Cascadia Capital, an investment bank serving middle market clients globally, announced it acted as the exclusive financial advisor to More Than Gourmet Holdings, Inc. (“MTG”), a leading producer of bone broths and stocks in its majority interest sale of 50.1% to Ajinomoto Co., Inc. (TYO:2802), a global Japanese food products producer listed on the Tokyo Stock Exchange.
Based in Akron, Ohio, MTG has gained the reputation of producing clean, flavorful, and culinary-grade bone broths, stocks, and sauces and offers a broad product portfolio of branded and private label products throughout multiple channels including retailer, foodservice, and food manufacturers. The Company produces stock and broth concentrate ingredients for a wide variety of customers including Kettle & Fire, Wegmans, Blue Apron, Capital Grill, and TreeHouse Foods.
“MTG is in the center of the bone broth movement as one of the few companies offering a full solution of capabilities from manufacturing of ingredients to packaging. As bone broth has become a leading consumer trend with collagen, high protein, and low carb healthy attributes, the demand for products from quality manufacturers such as MTG will continue. The partnership with Ajinomoto is a win-win situation for MTG and will greatly help the Company scale manufacturing and become a global player,” explained George Sent, the Cascadia Managing Director responsible for this transaction.
“We are excited to partner with Ajinomoto and work together to grow MTG to be the leader of bone based liquid ingredients across numerous channels,” stated Brad Sacks, MTG’s CEO and shareholder. “The Cascadia team was a tremendous partner to us during this transaction. Their patience and resilience proved to be invaluable in the process and structured an optimal transaction that exceeded my and the Company’s desires.”
For more information about this transaction, please contact the Cascadia Capital deal team: