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.
This acquisition represents another successful transaction for Cascadia in the ingredients and distribution sectors. Past transactions include: