Farmer Mac, tasked with overseeing collateral assets and preserving crop value during liquidation. Pivot’s mandate focused on protecting the 2025 crop, ensuring transparency, and maximizing recovery for lenders.
Action:
- Immediate Harvest Management: Directed critical payments to complete the 2024 crop harvest and initiate lender recovery.
- Crop Continuity: Established a clear 2025 farming budget to preserve asset value during the sales process.
- Strategic Asset Sales: Coordinated multiple sale streams with investment banks and brokers across ranch locations.
Results:
- Executed strategic sales despite depressed land values, maximizing lender recovery
- Preserved high-performing assets and evaluated continued farming to enhance future returns.
- Managed complex collateral interconnections while balancing competing lender priorities.
- Forged consensus among multiple stakeholders to drive coordinated outcomes.
Pivot > Team:
Lance Miller
Managing Partner
Matt Covington
Managing Director
Stan Ho
Managing Director
Steve Borse
Senior Director
Eric Thor
Senior Director
Kyle Liebentritt
Senior Director
Mike Lang
Senior Director
Sarah Rohr
Director