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The Consumer, Retail & Ecommerce group has extensive industry knowledge and investment banking experience delivering M&A and capital raising services to our clients. Our team has a deep understanding of the underlying consumer trends driving disruptive change in our core sectors of focus. We are in constant dialogue with active strategic and financial buyers and investors in the consumer sector, providing us with the ability to best position our clients for an optimal outcome.

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The Consumer, Retail & Ecommerce group has extensive industry knowledge and investment banking experience delivering M&A and capital raising services to our clients. Our team has a deep understanding of the underlying consumer trends driving disruptive change in our core sectors of focus. We are in constant dialogue with active strategic and financial buyers and investors in the consumer sector, providing us with the ability to best position our clients for an optimal outcome.

" ["post_title"]=> string(33) "Consumer, Retail & E-Commerce" ["post_excerpt"]=> string(0) "" ["post_status"]=> string(7) "publish" ["comment_status"]=> string(6) "closed" ["ping_status"]=> string(6) "closed" ["post_password"]=> string(0) "" ["post_name"]=> string(30) "consumer-retail-and-e-commerce" ["to_ping"]=> string(0) "" ["pinged"]=> string(0) "" ["post_modified"]=> string(19) "2023-09-07 15:02:12" ["post_modified_gmt"]=> string(19) "2023-09-07 22:02:12" ["post_content_filtered"]=> string(0) "" ["post_parent"]=> int(0) ["guid"]=> string(64) "https://www.cascadiacapital.com/?post_type=industries&p=563" ["menu_order"]=> int(0) ["post_type"]=> string(10) "industries" ["post_mime_type"]=> string(0) "" ["comment_count"]=> string(1) "0" ["filter"]=> string(3) "raw" } [1]=> object(WP_Post)#2937 (24) { ["ID"]=> int(448) ["post_author"]=> string(1) "1" ["post_date"]=> string(19) "2023-04-25 04:40:08" ["post_date_gmt"]=> string(19) "2023-04-25 11:40:08" ["post_content"]=> string(1012) "

James is a Managing Director in Cascadia’s Consumer, Retail, and E-Commerce practice. In this role he focuses on advising retailers and omnichannel branded consumer companies on mergers and acquisitions, recapitalizations and private placements.

As a founding member of the firm’s Consumer practice, he has been involved with the execution of most of the firm’s marquee retail and branded consumer transactions. Throughout his career he has personally completed over 45 transactions worth billions of dollars of combined enterprise value. He has a particular focus on the intersection of consumer products and services and the evolving retail channels by which they are marketed and sold.

James holds a B.A. from Bucknell University where he graduated magna cum laude and is a FINRA registered representative, holding the Series 79 and 63 licenses.

" ["post_title"]=> string(14) "James Cartales" ["post_excerpt"]=> string(0) "" ["post_status"]=> string(7) "publish" ["comment_status"]=> string(6) "closed" ["ping_status"]=> string(6) "closed" ["post_password"]=> string(0) "" ["post_name"]=> string(14) "james-cartales" ["to_ping"]=> string(0) "" ["pinged"]=> string(0) "" ["post_modified"]=> string(19) "2023-07-03 05:05:46" ["post_modified_gmt"]=> string(19) "2023-07-03 12:05:46" ["post_content_filtered"]=> string(0) "" ["post_parent"]=> int(0) ["guid"]=> string(58) "https://www.cascadiacapital.com/?post_type=team&p=448" ["menu_order"]=> int(0) ["post_type"]=> string(4) "team" ["post_mime_type"]=> string(0) "" ["comment_count"]=> string(1) "0" ["filter"]=> string(3) "raw" } [2]=> object(WP_Post)#2928 (24) { ["ID"]=> int(6713) ["post_author"]=> string(1) "1" ["post_date"]=> string(19) "2023-03-03 07:20:26" ["post_date_gmt"]=> string(19) "2023-03-03 07:20:26" ["post_content"]=> string(3216) "

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, today announced it acted as the exclusive financial advisor to Three Bears Alaska (“Three Bears”), a family-owned retailer selling groceries, fuel, and other essential products, in its recapitalization by Westward Partners, a Seattle-based private equity firm that invests in leading Northwest companies.

Founded with one store in Tok, Alaska in 1980, Three Bears has grown over the past four decades to become one of Alaska’s largest family-owned retailers. Operating multiple store formats throughout Alaska and Montana, the Company has experienced significant growth over the past five years with a strong pipeline for continued expansion into underserved markets. The owners of Three Bears were interested in bringing on a financial partner to help facilitate future growth and provide liquidity to certain shareholders while maintaining a commitment to the Company’s historical mission. Furthermore, after the investment by Westward Partners, Three Bears Alaska remains majority owned by Alaskans.

Cascadia was engaged to find a partner for Three Bears that understood its growth potential and aligned with its core operating values. With our deep knowledge of the Alaskan market and a strong understanding of the drivers of value for multi-unit retailers, Cascadia recognized Three Bears’ unique position in the market and targeted investors, such as Westward Partners, who would appreciate and share a commitment to addressing community needs with fair pricing and quality service.

“Success in Alaska requires operational flexibility and exceptional market knowledge,” noted James Cartales, Managing Director in Cascadia Capital’s Consumer & Retail practice.  “Three Bears Alaska is a best-in-class retailer with a unique competitive moat and Cascadia was pleased to help enable its next phase of growth. The Westward team brings a strong partnership approach, a track record in Alaska and were a pleasure to collaborate with throughout the transaction process as they worked hard to complete this transaction smoothly.”

“The Cascadia team understood our brand story, the Alaskan market and the unique challenges we face on a daily basis,” said Dave Weisz, President and CEO of Three Bears. “Cascadia effectively conveyed our value proposition, identified a new steward of the Three Bears brand and advised us through a successful transaction with mutually beneficial terms.”

The acquisition represents another successful multi-unit retail transaction for Cascadia. Past transactions include the sale of Northwest Motorsports, the sale of 2nd Ave Value Stores, and the growth equity financing of SkinSpirit. Additionally, Three Bears is also another Alaska-based client that we were pleased to support. Cascadia sees great opportunity in the Alaskan market across the various industry verticals we serve.

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

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

Thomas Newbern
Vice President
(206) 436-2552
tnewbern@cascadiacapital.com

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Cascadia Capital is pleased to announce the promotion of James Cartales to Managing Director in the firm’s Consumer & Retail group. As a Managing Director, Mr. Cartales will continue to provide M&A advisory and equity capital raising services to founder and family-owned companies across the ecommerce, experiential retail, and consumer services sectors.

Mr. Cartales joined Cascadia Capital in 2013 and has been involved in over 40 transactions over the last nine years at the firm. During that time, he has played a central role in Cascadia’s marquee consumer transactions, such as the sale of Air Waves to Hybrid Apparel, the sale of 2nd Ave Value Stores to BRS & Co. and Rosser Capital Partners, and Flagship Food Group’s recapitalization of La Tortilla Factory.

“James has been an integral leader of the firm for many years and has steered some of Cascadia’s largest and most complex transactions,” noted Michael Butler, Cascadia Capital Chairman & CEO. “He is tremendously deserving of this promotion and has long displayed the expertise and capabilities necessary to serve our consumer clients with the highest caliber, trusted advice and support.”

As a founding member of the Consumer & Retail practice, Mr. Cartales has been instrumental in reshaping the firm’s consumer focus, particularly in light of COVID-19’s evolving impact on the retail sector.

“We believe Consumer & Retail will continue to be a vibrant industry for Cascadia’s investment banking platform. However, the sector has undergone significant change over the past three years,” added Bryan Jaffe, Cascadia Managing Director. “James is highly knowledgeable about consumer behavior and has deep expertise in the business models that are resonating today and will likely continue to resonate in the foreseeable future, in particular within apparel and accessories and home furnishings. Additionally, his experience in unit-economic models is applicable to both the physical and digital channels that our clients sell through.”

"I am honored to receive this promotion and look forward to continuing to contribute to Cascadia’s long term growth objectives by effectively serving our exceptional clients,” Mr. Cartales added.

James Cartales is based in Cascadia’s Seattle office and serves Cascadia's consumer clients across the U.S. For more information, visit his bio here.

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Rural Retail: The Next Frontier for Four-Wall Investment

What’s Now?

The COVID-19 pandemic has had an outsized impact on the retail landscape. The virus and associated responses to it have reshaped consumer behavior and accelerated long-term secular shifts in the market. Fear of viral transmission in highly trafficked indoor shopping environments, government-mandated store closures, and the economic reality of the COVID recession are all contributing to changes in shopper behaviors—posing unique challenges and presenting unique opportunities to nimble retailers.

Essential merchants selling food, staples, and household supplies across different retail formats are seeing gains from our collective shift toward the “stay-at-home” lifestyle. Rural retailers—arguably the most essential of merchants—provide basic supplies and provisions for people, livestock, and companion animals in less densely-populated communities in all 50 states which are not well-served by the “on-demand” economy. Tractor Supply Company (TSC), a notable rural retailer with an estimated 50% market share in the farm and feed segment according to IBIS, has been the fastest-growing publicly listed four-wall retailer over the past decade, achieving a 10% revenue CAGR since 2009. Following on the heels of 4.3% comp sales growth in Q1, TSC is forecasting 20%-25% comp sales growth in Q2.

In the deep discount segment, Dollar General, which skews toward a heavier rural footprint than its primary competitor, has demonstrated a similar trend, growing at a 9.4% revenue CAGR over the past decade compared with Dollar Tree’s 6.6% CAGR (adjusted for its 2014 merger with Family Dollar). Similar performance trends have been proven out in the home improvement category with Lowe’s (skews rural) vs. Home Depot (skews urban).

It is too soon to tell with certainty if COVID-driven urban flight will permanently alter population migration trends, but rural retailers can continue to grow with a prudent strategy focusing on localized merchandising, superior customer service, and structural cost advantages. Much of the rural retail customer base is comprised of “hobby farmers” and lifestyle enthusiasts who value knowledgeable customer service associates and rely on them for product guidance. According to Census Bureau data, approximately 58 million people are living in rural communities while there are only approximately 2 million working farms. According to the USDA, U.S. farm households have a median household income approximately 15% higher than the country as a whole. With lower costs of living, rural consumers have meaningfully higher discretionary purchasing power.

What’s Next?

We expect growth trends in the rural retail category to accelerate in a post-COVID-19 world. Rural retailers are poised to benefit from macro trends supporting the expansion of remote working environments and remote education, which have both been accelerated by the onset of COVID and quarantine measures adopted in response to it. Many city dwellers are beginning to see the appeal of exurban and rural lifestyles, and more large corporate employers are permanently granting their employees remote working flexibility. While we do not forecast a return to the Jeffersonian ideal of an agrarian nation of citizen farmers, we do expect a material shift in population dispersion favoring lower-density communities in rural areas.

Despite the favorable demographic outlook, rural retail is not immune to competitive challenges, and operators will need to reinvest in their companies to remain competitive over the long haul.

The broad secular shift toward e-commerce and its negative impact on traditional urban and suburban retail environments have been well-documented long before anyone had ever heard of COVID-19—we all know the story of malls and department stores falling out of favor as consumers shop online from the comfort of their own homes. Shelter-in-place orders and mandatory store closures brought on by the pandemic have only turbocharged these trends.

Fortunately for rural retailers, internet penetration and usage within rural populations have historically lagged urban communities, providing a real “moat” to the business model; however, rural internet usage is beginning to reach parity with urban usage and consumer shopping behavior will continue its inexorable march online. As former urbanites flock to rural areas, they will bring their existing shopping habits with them.

Additionally, widely dispersed populations present major logistical and profitability challenges for speedy e-commerce fulfillment, giving physical retailers with product on their shelves an opening to win business in smaller communities. However, ongoing investments in logistics and fulfillment technologies (driven in large part by Amazon and Walmart) will lower the profitability hurdles associated with serving rural communities.

Rural retailers must develop and implement effective omnichannel strategies and the associated technologies necessary to support those strategies with digital marketing, integrated inventory management, online purchasing, and fulfillment capabilities, including buy-online, pick-up in-store (BOPIS).

Independents and regional chains comprise 50% of the farm and feed retail segment. Most of these businesses remain locally owned by families and founders. Consolidation is going to be necessary to compete and gain scale. Companies will need to be capitalized appropriately to roll-up competitors and keep up with the digital expectations of customers. For all the foregoing reasons, we anticipate a wave of investment in the sector as rural retail becomes the next frontier for retail industry investing.

What’s Your Why?

We seek to help our clients find the capital provider partner with whom they have the most chemistry, the best alignment, and the same values. We maintain a constant dialogue with institutional investors focused on retail business models—we know how they think, and we know who will be the best fit for our clients’ specific goals. Scaling a business is hard, and unanticipated events like COVID-19 provide a perfect example of why choosing the right partner is critical. To us, there is a great sense of pride when we can align partners who share the same vision to create a business success.


About the Authors

James Cartales, Managing Director, Consumer & Retail
James is a  Managing Director in Cascadia’s Consumer & Retail practice. In this role, he focuses on advising branded consumer companies on mergers and acquisitions, recapitalizations, and private placements. As a founding member of the firm’s Consumer & Retail practice, he has been closely involved with the execution of most of the firm’s marquee branded transactions. Throughout his career, he has completed over 35 transactions. He has a particular focus on the intersection of consumer products and services and the evolving retail channels by which they are marketed and sold. Read James’ full bio here.

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Cascadia Capital, an investment bank serving middle market clients globally, today announced it acted as the exclusive financial advisor to home-grown coffee company, Campos, in acquisition by Dutch beverages giant JDE Peet’s.

Campos Coffee, founded by Will Young in 2002, is a specialty coffee leader in Australia, available in over 600 cafés and present in multiple channels including direct-to-consumer, retail, and its own flagship cafés. Over the last 20 years, the Campos team has built a strong and growing business which complements JDE Peet’s Australian coffee division in both the out-of-home and retail segments.

​​​​​​​​With JDE Peet’s acquisition, Campos will join a range of other high-profile specialty coffee and tea brands. JDE Peet’s will manage Campos as a standalone enterprise within its portfolio with a goal to continue growing the business.

“We are incredibly proud of what we have achieved from our humble beginnings on the streets of Newtown in Sydney,” said Mr. Young. “The transaction will enable the Campos brand to further unlock its true potential. JDE Peet’s has become Australia’s leading pure-play coffee business by respecting the heritage and uniqueness of local coffee brands. We are confident that Campos can and will continue to grow under their stewardship by continuing to focus on what made us Australia’s number one specialty coffee brand - high-quality coffee and great service to our café partners.”

“JDE Peet’s was an ideal acquirer for Campos,” added Erik Einwalter, Managing Director at Cascadia Capital. “Campos is the preeminent specialty coffee brand in Australia that boasts a loyal wholesale café network and rapidly growing packaged coffee offering.”

The acquisition represents another successful transaction for Cascadia in the food and beverage sector, representing the seventh branded food and beverage deal in the last year, and its third in the coffee sector.

For more information about this transaction, please contact:

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

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

Nicole Nugent
Managing Director
nfry@cascadiacapital.com
(323) 486-8121

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

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 its client Air Waves, a market-leading design and technology driven print-on demand (“POD”) apparel company serving e-commerce customers, has been acquired by Hybrid Apparel, a portfolio company of Altamont Capital Partners. Cascadia acted as the exclusive financial advisor to Air Waves in the transaction.

Air Waves was founded in 1981 as a traditional contract screen printer. CEO Kyle Kantner acquired Air Waves in 2009 and transformed the business into a tech-enabled e-commerce leader with full-service, integrated print-on-demand and drop-shipping, leading design capabilities, and advanced technology integrations. In addition to its native retailer integrations, Air Waves also offers a Shopify App (Air Waves: Print on Demand) that provides a full-service apparel solution for content creators and social media influencers to commercialize their own brands with end-to-end production support from Air Waves.

Hybrid Apparel is a full-service design, development, sourcing, production and apparel distribution company, with expertise in customer delivery and service across a wide range of apparel categories and geographies. As the industry leader in brand and licensing management, Hybrid supports the best global and national brands as well as global licensed properties across media and entertainment, music, gaming, food & beverage, auto, lifestyle and more. Hybrid is a proud vendor to many of the largest apparel retailers in the United Sates.

The partnership between Hybrid Apparel and Air Waves marks the beginning of a very exciting chapter for both companies, as it creates one of the largest omnichannel wholesalers of licensed, branded and private label apparel. The combined company provides best-in-class support to major national apparel chains across all channels, supporting both in-store and inventory-light e-commerce merchandising.

“Air Waves is a best-in-class digital print on demand and e-commerce technology provider and has developed a market leading set of supply chain solutions and capabilities. We are beyond excited to bring POD to all our customers,” said Hybrid Apparel’s CEO Bill Hutchison. “When you combine best-in-class creative and content with exceptional technology and infrastructure capabilities, you unlock a lot more opportunity for our collective retail, license and lifestyle brand partners. We look forward to continuing to build our industry leading global platform with Air Waves.”

“We have seen tremendous growth at Air Waves in recent years as online demand has soared and customers have recognized the value of our efficient on-demand digital solution. I’m really proud of our team who has helped build Air Waves into the scalable digital platform that it is today. We are ready for the next chapter of accelerated growth with our new partner, Hybrid,” said Mr. Kantner. ”Cascadia was invaluable in putting together a creative transaction that meets the needs of all stakeholders and positions the combined businesses perfectly in a rapidly changing market.”

”The apparel market shifted permanently during the COVID-19 pandemic as ecommerce penetration accelerated dramatically,” said James Cartales, Cascadia Senior Vice President, commenting on the transaction. “As consumer purchasing behaviors stabilize at the ‘new normal,’ apparel retailers need suppliers that can effectively service all of their channels in a cohesive manner that maximizes revenue potential both in-store and online. The combined Hybrid/Air Waves business is uniquely-positioned as a best-of-breed apparel company that fits this mold and raises the bar for the whole industry.”

For more information about this transaction, please contact:

James Cartales
Senior Vice President
jcartales@cascadiacapital.com
(206) 436-2526

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

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Cascadia Capital, an investment bank serving middle market clients globally, today announced it acted as the exclusive financial advisor to Superfeet, the global insole industry leader and innovator, in partnership with private equity firm, Westward Partners. Effective immediately, Seattle-based Westward assumes majority ownership in this fast-growing industry stalwart. This acquisition will set Superfeet up for accelerated growth and bring the brand closer to its mission of being the life-changing shape under every foot.

For more than 40 years, Pacific Northwest-based Superfeet has been creating innovative insoles featuring the Superfeet® shape, helping millions of people worldwide experience unparalleled comfort, pain relief and performance. Today, through the latest advancements in 3D-printing technology, Superfeet is breaking down barriers associated with custom products by providing easier access to state-of-the-art personalized fit. Superfeet gives 1% of sales and countless volunteer hours to help others shape a strong foundation for a healthy future.

Westward Partners and Superfeet are a natural fit. The private equity firm exclusively invests in Northwest companies with strong performance records, clear vision and proven leadership teams. As long-time fans of Superfeet products they embrace the industry leading biomechanics, product, innovation, technology, and people first mindset which is core to the Superfeet DNA. Westward and the Superfeet teams will leverage each other’s strengths to expand the availability of the Superfeet shape and personalization technology to more people via current and new distribution channels.

“Since 1977 our mission at Superfeet has been to help as many people as possible by making life-changing products and building a culture where people come first. With the Westward acquisition our people win, and the brand wins,” states John Rauvola, CEO of Superfeet. “Cascadia was the perfect advisor to help us find the partner that will continue and help accelerate that mission.”

“Superfeet is one of the most iconic stories in the outdoor sector and in the Pacific Northwest,” said Erik Einwalter, Managing Director at Cascadia Capital. “They have a unique business that sits at the intersection of performance and medical with a cult following that rivals best-in-class brands.”

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

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

James Cartales
Senior Vice President
jcartales@cascadiacapital.com
(206) 436-2549

John Gulvezan
Vice President
jgulvezan@cascadiacapital.com
(206) 436-2526

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The Consumer, Retail & Ecommerce group has extensive industry knowledge and investment banking experience delivering M&A and capital raising services to our clients. Our team has a deep understanding of the underlying consumer trends driving disruptive change in our core sectors of focus. We are in constant dialogue with active strategic and financial buyers and investors in the consumer sector, providing us with the ability to best position our clients for an optimal outcome.

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