Cascadia Capital’s Summer 2022 Newsletter

Heading into 2022, we were focused on the boom in growth and activity creating a long-lasting supercycle thanks to five key factors aligning— stability, availability of capital, investor and buyer willingness to accept risk, technology transition and innovation, and low interest rates. What happened to that supercycle in the first
half of 2022?

In our Summer Newsletter, we explore key factors fueling the current market dynamics and share four possible outcomes for the second half of the year. We also take a closer look at how the downturn is impacting Cascadia’s clients, with perspectives provided from our industry bankers.

Download Cascadia Capital’s Summer 2022 Newsletter

NEWSLETTER HIGHLIGHTS

  • We expect rising interest rates will push the U.S. economy into a recession, leading to a healthy tightening of the market.
  • Deal activity is still robust, but buyer and investor scrutiny has intensified while astronomic prices have muted.
  • PE buyers are more likely to close than strategic buyers given the volatility of public markets.
  • Business owners contemplating selling need to go to market in the next quarter or run the risk of owning their business for another three-to-five years.

Our Cascadia team is committed to helping entrepreneur- and family-owned businesses, investors and advisors navigate these choppy waters and make the best decisions to create value. We continue to be optimistic about the prospects for quality companies and look forward to sharing another update with you this fall.

Cascadia Capital Advises Seattle Reproductive Medicine in Acquisition by Pinnacle Fertility

Cascadia Capital, an investment bank serving middle market clients globally, today announced it acted as the exclusive financial advisor to Seattle Reproductive Medicine (SRM), a leading fertility center headquartered in Seattle, Washington, as they join the Pinnacle Fertility (Pinnacle) network of high-performing family building centers.

For nearly two decades, SRM has helped grow families with comprehensive, expert fertility care. As a center of excellence, SRM brings a special blend of medical expertise, pioneering technology, and a large team including fourteen board-certified physicians, twelve eadvanced registered nurse practitioners, and six practice locations to the Pinnacle network.

“We were honored to work with the team at SRM, a well-recognized regional leader in fertility,” noted Kevin Cable, Cascadia Capital Managing Director. “SRM’s unique platform drove significant interest from potential partners. It was a true testament to the quality of the practice they have built.”

“We are very excited and extremely honored to bring SRM into our organization as they provide an expansive and well-regarded fertility care program to patients as well as the entire Pinnacle network,” states Andrew Mintz, CEO of Pinnacle Fertility, “By expanding our footprint in the Pacific Northwest and welcoming this distinguished team, we are deepening our commitment to leadership, collaboration, and providing the best reproductive care possible to our patients.”

Pinnacle Fertility is the nation’s fastest-growing physician-centered fertility care network, offering fertility-focused practices a platform for collaboration amongst physicians and medical leaders. Pinnacle’s patient-first approach and passion for excellence continues to set the standard in fertility care.

“We considered the opportunity to join the Pinnacle Fertility network thoroughly and felt it was the best path forward for our organization and the patients we support,” adds Dr. Paul Dudley, a leading physician at SRM. “For our patients, the care we provide remains the same high-touch experience we are known for. For our team members, we have a new opportunity to collaborate with medical thought leaders across the nation, access more resources and leading technology, and continue to grow in our field of healthcare. This all directly expands our mission to provide thoughtful, compassionate, and patient-focused fertility care, and that feels good!”

“We are thrilled to leverage the benefits of being a part of a larger network of clinics that celebrates physician leadership, fosters collaboration, offers excellence in medicine and champions success for patients across its programs,” says Dr. Nancy Klein, a founding partner and physician at SRM. “Pinnacle creates more opportunities for patients to access the best reproductive care possible and understands the meaningful work we do every day to help make dreams of building a family possible.”

Cascadia has become a key advisor to clinics and doctors interested in exploring or taking advantage of the increased transaction activity in the reproductive health sector, having advised seven fertility clients in the last twenty four months.

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

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

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

Or other senior members of Cascadia’s Healthcare investment banking team:

Adam Stormoen
Managing Director
astormoen@cascadiacapital.com
(612) 720-8136

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

Cascadia Capital Advises Bulletin, Inc. in Acquisition by Emerald Holding, Inc.

Emerald Holding, Inc. (NYSE: EEX), the owner and organizer of NY NOW®, the wholesale market for retail where brands, buyers, and designers gather to connect and discover, today announced the acquisition of Bulletin Inc, a wholesale marketplace connecting over 3,000 independent brands with over 26,000 retailers. Cascadia Capital served as the exclusive financial advisor to Bulletin.

The acquisition of Bulletin will elevate the experience for wholesale buyers to discover a broader array of innovative brands and makers via a fusion of in-person and e-commerce offerings, creating a 24/7 platform for brands and retailers to connect and transact with each other. Further, the merger will infuse the iconic NY NOW Gift and Home Show with Bulletin’s entrepreneurial spirit, industry expertise and extensive customer base of brands and retailers. The union of these two platforms will provide small businesses access to a solution that allows them to fuel innovation and design and provide buyers with year-round inspiration and discovery.

“NY NOW is experiencing a period of transformation and revival,” said Karalynn Sprouse, EVP, Emerald. “The combination of Bulletin and NY NOW not only provides us with a dynamic platform that delivers year-round discovery and engagement, but Alana, Ali, and the Bulletin team’s thought leadership, forward-looking perspectives, and extensive network of makers, designers, influencers, and media will serve as new pathways of expression and creativity. In addition, this union reconfirms our unwavering commitment to NY NOW, especially as our 100th anniversary of being the preeminent resource for the Gift and Home industry grows near.”

“We see a massive opportunity to combine the efficiencies of our leading digital platform with the pure magic of an iconic in-person event,” says Alana Branston, Bulletin’s CEO and Co-founder. “During the pandemic, our industry lost a lot of its humanity, despite the explosion of wholesale e-commerce, and became very transaction-driven and impersonal. Because of this, it’s grown harder for brands and buyers to broker real, enduring relationships. So, we’re excited to rethink and revamp NY NOW’s format, programming, and positioning to guarantee an in-person show that puts those relationships front-and-center, underpinned by transactions and commerce at the event and year-round. It’s exactly what our customers have been asking for.”

“Alana and Ali experienced the archaic and fragmented wholesale ecosystem first-hand as a retailer and successfully created a vertically integrated and centralized technology platform connecting retailers and brands. By joining the Emerald platform, Bulletin will continue to drive significant value at greater scale,” said Teague Collins, Managing Director at Cascadia Capital.

The Bulletin marketplace supports independent brands like Piecework Puzzles, Apotheke, Golde, Kitsch and Brightland, and powers wholesale discovery and order management for innovative online-only retailers like Fast AF and social shopping app Flip, as well as a diverse pool of brick-and-mortar stores like Prelude & Dawn, Onatah General Store, the Hammer Museum in Los Angeles, Friends NYC, and thousands more.

“Cascadia understood the value of our business and their deep expertise in B2B retail/ecommerce technology allowed them to provide valuable advice and experience in navigating a complex transaction,” said Ali Kriegsman, Bulletin’s Co-founder.

The acquisition represents another successful transaction for Cascadia in the retail & commerce technology sector. Past transactions include the acquisition of Style Genome by Wayfair and Goldman Sachs’ Series C investment in Perfect Corp.

For more information about this transaction, please contact:

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

Cascadia Capital Advises Green River Spirits Company in Sale to Bardstown Bourbon Company

Green River Spirits Company, a leading contract distiller and bottler of premium Green River Kentucky Straight Bourbon as well as a premier bottling partner enabled by TerrePURE technology, has been acquired by the Bardstown Bourbon Company. The transaction will forge together two leading Kentucky bourbon producers into a strong, independent spirits company with a commitment to Kentucky whiskey. Cascadia Capital served as the exclusive financial advisor to Green River Spirits.

Distilling more than 90,000 barrels for its own brands and partners, Green River Spirits is one of the oldest and largest producers of Kentucky bourbon and rye whiskey in the country. In addition to its whiskey production and bottling facility in Owensboro, Kentucky, the Company’s Charleston, South Carolina facility supports a vibrant contract business, bottling on behalf of leading partner brands.

Bardstown Bourbon Company is a leading distilled spirits producers in the country, distilling more than seven million proof gallons of whiskey annually. As a complement to its innovative contract distilling capabilities, Bardstown Bourbon Company has steadily built its own brand through its award-winning Discovery, Fusion and Collaborative Series.

The addition of Green River Spirits Company adds both the Green River brand and two production sites, positioning the combined business for continued growth in Kentucky whiskey and custom distillation. For bourbon drinkers and visitors, bringing together the historic legacy of Green River and the modern bourbon experience at Bardstown Bourbon Company provides an enticing and distinguished selection of Kentucky whiskey.

“Green River Spirits has a tremendous story, starting as a technology company serving the industry to then transforming the 10th oldest operating distillery in Kentucky into a world class distillery to serve a gap in the market” said Erik Einwalter, Managing Director at Cascadia Capital “The combination of both businesses creates the foremost contract bourbon producer with leading branded offerings across price points.”

The acquisition represents another successful transaction for Cascadia in the food & beverage sector, which has grown to be the second most active practice in industry league tables.

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
thomas@cascadiacapital.com
(206) 436-2582

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

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

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

Analyzing Alternatives to China in Shoring Up Snarled Supply Chains

While “Made in China” stamps have ubiquitously appeared on goods sold in the U.S. for decades, continued waves of COVID lockdowns and recent political instability have forced companies to take a step back and re-evaluate China’s role in their supply chains.

Prior to the COVID pandemic, the pressure was already mounting in Chinese offshoring through significant wage increases, higher transport costs, quality control issues, and intellectual property theft. But the foundational issues were revealed in early 2020, as the sudden onset of COVID saw many manufacturing and supplier operations in China slow down and eventually flatline. Suddenly, American companies were left with extreme supply chain dislocation and no foreseeable return to normalized production in sight.

Just as COVID brought supply chain fragility under fire, the war in Ukraine and an increased consumer focus on sustainable materials and ethical production turned up the heat. In our ongoing dialogue with business owners, management teams, and investors, four primary reshoring or “China Plus One” alternatives have emerged, all with unique pros and cons.

Neighboring Nations: Southeast Asia

For companies deeply entrenched in China, relocating aspects of production to nearby nations in Southeast Asia may seem like a reasonable choice. Venturing into the ASEAN region—which includes Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam¬—means working inside a middle-class consumer base of about 135 million, an additional 30% compared to the Chinese middle-class market. The recent trade war between the U.S. and China has prompted these countries to introduce a series of new policies designed to bring foreign investment into the ASEAN region. Trade and tax incentives also make this an appealing choice depending on a company’s existing setup—ASEAN has free trade agreements with China, India, Japan, South Korea, and New Zealand. This would make it possible to set up a manufacturing presence in one of the previously mentioned countries and export products back to the U.S. (1)

Bordering Southeast Asia, India presents another alternative. For example, one of our former clients optimized costs by moving a portion of its production from China to India and shipping products to the east coast of the U.S. rather than the west coast.

Closer to Home: South America

For U.S. companies looking to bring manufacturing efforts a little closer to home, South America presents a potentially viable choice—and has even seen policy momentum in the U.S. Congress as of late. The Latin American Nearshoring Act, drafted by Congressman Mark Green of Tenn., attempts to bring economic change by pushing for a nearshoring movement in South America. Colombia, Chile, Panama, and Costa Rica have emerged as a core group of challengers for nearshoring, thanks to existing technological infrastructure and close political relationships with the U.S.

However, region-wide political turbulence is South America’s biggest challenge in the push for nearshoring. With protests, feuds, and lax COVID policies abound, it seems that political stability is a necessary hurdle to clear before companies can confidently and meaningfully invest in this region for the long term.

Trade Agreements Mean Movement in Mexico

Mexico not only maintains the status of the U.S.’ top goods trading partner, but key negotiation of the United States-Mexico-Canada Agreement replacing the North American Free Trade Agreement has driven elevated production in the country.

However, companies have been somewhat hesitant to nearshore to Mexico as border traffic in years past has resulted in significant delays in getting products out of the country. Although the Biden administration has worked to repair relations with Mexico following a tumultuous period under President Trump, tensions such as labor rights, the energy sector, climate change, and investor protections still exist. Lastly, maquiladoras—low-cost factories in Mexico owned by foreign corporations—present cheaper labor alternatives and tax advantages for those who qualify but have come under fire from consumers for labor exploitation and paying workers below the poverty line. (2)

Made in the USA

Prior to COVID, companies including H.P., Samsung, Sony, GoPro, Under Armor, and Nike quietly moved out of China, encouraged by Trump’s “America First” policy. When COVID brought global supply chains under the microscope, companies expedited the process of bringing their production as close to their end-users as possible. Brands like Stanley Black & Decker, Hasbro, and Intel have recently relocated, ending decade-long stints in China. (3)

However, it was not long before companies ran headfirst into a massive roadblock—the American workforce shortage. Local restaurants and retailers were not the only victims of COVID-induced labor issues—many prominent multinational companies have closed domestic locations heavily reliant on labor or looked outside of the U.S. to augment operations. Although the idea of bringing production home rings ideal from a logistical and public relations perspective, human resources realities present an almost insurmountable obstacle. In light of this, many businesses are making new long-term investments into automation, and the concept of robotics and a technology-augmented labor force are making reshoring to the U.S. more feasible every day.

Implications in a Transaction Environment

While supply chain dislocation and reorganization have far-reaching and immediate impacts on a company’s operations, employees, suppliers, and customers, companies considering an M&A event or capital raise must also keep the implications for those efforts in mind. Business leaders today are faced with the challenge of developing a broad, diverse supply chain with redundancies that can withstand disruption while also avoiding overly complex and widespread supply chains that can expose them to global risks.

In our recent experience, when investors and buyers evaluate a business and its potential risks, extra diligence scrutiny is placed on companies relying on one international operation or materials source. Suppose a company sources 100% of its raw materials from—or manufactures 100% of its products in—a single foreign country. In that case, investors become concerned with the binary risk that disruption in that market could freeze the company’s ability to do business. On the other hand, companies with a combination of domestic and multinational sourcing and manufacturing tend to be viewed more favorably.

Another added benefit for companies that have successfully opened operations in a new market—they may be more attractive to larger strategic acquirers who have been considering how to implement a similar strategy or have been unsuccessful in operating in that new market. These companies are viewed as more robust platforms for growth, with more reliable supply chains and the ability to optimize component manufacturing based on each region’s core competencies and cost structure.

Looking Toward an Innovative Future

COVID prompted management teams across nearly every sector to address weak points within their supply chains and reconsider how far their materials sourcing and production efforts had spread across the world. Although Southeast Asia, South America, Mexico, and the United States all present pros and cons of their own, the future seems to lie in a blend of regionalization and leveraging the workforce in neighboring countries to compensate for the labor shortage in the U.S., at least until robotics and automation solutions can advance sufficiently to alleviate that constraint.

There is no “one supply chain fits all” solution—the best fit for your company truly lies in your particular supply chain infrastructure challenges and nuances. Our team is active in ongoing discussions with business owners, management teams, and investors weighing these options regularly, and we are happy to lend our insights as you evaluate your next move—wherever it may take you.

 


(1) https://www.china-briefing.com/news/alternatives-china-manufacturing-capacity-op-ed/
(2) https://www.investopedia.com/terms/m/maquiladora.asp#toc-maquiladoras-and-labor-exploitation
(3) https://www.industryweek.com/supply-chain/article/21241083/extended-supply-chains-are-going-away-what-comes-next

Cascadia Capital Advises The F.L. Emmert Company on Sale to Wilbur-Ellis Nutrition

Cascadia Capital, an investment bank serving middle-market clients globally, today announced that its client The F.L. Emmert Company (“Emmert” or the “Company”), a leading manufacturer and marketer of advanced nutritional solutions for the pet and livestock industries, has been acquired by Wilbur-Ellis Nutrition part of the Wilbur-Ellis companies, an international marketer, distributor and manufacturer of agricultural products, animal nutrients, specialty chemicals and ingredients. Cascadia served as the exclusive financial advisor to Emmert.

“Emmert represents the life work of our family across multiple generations,” said Carol Rod, Owner of Emmert. “While the sale of our business closes one chapter, it is also a new beginning. The idea that our science and innovation may reach a much broader audience brings our family satisfaction. We are grateful to be putting our family legacy in the hands of another highly regarded family business. Cascadia was an excellent partner in this journey.”

Emmert is a 140-year-old, family-owned company with manufacturing operations in Cincinnati, Ohio, and 35-plus employees. The Company has a proven track record in animal nutrition, delivering the right balance of brewer’s yeast, protein, vitamins, and essential amino acids to support companion animal and livestock health. As a value-added processor in the expanding U.S. and global markets, Emmert is well-known as an innovator with strong research and development capability.

“This transaction builds on our established track record of representing companies in both the ingredient sector and the companion animal and livestock end markets,” said Bryan Jaffe, Cascadia Capital Managing Director. “We are very appreciative of the trust the Rod family placed in us to find a home for their family legacy.”

“Increasingly, ingredient companies are playing a valuable role in addressing challenges and unlocking opportunities in the companion and production animal markets,” said Scott Porter, Cascadia Capital Managing Director. “Emmert’s specialized process for drying and enhancing brewer’s yeast to deliver vitality benefits and replace more costly protein content was well rewarded in this transaction. The Company brings to Wilbur-Ellis Nutrition an enviable client roster and product set that will serve a global audience in the future.”

The sale of Emmert represents another successful transaction in agribusiness and companion animal sector for Cascadia Capital and a continued demonstration of our experience in the consumables category.

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

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

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

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

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

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

Cascadia Capital Advises Delicious Brains’ WordPress Plugins Business in Acquisition by WP Engine

Cascadia Capital, an investment bank serving middle market clients globally, today announced it acted as the exclusive financial advisor to Delicious Brains in the acquisition of its WordPress plugins business by WP Engine, a portfolio company of Silverlake.

WP Engine, one of the world’s most trusted WordPress technology companies, has acquired five popular developer-centric tools for WordPress from Delicious Brains, strengthening the company’s offerings for both traditional and headless managed WordPress. The plugins have a total installed base of approximately 4 million users and are widely adopted by WP Engine’s customers. The acquired software includes Advanced Custom Fields (ACF), WP Migrate, WP Offload Media, WP Offload SES, and Better Search Replace.

Delicious Brains Inc was established in 2012 by Founder & CEO Brad Touesnard with the humble goal of building a profitable software company, starting with a pro version of the free WP Migrate plugin. Fast forward to the present and the business has grown to five products and a team of over 20 people across five continents.

Mr. Touesnard wasn’t originally contemplating an exit, until he considered selling the plugin side of the business and maintaining SpinupWP, an app that serves as a cloud-based server control panel. This was a highly attractive option for a serial entrepreneur that wanted to lean into the software company he’d built and loved.

“Cascadia was wonderful to work with from the upfront negotiations, through due diligence and in the final stages,” said Mr.Touesnard. “I would highly recommend Cascadia to entrepreneurs considering options for a future exit of their business.”

“It was a pleasure to work with Brad on this transaction,” added Cascadia Capital Managing Director Matt Riendeau. “I’m glad he will be able to focus his time, energy and attention on SpinupWP. The prospects for that plugin are very bright.”

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

Matt Riendeau
Managing Director
mriendeau@cascadiacapital.com
(206) 436-2568

 

Cascadia Connect Robotics, Automation and AI Conference 2022

Overview

With over 330 registered attendees, more than 25 speakers and panelists, and hundreds of individual meetings and connections made, the 2022 Cascadia Connect Robotics, Automation and AI (“RAAI”) conference in Pittsburgh was over the top!

The Fairmont Pittsburgh was the epicenter of the event which took place from May 2-4, 2022.  We were fortunate to have hosted this gathering in collaboration with Carnegie Mellon University, Innovation Works, and the Pittsburgh Robotics Network – all of whom have been instrumental in the region’s emergence as a hotbed of innovation to date and will continue to be key resources for the greater RAAI community.

We  named our this conference  “Connect” for a reason: to create connections among all of us in the RAAI ecosystem that would start at the Conference and endure after. Connections are what will help our ecosystem grow and evolve, and it was our goal to create an environment that would spur active dialogue and high-value networking for everyone – a goal we believe was achieved!

As can be expected from an event of this caliber, there are many takeaways. Please find below a brief conference recap, conference materials, images from our welcome reception and conference activities, and coverage of the conference by leading RAAI media outlets. Enjoy and see you next year!

Recap & Resources

Panel & Speaker Videos

Event Images

Welcome Reception at Kingfly Spirits – May 2, 2022

Click here to see all images

Cascadia Connect RAAI Conference – May 3, 2022

Click here to see all images

In the News

Read and listen to conference coverage from leading RAAI media outlets:

Listen to Geekwire’s Podcast recorded live at the Cascadia Connect Conference:

More on this episode

 

Listen to Manufacturing Happy Hour Podcast recorded live at the Cascadia Connect Conference:

Part 1 – Focusing on Robotics Clusters & Academia

Part 2 – Focusing on Robotics Investors and Growth Companies

More on these episodes

 

Listen to the Robot Report recapping the Cascadia Connect Conference:

The Robot Report Podcast · Agility Robotics gets a boost from Amazon; The US Alliance of Robotics Clusters is born

 

Read additional coverage and related articles:

‘We’ve literally run out of human beings’: Robots rise in wake of pandemic and labor shortages – Geekwire, April 28th

It’s such a good feeling, a very good feeling, for Pittsburgh to know it didn’t win Amazon HQ2 – Geekwire, April 29th

Four key challenges robots need to overcome to play a bigger role in business and industry – Geekwire, May 2nd

The robots aren’t coming for your jobs –at least according to these AI and robotics leaders – Geekwire, May 3rd

Ag-tech’s heavy lifting: Rock-picking startup among those seeing demand for automation on the farm – Geekwire, May 3rd

Pittsburgh Robotics Network, Silicon Valley Robotics, and MassRobotics Announce Alliance at Cascadia Connect – Robotics 24/7, May 4th

Even with SPACs in sharp decline, this Seattle investment bank remains bullish on finding a robotics target – Geekwire, May 5th

Backed by Amazon and newly public, Aurora accelerates self-driving tech, starting with trucks – Geekwire, May 6th

Robotics CEOs Talk Warehouse Automation at Cascadia Connect – Robotics 24/7, May 6th

Our robot partners: Inside a research lab exploring the future of human-machine collaboration – Geekwire, May 20th

Inside an Amazon robotic sortation center: How automation is changing the ‘middle mile’ – Geekwire, May 23rd

How this Amazon engineering outpost is translating its unique geographic position into growth – Geekwire, May 27th

Thank you to our partners!

 

 

 

Cascadia Capital Advises 626 Imaging Services in Acquisition by Peak Rock Capital

Cascadia Capital, an investment bank serving middle market clients globally, today announced it acted as the exclusive financial advisor to 626 Holdings Equity, LLC (“626” or the “Company”), a leading provider of imaging equipment maintenance services, to Peak Rock Capital (“Peak Rock”), a middle market private equity firm.

Founded in 2012, 626 is a leading provider of imaging equipment services, focused on providing responsive service to outpatient imaging centers, hospitals, and other Independent Service Organizations. 626 is one of the fastest growing third party imaging servicing companies in the U.S. and provides expertise in virtually all medical imaging equipment manufacturers and modalities. Headquartered in Delray Beach, Florida, the Company has built an excellent reputation in the industry for its high-quality, rapid service and national footprint.

“I am incredibly proud of the organization that our team has built, and how our technical expertise and excellent service levels have allowed us to achieve industry-leading growth. I’m excited to add Peak Rock as a partner, as their resources and expertise will support us in further expanding our imaging services platform,”” said Phil Revien, co-founder and Chief Executive Officer of 626. “We are grateful to Cascadia for being a trusted advisor in the formation of this partnership. Their industry expertise and knowledge of the investor landscape proved immensely valuable in this process.”

“This is an excellent outcome for a great client,” added Adam Stormoen, Cascadia Capital Managing Director. “We have a deep focus in the medical equipment service sector and are supporting several additional clients in the space.”

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

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

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

Other senior members of the Cascadia Healthcare team include:

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

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

Michael Madden
Vice President
mmadden@cascadiacapital.com
(206) 436-2588

Cascadia Capital Represents Ardian and MidOcean Partners in Important Ingredients Transaction

Cascadia Capital, an investment bank serving middle market clients globally, today announced it acted as the financial advisor to Ardian and MidOcean Partners, two leading private equity firms, and their portfolio company Florida Food Products (“FFP”) in the acquisition of TBev Natural Ingredients.

FFP identified the opportunity to partner with TBev as the company’s extraction technology is compatible with FFP’s focus on beverage development and innovation.

“We’re proud to be associated with this important transaction in the ingredients sector,” noted George Sent, Cascadia Capital Managing Director. “This continues our focus on playing a meaningful role in the clean label movement within the Food space.”

The acquisition represents another successful transaction for Cascadia in the ingredients sector. Past transactions include Pacific Farms, FruitSmart, More than Gourmet, and Firestone Pacific Foods.

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

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

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

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

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

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