Bubbies Homemade Ice Cream and Desserts

Bubbies Homemade Ice Cream and Desserts - Case Study

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Overview

  • Bubbies Homemade Ice Cream and Desserts is the leading U.S. manufacturer of premium mochi ice cream
  • The Company was founder-led for the past 30 years during which time it had helped to pioneer the mochi ice cream category and developed a national and international customer base, including a large natural channel presence at Whole Foods Market
  • The founder personally oversaw all aspects of the business resulting in a company which was highly profitable (in part due to low SG&A expenses), but lacked a deep “bench” of management strength

Situation

  • After spending 30 years building and running his business, the founder and CEO desired to sell 100% of the Company and retire
  • At the same time, the Company was undergoing a meaningful growth phase and needed to institutionalize processes and invest in the team and infrastructure to support aggressive expansion
  • The founder had been approached by interested buyers in the past, but had very high valuation expectations given the strong brand, exceptional product, and favorable growth prospects for the business, but did not want to roll equity and was not able to complete a transaction

Cascadia Process

  • Cascadia was engaged to find a buyer and ran a targeted dual-path process (both strategic and select consumer-oriented private equity firms) that positioned the Company as a “super-premium” specialty product with significant growth potential
  • The process yielded multiples offers and ultimately Bubbies was acquired by Kenex Holdings which put forth a structure that met all of the founder’s goals and achieved a purchase price of approximately 2.5x revenue
  • Cascadia structured an extended confirmatory diligence process which enabled the acquirer to build out a complete management team in advance of closing, ensuring a smooth transition
  • The founder received 93% of the consideration in cash and was able to fully depart from day-to-to operations of the business within three months of closing
Trust. Experience. Independence. Results.

Building Trust

“We talked to a number of advisors and Cascadia stood out because they understood our business, knew potential buyers, were excited about our message and had the eagerness to dig in. They ran an efficient process, which resulted in a great outcome for LeaveLogic, its employees and shareholders.”

Anna Steffeney  |  CEO/Founder
LeaveLogic

“Cascadia helped develop the confidence of myself and my management team regarding a transaction. They supported us at every point along the way.”

Joan Wellman  |  Founder
JWA Consulting

“Cascadia did an exceptional job positioning us in front of funds that align with our strategy and value. Their deep healthcare knowledge and relationships were key to receiving multiple offers and running a process that lasted less than three months.”

Ryan Schmid  |  President & CEO
Vera Whole Health

“Working with Cascadia was both rewarding and insightful.  It was a pleasure watching the team expertly navigate a process that I personally was quite familiar with. The Automotive Aftermarket group was the best team of bankers I have worked with.”

Greg Chapman  |  Chairman of the Board
TransGo

“Cascadia designed a custom process that focused on finding us the right partner who valued our culture and mission, which in turn delivered a great outcome for all of our stakeholders.”

Jamie Danek  |  CEO
Humm Kombucha

“I’m grateful to Cascadia for their insightful counsel and thoroughness in selecting a buyer who valued our unique growth opportunity and was committed to maintaining the integrity of our brand.”

Keith Robbins  |  Founder
Bubbies Homemade Ice Cream and Desserts, Inc.

“Cascadia took the time to understand our brand, legacy, customer relationships and the potential of our company. They carefully explained to my family the advantages and potential challenges closely-held businesses can experience in transactions like ours.”

Gina Batali  |  Owner
Salumi Artisan Cured Meats

“Cascadia was outstanding at resolving complex issues throughout the entire acquisition process. They instilled confidence among all the parties with their creativity and professionalism.”

Jim Sweeney  |  Vice President & General Manager
Super Supplements Vitamin Shoppe

“Cascadia has an incredible mix of technology savvy, relentlessly practical advice, and nuanced delivery. Cascadia represented us far better than we could have ever done ourselves.”

Troy Davis  |  CEO & Co-Founder
Papertrail
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