April 19, 2018
Cascadia Capital, an investment bank serving middle market clients globally, today announced it acted as the exclusive financial advisor to American Legend Cooperative (“ALC”), an agricultural marketing cooperative of fur farmers in the United States and Canada, in its acquisition by North American Fur Auctions (“NAFA”).
Established in 1986, ALC was founded as an agricultural marketing cooperative. Today ALC has over 240-member patrons and is the leading processor, marketer and seller of fur pelts and fur products in the United States. ALC has been a market leader in high-quality, premium products, as exemplified by its industry leading Blackglama label.
The acquisition of ALC by NAFA will achieve the market’s longstanding goal of unifying the North American fur industry and providing increased scale and volume to ensure strong and stable pricing for member patrons for years to come. The combined entities will collectively market over one third of the world’s mink fur supply.
Michael Butler, Chairman & CEO of Cascadia Capital, commented, “Cascadia is proud to have represented ALC and to have worked directly with many of its members to think through both the economic and social factors of a transaction process and alternatives. We anticipate further consolidation among co-ops and in the broader agriculture sector, as industry players seek scale and margin enhancement.”
“This transaction is indicative of the need for volume for many co-op and agriculture processors in an increasingly competitive and capital-intensive environment,” added Scott Porter, a Vice President at Cascadia. “The combined ALC and NAFA entity will greatly benefit all member patrons through operating synergies, stronger pricing power, and increased capital.”
The acquisition of American Legend represents another successful transaction for Cascadia’s Food & Agribusiness practice group, following closely on the heels of the acquisition of Specialty Sales by Benford Capital Partners.
For more information about this transaction, please contact the Cascadia Capital deal team:
Chairman & CEO