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Cascadia Capital, an investment bank serving middle market clients globally, is pleased to announce it acted as the exclusive financial advisor to Thrio, a CX platform for customer support, in its acquisition by Nextiva, a unified customer experience solution backed by Goldman Sachs Asset Management.

Thrio is an award-winning contact center software provider renowned for its expertise in AI-driven customer experience. From customer service to sales enablement, Thrio’s cloud-native Contact Center as a Service (CCaaS) platform is equipped to handle inbound and outbound voice, SMS, chat, email, and social interactions – thereby facilitating hybrid communication and driving efficient and effective workflows.

Nextiva is an early mover in the connected conversations space and now powers billions of conversations. The acquisition of Thrio signifies the next step in Nextiva's mission to democratize customer experience technology for businesses of all sizes. Thrio’s full suite of capabilities will be available in one, cohesive experience with Nextiva customers gaining immediate access to Thrio's offerings. The shared commitment to a common goal reinforces the consistent vision Nextiva has upheld for over 15 years of democratizing access to CX technologies – underscoring the alignment of vision between Nextiva and Thrio

“Throughout the intricate process, Cascadia showcased unwavering commitment, expertly guiding us on our distinctive journey to unlock substantial value and attain a remarkable outcome alongside a strategically aligned partner,” said Edwin Margulies, CEO of Thrio.

“Guided by a team of seasoned operators with a track record of successful exits, Thrio's cutting-edge technology is reshaping the customer experience landscape by optimizing the crucial touchpoint between brands and customers. Having built an innovative solution, Thrio is now joining Nextiva, a strategically aligned partner that shares a common vision,” added Teague Collins, Cascadia Capital Managing Director.

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Cascadia Capital, an investment bank serving middle market clients globally, is pleased to announce it acted as the exclusive financial advisor to Thrio, a CX platform for customer support, in its acquisition by Nextiva, a unified customer experience solution backed by Goldman Sachs Asset Management.

Thrio is an award-winning contact center software provider renowned for its expertise in AI-driven customer experience. From customer service to sales enablement, Thrio’s cloud-native Contact Center as a Service (CCaaS) platform is equipped to handle inbound and outbound voice, SMS, chat, email, and social interactions – thereby facilitating hybrid communication and driving efficient and effective workflows.

Nextiva is an early mover in the connected conversations space and now powers billions of conversations. The acquisition of Thrio signifies the next step in Nextiva's mission to democratize customer experience technology for businesses of all sizes. Thrio’s full suite of capabilities will be available in one, cohesive experience with Nextiva customers gaining immediate access to Thrio's offerings. The shared commitment to a common goal reinforces the consistent vision Nextiva has upheld for over 15 years of democratizing access to CX technologies – underscoring the alignment of vision between Nextiva and Thrio

“Throughout the intricate process, Cascadia showcased unwavering commitment, expertly guiding us on our distinctive journey to unlock substantial value and attain a remarkable outcome alongside a strategically aligned partner,” said Edwin Margulies, CEO of Thrio.

“Guided by a team of seasoned operators with a track record of successful exits, Thrio's cutting-edge technology is reshaping the customer experience landscape by optimizing the crucial touchpoint between brands and customers. Having built an innovative solution, Thrio is now joining Nextiva, a strategically aligned partner that shares a common vision,” added Teague Collins, Cascadia Capital Managing Director.

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Cascadia Capital is pleased to announce that it acted as the exclusive financial advisor to Burlington Capital Partners (“Burlington Capital”), a Chicago-based leading lower middle market private equity firm investing in family and founder-owned businesses, in its sale of Solo Foods, LLC (“Solo”) to Saco Foods Holdings, LLC (“Saco”).

Solo is a provider of branded fruit fillings and pastes for at-home bakery applications. Saco is a niche market-leading food products company that has acquired several specialty baking ingredients brands since partnering with Benford Capital Partners (“Benford Capital”), another Chicago-based private equity firm. Solo was divested from Burlington Capital’s portfolio company, Sokol & Company, a custom food ingredient manufacturer, who will continue to provide manufacturing services for the Solo brand following the acquisition.

Founded in 1925 and headquartered in Countryside, Illinois, Solo boasts a portfolio of premium quality fillings and toppings used in all types of bakery products. Solo’s products include cake & pastry fruit fillings, nut pastes, and marzipan, which are primarily sold in the center-store baking aisle in traditional supermarkets and mass retailers in the U.S.

“We are extremely pleased with the outcome of the Solo sale to Saco,” said Tim Novak, Partner at Burlington Capital and Chairman of Sokol & Company. “The Cascadia team diligently understood our business, our go-forward strategy, and our desire to find a partner who could best drive sales, marketing, and distribution of a 100-year-old brand while still leveraging Sokol’s world-class manufacturing capabilities. A win-win outcome.”

“It was an honor to work with the team at Burlington Capital Partners and Solo and represent such a storied brand and leader in specialty bakery ingredients. We believe their partnership with Benford Capital and the Saco platform will create meaningful growth opportunities and value for all stakeholders. We continue to see great momentum in our Ingredients and Bakery practice and expect significant transaction activity ahead in 2024,” commented George Sent, Cascadia Managing Director.

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Cascadia Capital, an investment bank serving middle market clients globally, today announced it acted as the exclusive financial advisor to TLC Ingredients, Inc. (“TLC”), a distributor of food ingredients, industrial chemicals, and phenolic resins, in its acquisition by Shrieve Chemical Company (“Shrieve”), a portfolio company of Gemspring Capital and a leading, value-added chemicals distributor.

Founded in 2001, TLC has built a reputation as a premier distributor, distinguished by a dedication to operational excellence, food safety, and responsible distribution. With a class-leading facility in the Crest Hill, Illinois, the company is well-equipped to meet the evolving needs of customers with high service levels.

The acquisition expands Shrieve's presence in the Midwest and enhances the company’s ability to serve the attractive – and growing – food ingredients end-market. Additionally, it positions Shrieve strategically to leverage its existing product lines to serve TLC’s high-growth specialty industrial customers, who have relied on TLC as a trusted supplier of Durez phenolic resins for more than two decades.

"I am thrilled to welcome TLC Ingredients to the Shrieve Chemical family. This acquisition underscores our commitment to excellence and focus on long-term growth as we look to thoughtfully increase our presence and the industry-leading services we can provide across the country,” said George Fuller, CEO of Shrieve. “The TLC team has built an exceptional business with an industry-leading distribution facility, long-standing supplier relationships, and a broad product offering that serves several attractive global end-markets. TLC’s expertise, innovative approach, and customer focus aligns very well with our broader strategic vision. Together, we look forward to delivering enhanced value to our customers and supplier partners.”

“We are excited about the future as we partner with Shrieve and continue to expand, building on our reputation as one of the highest-quality food ingredient and chemical distributors in the United States," said Tommy Turiff, President of TLC Ingredients. "Our shared commitment to excellence and dedication to our customers make this an ideal partnership. We look forward to bringing our combined expertise and capabilities to the market and continuing to serve our customers with enhanced resources and innovation."

“TLC Ingredients distributes a diversified offering of chemicals to the food, pharma, care, and industrials markets, elevating the standard for best-in-class service and expertise. We are pleased to have helped the TLC team find a partner that can support their continued growth,” said Naaman Heyman, Cascadia Managing Director. “This transaction underscores the long-term tailwinds in the chemical distribution industry and we are excited to play a growing role in the continued evolution of the sector.”

“We are incredibly proud of what our team has built since 2001 and are excited and optimistic to be a part of its next stage of growth together with Shrieve,” added Mr. Turriff. “Cascadia played a crucial role as our advisor, skillfully navigating us through the process and offering outstanding guidance throughout the transaction.”    

“It was a great pleasure to work with Tommy, Pete, and the rest of the TLC team. We continue to see great momentum in the ingredient and ingredient distribution sectors, and Cascadia is honored to play a meaningful role in reshaping the space through transformational mergers and acquisitions,” said George Sent, Cascadia Managing Director.

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Cascadia Capital, an investment bank serving middle market clients globally, today announced it acted as the exclusive financial advisor to Ever Fresh Fruit Company (“Ever Fresh” or “Company”), a premier provider of custom formulated fruit and flavor ingredient solutions that improve the sensory attributes of food and beverage products, in its majority recapitalization by Tilia Holdings (“Tilia”), a Chicago-based private investment firm focused exclusively on the food supply chain. The McKnight Family, who founded and have owned Ever Fresh for over 55 years, will remain significant shareholders and continue to serve on the Board of the Company. Ever Fresh CEO Gene Mayer will continue to lead the Company going forward.

Ever Fresh is a processor and developer of formulated fruit and sensory ingredients to the dairy, dairy alternatives, bakery, and beverage end-markets. The Company’s diverse portfolio of high quality, custom ingredient applications provide the flavor, texture, and color elements to food and beverage products, which have established Ever Fresh as an integral and trusted product development and innovation partner. Located in the heart of the Pacific Northwest, Ever Fresh was founded in 1968 by Harrison McKnight as a fruit processor. Under the stewardship of the second-generation since 2000, siblings Kurt McKnight and LeAnn Miller grew and expanded the Company’s focus into formulated fruit and flavor ingredients in partnership with Gene Mayer, who joined Ever Fresh in 1996 and has served as its CEO since 2016.

“Our family has dedicated the last 55 years to growing Ever Fresh, and we are incredibly proud of what our team has accomplished. We are very pleased with Cascadia’s ability to understand our business and help identify the right partner to expand and grow it. We are delighted to partner with the Tilia team to grow and advance our mission of providing fruit and flavor elements to our customers through unmatched service, quality, and innovation,” noted Mrs. Miller and Mr. McKnight.

“Tilia shares our vision for growth and was the ideal partner for Ever Fresh as we look to stay at the forefront of our industry,” adds Mr. Mayer. “Tilia’s expertise in food, organizational development capabilities, orientation towards sustainable growth, and most importantly, the values we both share will help enhance our capabilities in support of Ever Fresh’s continued growth and expansion. Our entire team is enthusiastic to begin the next chapter of our story with Tilia.”

“Ever Fresh has become a leader in the formulated ingredients category, and we believe their partnership with Tilia will create tremendous opportunity to further solidify their position in formulated ingredients,” commented Scott Porter, Cascadia Managing Director.

“It is an honor to work with the team at Ever Fresh. We continue to see great momentum in our Ingredients practice, and we look forward to all of the exciting opportunities ahead in the sector,” added George Sent, Cascadia Managing Director.

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Cascadia Capital, an investment bank serving middle market clients globally, today announced it acted as the exclusive financial advisor to Granify, a leading AI-driven conversion optimization platform, in its acquisition by Bazaarvoice, a full-funnel eCommerce suite with user-generated content (UGC) and social commerce capabilities.

The acquisition demonstrates Bazaarvoice’s commitment to investing in leading-edge technology in order to deliver a seamless shopping experience and accelerate revenue lift. By avoiding personal identifiable information (PII) and using advanced AI and machine learning technology, Granify’s contextualization software overcomes major barriers to creating tailored on-site experiences, combining in-session shopper behavioral data with contextual signals thereby identifying key moments in a shopper’s journey to drive increased online conversion and sales.

Granify leverages AI and machine learning to analyze shoppers’ behavioral and contextual data to create a highly personalized and engaging experience by serving the right content to the right shopper at the right moment. Granify’s solution enhances the shopping experience with social proof, tailored search results, inventory levels, UGC, pricing, and customized offers, all timed perfectly within the consumer’s journey. When combined with Bazaarvoice's product and UGC data, retailers and brands will be able to create highly tailored shopping experiences for every customer within one platform.

“Granify was founded on the premise that shoppers expect tailored, relevant and engaging shopping experiences,” says Jeff Lawrence, founder and CEO, Granify. “By analyzing thousands of behavioral and contextual data points for every shopping session, Granify identifies opportunities to serve shoppers with the right information at the right moment to make informed buying decisions. This improves the shopping experience and, in turn, increases brands’ and retailers’ revenue. By joining Bazaarvoice, we are able to couple our unique capabilities with their full-funnel content solutions to ensure brands and retailers are providing exceptional shopping experiences for consumers that help them to convert.”

As consumers seek a tailored shopping experience and brands look to differentiate in an increasingly competitive eCommerce environment, solutions that improve customer experience as well as eCommerce conversion are in high demand.

“Cascadia played a crucial role in unlocking value and helping us navigate the intricacies of a complex cross-border transaction, demonstrating an unwavering commitment and offering strategic guidance that helped us achieve a great outcome for our company, employees and shareholders” added Jeff Lawrence, CEO and founder, Granify.

“Granify sits at the nexus of AI and eCommerce with a powerful solution that benefits customers as well as brands and retailers. After building an industry-leading solution over the past decade, Granify is now entering into its next stage with a bright future ahead as part of Bazaarvoice’s eCommerce suite” according to Teague Collins, Managing Director, Cascadia Capital.


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Cascadia Capital, an investment bank serving middle market clients globally, is pleased to announce our client FusionAuth, a customer identity platform built for developers, has received a $65 million growth equity investment from Updata Partners, a leading growth equity firm. With this investment, FusionAuth will scale go-to-market and product development to meet increasing demand for its modern, developer-centric approach to customer identity.  

Founded in 2018, FusionAuth is profitable and bootstrapped itself prior to this investment. The platform is deployed across six continents with more than 450 customers, including major brands, such as Frontdoor, Oppenheimer & Co. Inc., and Stihl. This funding builds on a strong history of innovation and growth for the company, which has more than doubled revenue each year. With a free community edition that has more than 13 million downloads, FusionAuth enables developers to easily add registration, login, and user management features to their applications, all built on industry standards.

“Authentication is a mission-critical component for most applications, but engineering and product teams can no longer afford to take on the risk and complexity required to build their own solutions,” said FusionAuth founder and CEO Brian Pontarelli. “FusionAuth is transforming customer identity with a feature-rich platform that makes it easy for developers to install and run anywhere then integrate with anything in minutes.”

Developers use FusionAuth for multifactor authentication, passwordless login, passkey support, machine-to-machine authentication, security controls, and advanced threat detection. The company boasts a robust library of APIs, SDKs, and the ability to work with any language or architecture.

FusionAuth is the only authentication solution with complete hosting flexibility. It can be deployed on nearly any computer anywhere in the world. This allows developers to run FusionAuth locally, on virtual/cloud servers, or on dedicated hardware — even without an internet connection — or leverage FusionAuth’s worldwide managed hosting called FusionAuth Cloud.

“The proverb ‘necessity is the mother of invention’ can describe the origin stories of many developer-centric infrastructure software companies. When Brian Pontarelli and Daniel DeGroff needed a customer identity solution for a project, they evaluated existing open source and commercial alternatives. Dissatisfied with the available options, they elected to build the customer identity solution they wanted. Brian and Daniel's API-first, downloadable approach resonated with practitioners who embraced the community edition and clamored for support, premium features, and a hosted version,” noted Matt Riendeau, Cascadia Managing Director. “Updata's board-level guidance and capital infusion will help FusionAuth capitalize on strong product and market fit by raising awareness and further accelerating revenue growth.”

“Working with Cascadia was awesome!” Pontarelli added. “They understood our industry deeply and helped articulate our business and value to potential partners. Their team was quick to respond with great insights, data, reports, and analysis.”

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Cascadia Capital, an investment bank serving middle market clients globally, is pleased to announce our client SecureW2, a comprehensive zero-trust passwordless security software provider, has received an $80M investment from global software investor Insight Partners. The investment will be used to accelerate market expansion, attract talent, and further fuel the development and enhancement of the company's passwordless, zero-trust security platform.

SecureW2 allows organizations to leverage real-time security and compliance data from identity & management infrastructure (such as Azure, Okta, Intune, and Jamf) to dynamically automate and authorize access for Wi-Fi, Apps, VPN, and Desktop Logon. SecureW2 software has enabled millions of users and devices to adopt modern certificate-driven passwordless security enabling zero-trust. End users benefit from a frictionless user experience and time savings by leveraging digital certificates to power simplified access via the platform's modern cloud-native architecture.

"This is the right inflection point in SecureW2's journey to join forces with Insight Partners, whose track record as a leading cybersecurity software investor is going to immediately benefit our current and future customers," said Bert Kashyap, CEO and Co-Founder at SecureW2. "As a result of this partnership, SecureW2 will be accelerating new products and channels to market and adding integrations to our ever-broadening ecosystem of technology partners."

"Organizations are increasingly looking for alternatives to traditional passwords to authenticate access to networks and applications. SecureW2 provides an easy-to-use, cloud-native solution to address this need that is already being used by hundreds of customers worldwide," said Max Wolff, Principal at Insight Partners. "We look forward to partnering with Bert, Tom, and the whole SecureW2 team for the next stage of the company's growth."

"Bert and Tom are experienced and passionate product and engineering leaders in the Identity and Access Management sector. Their shared vision combined with successful execution have positioned SecureW2 as category-defining, cloud native, certificate-based authentication software company,” added Matt Riendeau, Cascadia Managing Director. “The ScaleUp expertise of Insight Partners' investment and onsite teams will help SecureW2 capitalize on its first-mover advantage to accelerate product innovation and revenue growth, and solidify the company's position as a leader in passwordless security. It was both an honor and a pleasure to advise Bert and Tom at this important moment in SecureW2's journey."

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Cascadia Capital, an investment bank serving middle market clients globally, is pleased to announce our client CFR Rinkens LLC, a leading freight forwarder specializing in high volume shipping of finished vehicles, has been acquired by DP World, the leading provider of worldwide end-to-end smart supply chain logistics.

CFR Rinkens provides differentiated automotive freight forwarding expertise including specialization in containerizing finished vehicles and semi-knock-downs with racking systems and logistics services for the emerging energy storage and battery life cycle industries. 

DP World offers a comprehensive range of services covering every segment of the integrated supply chain. These solutions are delivered through a vast global network comprising 295 business units in 78 countries across six continents.  CFR Rinkens’ specialized expertise will fortify DP World’s position as a trusted partner for automotive clients, supporting them through the industry’s transition to electric vehicles and the global evolution towards sustainable energy solutions.

“We are looking forward to joining DP World and expect substantial growth opportunities through their strong global terminal and logistics network. Our shared vision revolves around redefining customer experiences by streamlining operations and introducing innovative solutions. We are confident that integrating with DP World will empower us to expand into new markets and elevate our service offerings, ensuring unparalleled value for our clients,”  said Christoph Seitz, CEO of CFR Rinkens.  “Cascadia has a deep knowledge of the supply chain and logistics sector, and their expertise and guidance was very valuable in helping us complete the transaction.”

“We’re proud to have worked with CFR Rinkens in this important transaction in the automotive freight forwarding sector,” noted Firdaus Pohowalla, Cascadia Managing Director and Head of Transportation, Logistics and Supply Chain Coverage. “While supply chain transactions have slowed in 2023, differentiated companies with unique value continue to define the category and remain attractive assets for buyers.”

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Cascadia Capital, an investment bank serving middle market clients globally, today announced that it acted as the exclusive financial advisor to MedQIA, LLC on its merger with WorldCare Clinical, a portfolio company of DFW Capital, to form Voiant.

Founded in 2007 and headquartered in Los Angeles, MedQIA provides clients with an automated technology platform to manage imaging and sites for their clinical trials, with full operational support services on demand. The company utilizes artificial intelligence to modernize image workflow within clinical trials and image analysis helping clients perform trials with better efficiency, increased quality with a quicker turnaround, accelerating trial timelines to improve drug discovery and bringing state-of-the-art care to patients. 

MedQIA, WorldCare Clinical and DARC are excited to announce their merger and the launch of their newly rebranded organization: Voiant, LLC. The strategic move aims to consolidate an industry-leading AI-based clinical trial imaging platform with unparalleled scientific and clinical domain expertise, providing biopharmaceutical organization with high-speed delivery of quality clinical endpoint data.

“This combination will allow MedQIA to accelerate its growth and increase its market share within the industry,” said Adam Stormoen, Managing Director at Cascadia Capital. “We are pleased to have delivered another successful outcome in the clinical trials sub-vertical and look forward to continuing to support clients in the space.”  

"Cascadia's ability to rapidly understand our business and their experienced and dedicated team were instrumental in helping our team to navigate an extremely complex transaction, which ultimately resulted in a deal closely aligned with MedQIA's growth objectives and expertise in the global clinical trials ecosystem," said Jonathan Goldin, MedQIA Co-Founder. "This deal will facilitate and accelerate our vision to use advanced technology to revolutionize the management of the imaging aspect of drug and device clinical trials."

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Cascadia Capital, an investment bank serving middle market clients globally, is pleased to announce our client Nor-Cal Beverage, one of the largest co-packers of teas, isotonics, chilled juices, waters, and energy drinks west of the Mississippi, intends to be acquired by Manna Beverages & Ventures, an affiliate of Manna Capital Partners which specializes in the beverage industry (view company's announcement).

The acquisition will allow Manna Beverages & Ventures to expand Nor-Cal Beverage Company’s existing resources, tools, and opportunities to continue delivering the highest quality of beverages for world-class brand owners. Terms of the deal were not disclosed. The arrangement is subject to normal and customary approvals.

“We are pleased to soon see the positive impact that this impending transaction will have on our employees and customers,” said Shannon Deary-Bell, Nor-Cal Beverage Company President and CEO. “We will continue providing our brands with the best products while expanding opportunity, capability, and resources for our employees and customers. We have been working with Cascadia to prepare for this and their understanding of the contract manufacturing landscape proved invaluable, I am proud to see how this acquisition will change the trajectory of this business.”

“We are excited to add the Nor-Cal Beverage Company business to the Manna Beverages & Ventures portfolio,” said Derrick Register, MB&V President. “By continuing to serve as the solution for major brands, we will capitalize on what Nor-Cal Beverage Company built while opening doors for expanded opportunity.”

“It has been an honor to advise this multi-generation family business stalwart through this pivotal moment in their history.” said Erik Einwalter, Managing Director at Cascadia Capital “The team at Manna brings tremendous experience to the relationship which will continue to propel the business forward.”

Cascadia is serving as the exclusive advisor to Nor-Cal Beverage in this pending transaction.


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Cascadia Capital, an investment bank serving middle market clients globally, today announced it acted as the financial advisor to Graham Partners, Inc., a leading private equity firm based in Philadelphia, in its acquisition of Commercial Bakeries Corporation (“CBC”).

Headquartered in Ontario, Toronto, CBC is a renowned formulator and manufacturer of private label and co-manufactured cookies and biscuits that sells its products to blue-chip retail and CPG customers. The Company provides clients with customized services to meet each customer’s specific formulation requirements including Sandwich Cremes, Wire-Cut, Rotary, and many more, which are available as Conventional, Organic, Gluten-Free, Non-GMO Project Verified, and other certain product specifications.

Graham Partners is focused on investing in consumer and food technology companies that bring innovation to advanced manufacturing and disrupt traditional end markets, with emphasis on lending its own extensive operating resources and industrial expertise. Through the acquisition of CBC, Graham Partners aims to leverage CBC’s strong position in the co-manufacturing and private label bakery industry for further expansion and value creation. CBC provides Graham Partners with a unique opportunity to invest in a company with strong growth across five continents and long-term, mutually beneficial relationships with customers.

“We’re proud to be associated with this important transaction in the bakery sector,” noted George Sent, Cascadia Capital Managing Director. “This continues our focus on playing a meaningful role in the bakery co-manufacturing space within the Food industry.”

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Cascadia Capital, an investment bank serving middle market clients globally, today announced it acted as the exclusive financial advisor to Retina Consultants of Southern Colorado (“RCSC”) in its acquisition by Retina Consultants of America (“RCA”), a comprehensive physician management services organization. With six board-certified physicians and three clinic locations, RCSC’s partnership bolsters RCA’s Colorado footprint and furthers its influence in innovative retina research across the U.S. RCA now has a total network of more than 235 physicians across more than 300 locations. 

Established in 1987, RCSC physicians specialize in the treatment of retinal diseases, laser procedures and surgery, using state-of-the-art diagnostic testing equipment, lasers, surgical instruments, research, and studies to further enhance each diagnosis, condition, and treatment. In addition to delivering exceptional patient care, RCSC’s renowned team of physicians are recognized leaders for their publications and participation in retinal research and clinical trials. Together with RCA, the physicians, and dedicated staff of RCSC look forward to continuing their involvement in groundbreaking clinical studies in an effort to ensure patients receive the latest innovative procedures and therapies.  

"Retina Consultants of Southern Colorado is thrilled to partner with RCA to achieve synergy in providing the highest quality and most technologically advanced retina care along with many of the most prestigious, innovative, and forward-thinking practices in the nation,” said Adam Martidis, M.D., Retina Consultants of Southern Colorado.

“Cascadia was pivotal in securing a highly successful outcome in the acquisition of our medical practice,” continued Dr. Martidis. “Their actions and guidance can best be described as smart, strategic, patient, and efficient. There is no way we could have achieved the outstanding result in our deal without their unparalleled professionalism, strict attention to detail, and stellar advocacy.”

“Cascadia is pleased to have played a part in orchestrating a transaction uniting two exceptionally driven parties,” said Vitaliy Marchenko, Cascadia Director. “We are excited to have helped pave the way for this remarkable outcome and an even more promising future partnership.”

Physician partnership and consolidation has become one of the dominant recent trends in the healthcare landscape. Cascadia has been a key advisor to clinics and doctors interested in exploring or taking advantage of this market dynamic. Our team has worked with retina, ophthalmology, gastroenterology, fertility, dermatology, cardio and vascular, and many other physicians interested in exploring strategic opportunities.  

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Cascadia Capital, an investment bank serving middle market clients globally, today announced its client, PNC Riverarch Capital (“Riverarch”), together with its portfolio company Chef Merito Seasonings (“Chef Merito”), has completed an investment in La Fiesta Food Products (“La Fiesta”), a leading provider of spices, chiles, herbs, and related products within the Hispanic foods market.

Riverarch is a middle-market private equity firm which invests in privately held companies in North America and Europe. It’s portfolio company La Fiesta is one of the leading providers of spices & herbs, dried chili pods, corn husks, and other specialty products for Latin cuisine, serving customers nationwide. Headquartered in La Mirada, CA, La Fiesta prides itself on offering its customers best-in-class service built on its proprietary direct store delivery (“DSD”) network that enables it to provide hundreds of SKUs with unmatched consistency and reliability.

“We’re thrilled to announce that Chef Merito and La Fiesta have merged to create the nation’s premier provider of Hispanic seasonings, spices, herbs, marinades, and other specialty products,” commented Margaret Crow, CEO of Chef Merito.

“Our partnership with Chef Merito will allow us to offer unparalleled service, expanded geographic reach, and an increasingly diverse product selection,” added Joe Nibali, Owner of La Fiesta. “We’re excited to join forces with the Chef Merito and Riverarch teams to unlock our next chapter of growth.”

“La Fiesta’s best-in-class track record of customer service and wide breadth of product offerings are highly complementary to Chef Merito’s unmatched flavor profile and established brand positioning” said Andrew Barza, Principal with Riverarch. Brian Blake, Director with Riverarch, added, “Both management teams have done an excellent job of building strong businesses within the growing Hispanic foods market, and we look forward to joining forces to create a highly compelling platform for future growth.”

“Our unwavering confidence in the branded, ethnic seasoning category continues to grow, driven by the remarkable opportunities it presents,” added George Sent, Managing Director at Cascadia. “We are genuinely excited to be a part of this union of leading Hispanic brands, and we wholeheartedly embrace the potential it brings.”


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Cascadia Capital, an investment bank serving middle market clients globally, today announced it acted as the exclusive financial advisor to Tillridge Global Agribusiness Partners (“Tillridge”) on its exit of portfolio company Novus Ag, an innovative ag retail platform, to Aqua Capital, an agriculture-focused private equity investor based in Brazil.

Following rapid consolidation in the ag retail industry, the current market structure has failed to satisfy the needs of the industry's two primary stakeholders: local store operators and farmers. Novus Ag developed a unique platform which attracts the industry's best talent, while providing farmers with an optimal mix of local expertise and national scale. Novus Ag has integrated 30+ owner-operators across 50+ retail locations to its network, serving farmers across the United States with crop protection, fertilizer, and seed treatment products coupled with application and agronomy services.

“I am honored to represent Novus Ag and Tillridge on this transaction,” added Scott Porter, Cascadia Capital Managing Director. “Novus Ag is a first-of-its-kind platform in agriculture with an incredible growth opportunity and led by a highly experienced management team. The Agriculture Input sector broadly continues to be a core area of focus for our practice.”

“The broader retail environment serving rural and agricultural communities throughout the United States continues to evolve and Novus Ag’s entrepreneurial owner-operator model is a clear example of the positive economic impact and success that this industry has on the communities it serves,” said James Cartales, Cascadia Managing Director.


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Cascadia Capital, an investment bank serving middle market clients globally, today announced that it acted as the exclusive financial advisor to Smart Apply, formally known as Smart Guided Systems, an innovative and intelligent precision spraying platform, in its sale to John Deere (NYSE:DE), the world’s leading manufacturer of advanced agricultural equipment.

Founded by Steve Booher in 2014, Smart Apply is an industry-leading provider of precision spraying technologies to permanent crop agriculture producers globally.

The company developed the Smart Apply Intelligent Spray Control System™, technology that can improve the precision and performance of virtually any air-blast sprayer used in orchard, vineyard, and tree nursery spraying applications. Smart Apply’s products and services help growers reduce chemical use, airborne drift, and run-off while optimizing high-value crop yields and meeting sustainability objectives.

“Smart Apply provides industry-leading products, elevating the precision and performance of compatible agricultural equipment,” said Scott Porter, Cascadia Capital Managing Director. “With the operational support of John Deere, Smart Apply will enhance brand momentum and customer reach. It was a true pleasure working with Steve, Jerry and the entire Smart Apply team in this transaction with John Deere and we are excited for what this means for the future of farming with this technology in the hands of the John Deere platform.”

“Cascadia demonstrated that they are a leader in the AgTech industry. The team’s deep understanding of our business and their ability to drive the process delivered a rewarding return for our shareholders. They are a true partner and a pleasure to work with,” said Jerry Johnson, Smart Apply President & CEO.

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Cascadia Capital is pleased to announce that its client Optimum Energy (“Optimum” or the “Company”), a global leader in HVAC optimization solutions, has entered into a definitive agreement to be acquired by Bernhard Capital Partners (“Bernhard Capital”), an infrastructure and services-focused private equity management firm.

Founded in 2005, Optimum provides proprietary software solutions to optimize the energy consumption of HVAC systems to deliver significant electricity and water savings while reducing carbon emissions. Utilizing on-site, integrated control software, the Company supports a broad range of organizations around the world to continuously reduce energy consumption and ensure peak performance. Optimum’s advanced, patented technology is developed by industry-leading engineers and has an over 15-year track record of proven results, serving customers across five continents throughout pharmaceutical, higher education, healthcare, technology, hospitality and industrial end markets.

Optimum will continue to be led by President Larry Stapleton and the existing management team, while benefitting from the support of Bernhard Capital’s strategic partnership. Together they will look to expand Optimum’s impact and position itself as the world leader in intelligent optimization software solutions for large-scale HVAC systems, while enhancing its offerings and continuously innovating to help customers meet their financial and sustainability-focused goals.

“We are very pleased with the outcome of this partnership between two strategically aligned parties working together to accelerate the optimization of HVAC systems in large footprint buildings. This transaction will enable Optimum to further leverage the tailwinds of energy efficiency and building automation, driving global scaling of the business,” added Jamie Boyd, Managing Director at Cascadia Capital.

“Cascadia was an involved and resilient advisor, guiding us through this process, and provided exceptional advice to us during the transaction,” added Larry Stapleton, CEO of Optimum. “As experienced advisors, they demonstrated a deep understanding of our industry and business.”

This deal represents another successful transaction for the Cascadia Energy Transition & Climate Technology practice. Recent transactions include Keystone Tower System’s growth equity advisory, First Mode’s business combination advisory, and Pacific Power Group and Spectrum Control’s sell side advisory.

For more information about this transaction, please contact:

Jamie Boyd 
Managing Director
JBoyd@cascadiacapital.com
(206) 436-2514

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Cascadia Capital, an investment bank serving middle market clients globally, today announced it acted as the exclusive financial advisor to Stromasys, an industry leader in enterprise-class emulation solutions for legacy systems, in its acquisition by Partner One, one of the fastest growing enterprise software conglomerates.

Founded in 1998, Stromasys has revolutionized the field of legacy system modernization, allowing businesses to run their critical applications on modern, secure hardware platforms and on the Cloud, without sacrificing performance or functionality. The company's flagship product, Charon, is widely recognized as the industry standard for emulation, with support for a wide range of legacy systems.

Partner One's acquisition marks a major milestone for Stromasys. The financial strength, resources, and expertise of Partner One will enable Stromasys to expand its reach, accelerate its growth, and continue to innovate and deliver world-class emulation solutions to its customers.

"We are excited to welcome Stromasys to the Partner One family," said Nick Riuma, Principal at Partner One. "Stromasys is a world-class company with a strong track record of innovation and customer service. We are confident that our investment will enable Stromasys to continue to grow and deliver best-in-class solutions to its customers."

"We are thrilled to join forces with Partner One," said John Prot, CEO of Stromasys. "Partner One's investment is a strong vote of confidence in our team, our products, and our vision. Partner One's support will provide a tremendous growth opportunity for Stromasys and allow us to expand our reach and continue to deliver exceptional value to our customers."

“We were pleased to assist Stromasys on this transaction as it prepares for its next stage of growth with Partner One. The company is the pioneer in legacy hardware virtualization and remains the dominant platform in the market, helping large enterprises extend the lifecycle of mission critical legacy applications, whether on-prem or in the cloud,” added Matt Riendeau, Managing Director at Cascadia Capital.

Stromasys will continue to operate as an independent company within Partner One's successful portfolio of enterprise software companies. Stromasys customers can expect the same exceptional value and experience that they have come to expect over the years.

For more information about this transaction, please contact the Cascadia Capital deal team members listed below.

Matt Riendeau
Managing Director
mriendeau@cascadiacapital.com
(206) 436-2568

Nick Meyers
Vice President
nmeyers@cascadiacapital.com
(714) 400-8434

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Cascadia Capital, an investment bank serving middle market clients globally, today announced it provided strategic advisory services to The Munger Companies (Munger Bros., LLC and its affiliates), and their partnership-subsidiary, Naturipe Value Added Fresh, a processor and marketer of fresh and value-added, Ready-To-Eat (“RTE”) products.

The Company processes, packages, and markets berry-centric RTE products, primarily serving retail and food service channels. The Company has RTE-patented technology that extends the shelf-life of products in addition to enhanced appearance, condition, color, and other benefits.

Cascadia Capital’s Agribusiness team maintains a strong focus in AgTech, Production Agriculture and Food & Ingredients Processors, particularly in berries, with extensive transaction experience and expansive coverage of strategic and financial buyers located domestically and globally.

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Cascadia Capital, an investment bank serving middle market clients globally, today announced it acted as the exclusive financial advisor to C-A-L Ranch Stores, a leading farm and ranch retailer with 33 locations across Idaho, Utah, Nevada and Arizona, in its merger with Coastal Farm & Ranch, a leading ranch and country lifestyle retailer with 21 locations in the Pacific Northwest. Nolan Capital, current majority partner of Coastal, retains a majority stake in the combined business, which will now operate 54 retail locations across 6 states with over 2,200 associates.

Founded in 1959, C-A-L Ranch is a category-leading ranch and lifestyle retailer for a growing population of country lifestyle shoppers, outdoor enthusiasts, pet owners, hobby farmers and more. There are great synergies between C-A-L and Coastal and over one hundred years of successful farm and ranch retail experience collectively.

“Building C-A-L Ranch into the company it is today has been a great accomplishment by our team, and I am proud of our support for the communities we serve,” said Jerry Ward, majority owner of C-A-L. “This decision was made with the utmost care for my family, our employees and the company’s future. We are excited about the combination of two great companies and I am confident this business is set up for continued success.”

The combination of these two great businesses creates an enormous amount of value and opportunity. We are thrilled to be partnering with Jerry and Tom who have built C-A-L Ranch into a leading player and best-in-class operator in the farm and ranch retail industry,” said Peter Nolan, Chairman of Nolan Capital.

“Farm and ranch lifestyle retail has been the fastest-growing physical retail channel over the past decade. This unique business combination creates a significant regional footprint in the Western United States with exceptional operating capabilities. The combined business is poised to continue to grow into a national platform and become a key consolidator in the channel,” said James Cartales, Managing Director of Cascadia Capital.

The transaction represents another successful deal for Cascadia in the retail sector. Past transactions include the recapitalization of Three Bears Alaska and the sale of Second Ave Value Stores.

For more information about this transaction, please contact a Cascadia Capital Consumer, Retail, and E-commerce team member:

James Cartales
Managing Director
jcartales@cascadiacapital.com
(206) 436-2526

Sanaz Memarsadeghi
Vice President
SMemarsadeghi@cascadiacapital.com
(206) 436-2591

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Cascadia Capital, an investment bank serving middle-market clients globally, announced that its client Turtle Island Foods, dba Tofurky, a leading plant-based foods brand that manufactures and markets products in the United States, has been acquired by Morinaga Nutritional Foods, Inc. a subsidiary of Tokyo-based Morinaga Milk Industry Co., Ltd. Cascadia Capital served as the exclusive financial advisor to Tofurky in the transaction.

Founded by Seth Tibbott in 1980, Tofurky is a pioneer in the U.S. plant-based foods market, originally making from-scratch tempeh for the local community. The company leveraged its humble origins in tempeh and roasts to build a cult following and expand the brand into a wide range of plant-based categories including deli slices, sausages, and chick’n. With a commitment to taste and nutrition and a track record of innovation, Tofurky provides Morinaga Nutritional Foods with a unique opportunity to strengthen its plant-based foods business in North America and expand beyond Morinaga’s industry-leading tofu products.

“Tofurky was one of the earliest pioneers in plant-based foods and has been a steadying force for the industry,” said Erik Einwalter, Cascadia Capital Managing Director. “The strategic buyer community continues to show an appetite for acquisitions that expand their plant-based foods portfolios and geographic reach. We are grateful to Jaime and the team for having been a part of the Tofurky story.”

“We selected Cascadia as our partner because of their plant-based foods industry experience and their cultural alignment with our shareholders and management,” said Jaime Athos, CEO of Tofurky. “We are eager to enter this next chapter with Morinaga and to further cement Tofurky’s leadership position in plant-based foods in North America.”

“Tofurky is a class-leading asset, and with financial and operational support of Morinaga, the brand will see enhanced momentum nationally and internationally,” said John Gulvezan, Cascadia Capital Vice President. “While the sector has experienced volatility over the past eighteen months, we believe the underlying long-term trends will fuel plant-based foods growth as the industry continues to mature.”

The Tofurky acquisition represents another successful transaction for Cascadia in the branded food sector and our continued demonstration of our experience in plant-based foods. Recent clients include Follow Your Heart, Green River Spirits, Pancho’s, Campos Coffee, and Pretzilla.

For more information about this transaction, please contact the Cascadia Capital deal team:

Erik Einwalter
Managing Director
eeinwalter@cascadiacapital.com
(206) 436-2538

John Gulvezan
Vice President
jgulvezan@cascadiacapital.com
(206) 436-2549

Or other senior members of the Cascadia Food, Beverage & Agribusiness practice:

Michael Butler
Chairman & CEO
mbutler@cascadiacapital.com
(206) 436-2530

Bryan Jaffe
Managing Director
bjaffe@cascadiacapital.com
(206) 436-2534

George Sent
Managing Director
gsent@cascadiacapital.com
(206) 436-2511

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Cascadia Capital, an investment bank serving middle market clients globally, is pleased to announce it acted as the exclusive financial advisor to Thrio, a CX platform for customer support, in its acquisition by Nextiva, a unified customer experience solution backed by Goldman Sachs Asset Management.

Thrio is an award-winning contact center software provider renowned for its expertise in AI-driven customer experience. From customer service to sales enablement, Thrio’s cloud-native Contact Center as a Service (CCaaS) platform is equipped to handle inbound and outbound voice, SMS, chat, email, and social interactions – thereby facilitating hybrid communication and driving efficient and effective workflows.

Nextiva is an early mover in the connected conversations space and now powers billions of conversations. The acquisition of Thrio signifies the next step in Nextiva's mission to democratize customer experience technology for businesses of all sizes. Thrio’s full suite of capabilities will be available in one, cohesive experience with Nextiva customers gaining immediate access to Thrio's offerings. The shared commitment to a common goal reinforces the consistent vision Nextiva has upheld for over 15 years of democratizing access to CX technologies – underscoring the alignment of vision between Nextiva and Thrio

“Throughout the intricate process, Cascadia showcased unwavering commitment, expertly guiding us on our distinctive journey to unlock substantial value and attain a remarkable outcome alongside a strategically aligned partner,” said Edwin Margulies, CEO of Thrio.

“Guided by a team of seasoned operators with a track record of successful exits, Thrio's cutting-edge technology is reshaping the customer experience landscape by optimizing the crucial touchpoint between brands and customers. Having built an innovative solution, Thrio is now joining Nextiva, a strategically aligned partner that shares a common vision,” added Teague Collins, Cascadia Capital Managing Director.

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