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

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

Cascadia Capital, an investment bank serving middle market clients globally, today announced it acted as the exclusive financial advisor to TERRA Staffing Group (“TERRA”), an industrial and professional staffing and recruiting provider, in its investment from Hastings Equity Partners (“Hastings”), a leading business services private equity firm focused on founder-led, middle market businesses that are positioned for rapid growth.

Founded in 1983, TERRA Staffing Group has grown into one of the largest privately-held staffing firms headquartered in the west, with locations in Dallas, Denver, Phoenix, Portland, and Seattle areas. The Company has consistently been a Diamond Award recipient of ClearlyRated’s “Best of Staffing” for both client and talent satisfaction.

“Greg and Jen have built a world-class staffing business and we look forward to working with them to continue TERRA’s geographic expansion. We couldn’t be more thrilled to partner with them,” said Grant Reckhow, Principal at Hastings.

“Cascadia provided excellent strategic advice to us throughout our transaction process as experienced advisors that demonstrated a deep understanding of our market and business,” said Jen Lambert, Chief Strategy Officer of TERRA. “The team helped us navigate the landscape of potential partners, ultimately leading to a partnership with Hastings that perfectly aligns with our culture.”

“I’m thankful we chose Cascadia as a partner that was looking out for our best interests and helped us achieve our goals as a company,” added Greg Lambert, Chief Executive Officer of TERRA.

“TERRA has leveraged its technology, tools, and operating practices to grow into one of the preeminent workforce solutions providers in the country,” said Hugh Campbell, Managing Director and Head of Cascadia’s Business Services team. “Hastings is the perfect partner to help TERRA expand the reach of its uniquely consultative offering.”

For more information about this transaction, please contact:

Hugh Campbell
Managing Director
hcampbell@cascadiacapital.com
(206) 436-2564

Cascadia Capital, an investment bank serving middle market clients globally, today announced it acted as financial advisor to Astara Capital Partners, LLC (“Astara”) on its affiliated entity’s acquisition of a majority stake in Wyandot Snacks (“Wyandot” or the “Company”).

Founded in 1936 and headquartered in Marion, Ohio, Wyandot is a premier contract manufacturer of high-quality snack foods, cereals, and better-for-you offerings and is a trusted partner to many leading and emerging brands and private label customers.

“Wyandot is a leading manufacturer of snack foods with long-standing customer relationships and a strong reputation for quality, customer service and product innovation,” said Lindsey Tannenbaum, Partner of Astara. “As a result of Astara’s investment, Wyandot will benefit from being a debt-free business with access to significant strategic, operational, and financial resources of Astara.”

Erik Einwalter, Managing Director at Cascadia Capital, said “the food and beverage manufacturing ecosystem continues to evolve, with opportunities for value creation when the right value-added capabilities are partnered with operational and financial acumen. The Astara team is the perfect partner to bring these elements together and propel Wyandot forward.”

The investment represents another successful transaction for Cascadia’s food and beverage manufacturing advisory practice. Other recent facility-based food and beverage transactions include Titan Frozen Fruit, Stadelman’s, Green River Spirits, and Oregon Freeze Dry.

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

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

Ryder Thomas
Vice President
rthomas@cascadiacapital.com
(206) 436-2582

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

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

Scott Porter
Managing Director
sporter@cascadiacapital.com
(206) 436-2528

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

Cascadia Capital, an investment bank serving middle market clients, announces the completion of advisory services to First Mode Holdings Inc. (“First Mode”) in support of its joint partnership arrangement (the “Transaction”) with Anglo American.

First Mode, a global carbon reduction company focused on heavy industry, and global mining company Anglo American have closed on a transaction to combine First Mode and Anglo American’s nuGen™ zero emission haulage solution business (“ZEHS”) to accelerate the transition of mining and other heavy industries to diesel-free futures. The Transaction, which closed on January 5th, 2023, values the newly combined business in the order of $1.5 billion and includes a $200 million equity injection from Anglo American.

As part of the advisory services provided, Cascadia issued a fairness opinion to First Mode related to the Transaction.

First Mode is a leading specialist engineering technology company based in Seattle, Washington with an additional location in Perth, Australia.

Anglo American is a leading global mining company based in London with a world class portfolio of mining and processing operations and undeveloped resources. It has more than 106,000 employees around the world, in 15 countries.

The Transaction is intended to facilitate the rapid global growth of First Mode, development of production facilities in Seattle and new proving grounds in Centralia, Washington, support staffing goals worldwide, develop First Mode’s footprint in Perth, Australia, and speed the commercialization and deployment of First Mode clean energy solutions like ZEHS.

For more details on the Transaction please refer to First Mode’s announcement here. Read More

The Transaction represents another advisory assignment for Cascadia in the Energy Transition and Climate Technology sector. For over 17 years, Cascadia has advised innovative market leaders in energy transition, climate, sustainability, and related sectors.

To learn more about Cascadia’s Energy Transition and Climate Technology Group, please click through to the following link.

For more information about this transaction, please feel free to contact:

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

Cascadia Capital, an investment bank serving middle market clients globally, today announced it acted as the exclusive financial advisor to Titan Frozen Fruit, a family-owned value-added frozen berry processor and ingredient provider to the food and beverage industry, in its recapitalization by Vestar Capital Partners, a leading U.S. middle market private equity firm, and Windhover Capital, a private equity firm focused on the food, beverage, pet and consumer sectors. Titan’s co-founders will retain a significant stake in the Company and will continue to serve in their respective positions. Terms of the transaction were not disclosed.

“Our vision is to continue to build the next generation fruit processing and ingredients company, offering a wide variety of value-added and innovative products to our customers, and our partnership with Vestar and Windhover is the next step in that journey,” said Jon Larsen, CEO and Co-Founder of Titan. “They are enthusiastically committed to our business strategy and will provide the financial backing, strategic thinking, industry relationships and track record needed to build on our momentum.”

“Titan is a dynamic and well-managed business that has built a terrific service and innovation-driven reputation in the frozen berry and food ingredients sector. We are looking forward to partnering with the Titan team and Vestar to continue to drive supplier partnerships and market leadership through a collaborative and research-oriented approach to adding value,” said Chris Harned, Co-Founder and Managing Partner of Windhover. “We aspire to grow Titan significantly through internal expansion projects, diversification into related value-added food ingredients, complementary acquisitions and other partnerships.”

“Cascadia Capital delivered exemplary strategic advice to the Titan team. We appreciate their partnership and their keen insights on the Food and Agribusiness industries,” Mr. Larsen added.

“We are honored to represent the Titan ownership group on this very important transaction. This best-in-class management team has created tremendous shareholder value in a short amount of time. We look forward to seeing the partnership with Windhover and Vestar blossom, as the Company represents a compelling platform for growth over the foreseeable future,” said George Sent, Cascadia Capital Managing Director.

The recapitalization represents another successful transaction for Cascadia in the ingredients sector. Past transactions include the acquisition of Firestone Pacific Foods by Agriculture Capital Management, the sale of FruitSmart to Universal Corporation, Pacific Farm’s partnership with Tillridge Global Agribusiness Partners and the sale of More than Gourmet to Ajinomoto.

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

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

Scott Porter
Managing Director
sporter@cascadiacapital.com
(616) 826-9763

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

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

Cascadia Capital, an investment bank serving middle market clients globally, today announced it acted as the exclusive financial advisor to the Stadelman Fruit Company (“SFC”), in the sale of Stadelman’s apple division to Sixth Street Partners.

Stadelman Fruit Company is a vertically integrated grower, packer, and shipper of high-quality tree fruit. SFC’s tree fruit operations are comprised of premier orchard, packing, and storage assets located in the heart of Washington’s Yakima Valley.

Sixth Street Partners is partnering with Pine Canyon Growers to operate the tree fruit assets, adding volume to a high-quaility grower and packer of apples in Eastern Washington. The sale comprised of more than 1,600 acres of orchards and also included a packing line and storage. Going forward, Sixth Street Parnters will look to further build out its platform in the tree fruit sector.

“We are thrilled to have advised Stadelman with their second transaction in the tree fruit sector” added Scott Porter. “We expect continued consolidation in the tree fruit sector in the coming years as institutional investors continue to come into the industry.”

This acquisition represents another successful transaction in the Agribusiness practice for Cascadia and a continued demonstration of its experience in vertically integrated production agriculture. Cascadia’s Agribusiness practice is one of the largest and most active Agribusiness practices in North America. Recent transactions include the sale of Specialty Sales to Kainos Capital, the growth capital investment in Agrovision from responsAbility Investments and Avenue Sustainable Solutions Fund, the CEL Group of Companies’ partnership with Madison Industries, and the acquisition of Chelan Fruit to International Farming.

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

Scott Porter
Managing Director
sporter@cascadiacapital.com
(616) 826-9763

Sam Brar
Vice President
sbrar@cascadiacapital.com
(206) 436-2580

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

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

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

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

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

Cascadia Capital, an investment bank serving middle market clients globally, today announced it acted as the exclusive financial advisor to Seagull Scientific (“Seagull” or the “Company”), a leading global provider of software for designing, printing, and automating the production of labels, barcodes, documents, and RFID tags, in its acquisition by Peak Rock Capital, a middle market investment firm.

Seagull’s flagship BarTender product suite is a leading end-to-end enterprise label management software platform that allows businesses to design labels that ensure accuracy and compliance, automate production workflows, and optimize their supply chain and manufacturing operations. BarTender has established itself as one of the leading labeling software solutions and is used by more than 100,000 businesses worldwide to create and print more than 40 billion labels annually.

“Seagull represents an exciting opportunity to invest in a mission-critical, enterprise software platform serving diverse end markets. We look forward to partnering with the company to achieve its growth plan, accelerate the product roadmap, and pursue strategic acquisitions,” said Pete Leibman, Managing Director at Peak Rock Capital.

“We are excited to partner with Peak Rock as we embark on this next phase of our growth journey. Peak Rock has a deep understanding of our customer needs, technology, and ecosystem. They also have a compelling track record of supporting management teams in driving innovation and building leading software platforms. This investment will enable Seagull to accelerate its growth even further and continue to support our valued customers and channel partners,” commented Harold Boe, CEO of Seagull.

“Cascadia Capital was an ideal partner in this process. Their market leading supply chain technology and software expertise helped us evaluate the strategic landscape, select the right path, and identify the best counterparty to support our growth. Their process leadership and market insights helped us secure a great result with a great partner,” added Mr. Boe.

“The Company is ideally positioned to capitalize on a growing demand for technology enabled supply chain solutions. BarTender is a key accelerant for the supply chain by providing the leading label management software solution that combines ease of deployment with seamless integration and execution on a platform that spans from on-prem to the cloud. Supply chain technology will continue to be a key enabler of growth and margin expansion, and we look forward to leveraging our deep industry experience to support our clients,” said Managing Director Firdaus Pohowalla, Head of Supply Chain Technology at Cascadia Capital.

“We were thrilled to have the opportunity to work with the Seagull team on this transaction. Our client has found the ideal partner in Peak Rock and we eagerly anticipate their continued success,” added Teague Collins, Managing Director and Head of Cascadia’s e-Commerce Software coverage.

The acquisition represents another successful transaction for Cascadia’s transportation, logistics, and supply chain practice, following the recent growth equity investment in Shipfusion from Kayne Anderson Capital Advisors, the sale of Pacific Cascade to World Group, the acquisition of FragilePak by Greenbriar Equity, and the sale of StyleGenome to Wayfair.

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

Teague Collins
Managing Director
tcollins@cascadiacapital.com
(206) 436-2576

Firdaus Pohowalla
Managing Director
fpohowalla@cascadiacapital.com
(206) 436-2578

Cascadia Capital, an investment bank serving middle market clients globally, today announced it acted as the exclusive financial advisor to Pacific Cascade Distribution and Pacific Cascade Trucking (collectively “Pacific Cascade” or the “Company”), an asset-light provider of critical third-party logistics (“3PL”) services, in its acquisition by World Group, a global logistics organization headquartered in Cleveland, Ohio.

Founded in 2005, Pacific Cascade is a leading provider of asset-light 3PL services including container drayage, warehousing, transloading, and fulfillment. Strategically located in Sumner, Washington near the ports of Tacoma and Seattle, the Company operates a 267,000 sq ft distribution facility with a fleet of over 50 professional drivers. Pacific Cascade supports a growing customer base across a variety of end markets including eCommerce, omnichannel retail, packaging, construction, and more.

World Group and its operating companies have a robust presence east of the Rockies and this acquisition, along with other recent capital investments, will bolster their presence in the Pacific Northwest while positioning Pacific Cascade to continue its rapid growth throughout the region.

“This agreement really made sense for both organizations, as our leadership teams share a similar vision for the region,” said Jeff Roulst, CEO of Pacific Cascade. “We selected Cascadia Capital as our advisor due to their extensive logistics and transportation expertise and their commitment to getting us the best result for our business and our employees. We are grateful for their close counsel and the well-coordinated process they ran to achieve our objectives and exceed our expectations.”

“Pacific Cascade has established itself as one of the leading 3PL providers in the Pacific Northwest, and we were pleased to work with Jeff, Frank, and their team to find a partner that can support their continued growth,” said Firdaus Pohowalla, Managing Director and Head of Transportation, Logistics, and Supply Chain coverage at Cascadia Capital. “The region has become much more strategically valuable as shippers seek an alternative West Coast access point for increased volume, and Pacific Cascade is ideally positioned to benefit from this growth. As the 3PL space continues to grow and evolve, we look forward to leveraging our deep industry experience to continue to support clients in the space.”

The acquisition represents another successful transaction for Cascadia’s transportation, logistics, and supply chain practice, following the recent growth equity investment in Shipfusion from Kayne Anderson Capital Advisors, the acquisition of FragilePak by Greenbriar Equity and the sale of Cory to JB Hunt.

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

Firdaus Pohowalla
Managing Director
fpohowalla@cascadiacapital.com
(206) 436-2578

Brian Bergsagel
Vice President
bbergsagel@cascadiacapital.com
(206) 436-2531

Cascadia Capital, an investment bank serving middle market clients globally, today announced it acted as the exclusive financial advisor to The Colon, Stomach, and Liver Center (“CSL”) and Loudoun Endoscopy Group (“LEG”) in partnership with One GI®, a gastroenterology healthcare services organization and portfolio company of Webster Equity Partners. The agreement also includes the state-of-the-art Loudoun Endoscopy Center.

Formed in April 2020, One GI is comprised of leading gastroenterology practices throughout the Eastern US. Established in 2003, CSL’s three board certified gastroenterologists and two advanced practice providers (APPs) deliver comprehensive gastrointestinal and hepatology care to patients in Northern Virginia, West Virginia, and Maryland.

Headquartered in Nashville, Tennessee, One GI identifies and partners with leading gastroenterology practices that are seeking a strategic alliance to provide capital and management services to help foster growth, drive economies of scale, and deliver the highest quality care to patients.

One GI’s partnership with CSL and LEG in Northern Virginia further validates its foundational value of delivering world class GI care in community based practices, and the expansion in Virginia aligns with One GI’s commitment to strategic growth.

“We are excited to partner with One GI to help us continue to improve the well-being of our patients and expand our commitment to meeting the growing need for GI and liver healthcare in Loudoun County and our neighboring communities,” said Satinder Gill, MD, CSL founding physician. “Our longstanding relationship with Cascadia Capital helped us find a strong partner in One GI. I’m grateful to Cascadia for their insightful counsel in selecting a partner who valued our unique care model.”

“We are excited for Dr. Gill and this long-term partnership with One GI as they look to grow a strong presence in the Virginia market,” added Vitaliy Marchenko, Senior Vice President at Cascadia Capital.

“Cascadia’s Healthcare Team continues to build out its healthcare services specialty coverage. This transaction demonstrates yet another area of expertise for our team within physician services as we continue advising GI, Fertility, Behavioral Health, Cariology & Vascular, Dermatology, Retina, and Oral Surgery physicians,” added Kevin Cable, Cascadia Managing Director.

This acquisition represents another successful transaction for Cascadia in the healthcare services sector. Past clients include Seattle Reproductive Medicine, Psychiatric Centers of San Diego and Utah Fertility Center.

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

Kevin Cable
Managing Director
kcable@cascadiacapital.com
(206) 696-7922

Vitaliy Marchenko
Senior Vice President
vmarchenko@cascadiacapital.com
(253) 314-3143

Other senior members of the Cascadia Healthcare team include:

Adam Stormoen
Managing Director
astormoen@cascadiacapital.com
(612) 260-8060

Novan Le
Vice President
nle@cascadiacapital.com
(206) 436-2510