September 26, 2019
Firestone, one of the leading frozen fruit processors in the country, was acquired by Agriculture Capital, an investor in permanent cropland and midstream food processing assets. Cascadia Capital acted as the exclusive financial adviser to Firestone in the transaction.
Firestone manages state-of-the-art individually-quick frozen (IQF) processing, packing and cold storage facilities, and following the investment from Agriculture Capital, will expand its business with new capabilities, including new processing and cold storage capacity. The acquisition helps Agriculture Capital create an industry leading, vertically integrated, fruit platform with over 3,000 acres of blueberry farms and access to key private label, industrial and retail outlets.
“We are excited to embark on this next phase of our business and to join the AC Foods family of companies.” Stan Firestone, Firestone President, shared. “Agriculture Capital shares our values and their commitment to excellence, accountability, transparency and stewardship are well-aligned with our company’s passion to deliver the finest fruit quality with high levels of food safety and flawless operational performance.”
George Sent, Managing Director at Cascadia Capital, stated: “We had the tremendous opportunity to work with Stan Firestone on the process of finding a strategic partner. Firestone, a fifth-generation business based in Oregon, is well-positioned to take advantage of the growing consumer health and wellness trends. With the Agricultural Capital Management partnership, the Company will be able to provide enhanced best-in-class service to their blue-chip customer base.” Scott Porter, Senior Vice President at Cascadia Capital, added: “Firestone began farming in 1896. We are thrilled to have helped Stan find a synergistic partner that will provide scale, access to fruit and resources to help continue the Firestone legacy. This transaction is reflective of Cascadia’s strong expertise in the upstream and midstream food and agriculture markets.”
For more information about this transaction, please contact the Cascadia Capital Firestone deal team: