April 2, 2018
Cascadia Capital, an investment bank serving middle market clients globally, today announced it acted as the exclusive financial advisor to Specialty Sales, LLC in its acquisition by Benford Capital Partners, LLC.
Founded in 1999, Specialty Sales is the market leading provider of automated hoof bath systems and the preventative hoof care treatment products utilized in these systems for commercial dairies in the United States. The Company delivers a compelling value proposition to customers as its liquid chemical treatment products significantly reduce the incidence rate of hoof disease, a significant cause of economic loss on commercial dairies. Specialty Sales operates a “razor/razor blade” business model by installing and servicing its best-in-class hoof bath systems, and then selling and delivering its proprietary liquid chemical solution blends on a recurring basis.
The Company will be led by current Vice President of Sales, Don Alsup, and current Vice President of Finance, Lisa Lincoln; both industry veterans who have been with Specialty Sales since 2001. Founder Greg Petersen will remain engaged with the Company as a consultant and Board member.
“We have an outstanding team of employees that will continue to provide our customers the highest level of quality and service,” Mr. Petersen said. “Don and Lisa are extremely experienced and passionate about the business, and I know they and the team will continue Specialty Sales’ reputation for exceptional customer service, while expanding and growing our presence in existing and new geographies.”
Mr. Petersen continued, “We selected Cascadia Capital due to their experience and stellar reputation. Cascadia did a thorough analysis of our company and placed a value beyond market. Furthermore, they presented us to the market in such a compelling manor that 16 separate entities made offers at full valuation. The selection of our buyer was thoughtful of my wishes for the future direction of my company and employees. Cascadia was mindful of our time, aggressive and professional. I would not hesitate to call upon Cascadia Capital for my next transaction.”
Michael Butler, CEO of Cascadia Capital, added, “It was a pleasure working with Greg, Don and Lisa to help them achieve their goals of realizing a liquidity event and finding a long-term oriented partner to take Specialty Sales and its employees to the next level of growth. In a short amount of time, they have built an incredibly valuable and differentiated business. This transaction highlights an increased investor appetite in the agriculture sector, as well as Cascadia’s strong agricultural manufacturing & distribution experience and its growing presence in key food and ag regions throughout California.”
The acquisition of Specialty Sales represents another successful transaction for Cascadia’s Food & Agribusiness team. Select past transactions include a strategic investment in DN2k by a leading agriculture machinery manufacturer, and the sale of Ozone International to Wheatsheaf.