Three Bears Alaska

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Three Bears Alaska Logo has been recapitalized by Westward Partners Logo


  • Three Bears Alaska is the largest independent retailer in the state of Alaska operating 20 stores across multiple formats with a focus on small, underserved markets in outlying parts of the state
  • The Company sells a variety of essential merchandise including grocery, fuel, liquor, sporting goods, and seasonal merchandise utilizing a proprietary sourcing network to procure goods
  • The Company serves a self-reliant population who tend to live far from key population centers and garnered a reputation for fair-dealing in a market where competitors can price gouge due to the geographic and supply-chain complexities


  • After years of organic growth, the key shareholders and management of the Company sought to transition the business to new ownership as part of their retirement planning while identifying a new partner that would honor the Company’s core values and provide underserved Alaskan communities with affordable everyday essentials
  • Cascadia was hired due to our deep expertise with retail and food businesses and our knowledge of and deep ties to the Alaskan market

Our Specialized Approach

  • Cascadia and the Company worked collaboratively to draft an information memorandum and a five-year financial forecast reflective of management’s in-plan unit and margin expansion initiatives
  • Both strategic and financial buyers were contacted, with particular focus on buyers who understood the growth potential of the Alaskan market and appreciated Three Bears’ unique value proposition therein
  • Our process yielded multiple bids which met or exceeded seller expectations and Westward Partners was ultimately selected as the preferred buyer due to the strength of their buyout proposal and their commitment to companies in the broader Pacific Northwest
  • The transaction closed in February 2022, following a complex negotiation involving economic M&A terms, a simultaneous sale leaseback, and the completion of employment agreements for Three Bears’ current management with defined transition periods helping to secure their retirement objectives
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