Cascadia Capital, an investment bank serving middle market clients globally, acted as the exclusive financial adviser to Bubbies Homemade Ice Cream & Desserts, Inc. in its sale to Kenex Holdings, a Chicago-based investment holding company.
Founded in 1985 by category pioneer, Keith Robbins, the Aiea, Hawaii-based Bubbies is a premier manufacturer of premium mochi ice cream in the United States with a national and global customer base and an exceptionally loyal consumer following.
As part of the sale, Mr. Robbins will step back from day-to-day operations, while remaining involved with the Company as a brand ambassador, consultant, and minority shareholder.
“I am very excited for the next chapter of the Bubbies story as the Company is well-positioned to continue its strong growth trajectory. I am very grateful to the Cascadia team for their invaluable counsel and assistance in selecting a buyer who is first and foremost committed to maintaining the quality and integrity of the product and the brand, and for seeing the transaction through to a great outcome for all parties,” said Robbins.
“Keith Robbins, ‘Mr. Bubbie,’ is a truly remarkable entrepreneur. He self-funded Bubbies from inception, while transforming the business from Honolulu’s premier ice cream parlor into a manufacturer and distributor of the world’s finest mochi ice cream,” explains Cascadia Managing Director John C. Siegler.
“Keith’s creativity, unique processes, and broad customer relationships have positioned Bubbies for future growth and market penetration under the experienced leadership of the Kenex team. Cascadia is honored to have assisted in the formation of this partnership,” Siegler added.
The Bubbies transaction represents another successful sale of an entrepreneur-led branded consumer business for Cascadia’s consumer team following on the previously-announced 2016 sales of Seattle Cider Company/Two Beers Brewing, Black Bear Diner, and Austin Canoe and Kayak.
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