Cascadia Capital Advises Premier Biotech on its Recapitalization by Align Capital Partners

Cascadia Capital, an investment bank serving middle market clients globally, today announced it acted as the exclusive financial advisor to Premier Biotech (“Premier” or the “Company”), a provider of point-of-care drugs of abuse testing products and laboratory services for customers across workplace, government and behavioral health end markets, to Align Capital Partners (“ACP”), a growth-oriented private equity firm that partners with business owners and management teams.

Founded in 2009 and headquartered in Minneapolis, Minnesota, Premier is a leading provider of point-of-care and rapid drugs of abuse diagnostic testing devices supported by an accredited laboratory. The Company’s products and corresponding laboratory services are used in the workplace (hiring and safety applications), government (child and family services, criminal justice, corrections and DOT applications) and clinical (medication monitoring) segments. The Company is differentiated by its ability to provide accurate, cost-effective drug testing at the point-of-care with rapid results that enable faster and more informed decision making. As an R&D focused organization, Premier has been at the forefront of the drugs of abuse testing industry and strives to be the leader in bringing new tests and cutting-edge technology to market.

“The entire Premier Biotech team and I are elated about our partnership with the ACP team. They value our history of innovation and market leadership in the drugs of abuse testing market and bring resources to help us scale the organization to capitalize on the tremendous growth opportunity in front of the business,” said CEO Todd Bailey.

“As the point-of-care drugs of abuse testing space evolves, Premier Biotech will continue to drive growth through the team’s broad expertise, the Company’s differentiated, tech-enabled offering, and its new products in development. Todd and the team have found a compelling partner and we look forward to their collective future success,” said Adam Stormoen, Managing Director and Head of Medical Devices & Products coverage at Cascadia Capital. “We are pleased to have delivered another successful outcome in the Medical Devices market and look forward to continuing to support clients in the space.”

The recapitalization represents another successful transaction for Cascadia’s healthcare team, and another great outcome for a client in the Medical Devices & Products sector following the recent sale of Summit Imaging to RSA, a portfolio company of Sheridan Capital Partners.

For more information about this transaction, please contact:

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

Other senior members of the Cascadia Healthcare team include:

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

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

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

Cascadia Capital Finalizes Strategic Growth Investment from Atlas Merchant Capital

We are excited to share that Cascadia Capital’s strategic growth equity investment from an investment fund affiliated with Atlas Merchant Capital LLC has officially closed following routine regulatory approval. With the additional resources from the investment and the Atlas team’s support, Cascadia will continue its geographic, product, team, multi-industry, and sponsor coverage growth nationwide.

Cascadia Co-Founder, Chairman & CEO Michael Butler and Co-Founder & Managing Director Kevin Cable sat down with Atlas Founding Partner & CEO Bob Diamond to discuss how the investment is already adding exciting momentum to the firm’s growth, client services, and team expansion plans.

Read the Full Press Release Here

To speak with our team or learn more about how this partnership will further enable us to achieve successful outcomes for the businesses and capital providers we serve, please reach out.

 

Cascadia Capital Capital Opens Austin Office Led by CEO Michael Butler

Expanding Cascadia’s industry expertise, product offerings and financial sponsor coverage to Texas and beyond

Cascadia Capital, one of the nation’s most active independent middle-market investment banks, today announced the opening of a new office in Austin, Texas, marking the firm’s fifth office in the U.S., alongside Seattle, Los Angeles, Minneapolis, and Nashville. Cascadia Chairman and CEO, Michael Butler, has relocated to Austin to build and lead the new location. The firm expects to recruit and hire aggressively from the incredible pool of local talent and individuals seeking to relocate.

“Austin – and the broader Dallas, Houston, San Antonio corridor – is an innovative and fast-growing region, home to and continually attracting young talent, seasoned entrepreneurs, growth businesses, investors and Fortune 500 companies,” said Butler. “We see a very unique opportunity in Austin, as the epicenter of four large, growing markets in Texas, to fill a gap in the robust ecosystem of business advisors and service providers, and bring our independent and flexible middle market advisory services to bear for the benefit of our clients and partners throughout Texas and the greater Southwest.”

Cascadia offers family business owners, entrepreneurs, private equity, family offices and other institutional investors a variety of services from valuation and fairness opinions to equity and debt capital raising, to both buyside and sellside M&A and recapitalizations. The firm provides sub-sector nuanced guidance across industries, including Business Services; Consumer & Retail; Energy Transition & Climate Tech; Food, Beverage & Agribusiness; Healthcare; Industrials; Robotics, Automation & Artificial Intelligence; and Technology.

With clients and partners throughout the U.S. and around the world, Cascadia has a strong and growing presence in key strategic markets. Establishing the Austin office underscores the firm’s strategy to focus on fast growing markets, expand and enhance the Cascadia team and product offerings, increase collaboration and deal flow with financial sponsors, and ultimately deliver the most impactful client experience to business owners and investors.

“We are thrilled to join the vibrant community of Austin,” added Butler. “This is a natural continuation of Cascadia’s tremendous growth trajectory and an opportunity to meaningfully enhance our platform by expanding our geographic footprint and client coverage.”

This is one of several growth announcements the firm intends to make in the coming months. In September, Cascadia announced that it had reached a definitive agreement to secure a strategic growth equity investment from an investment fund affiliated with Atlas Merchant Capital LLC. With additional resources from the investment and the Atlas team’s support, Cascadia will continue its geographic, team, product, industry and sponsor coverage growth nationwide.

Cascadia Capital Advises Pixlee TurnTo in its Acquisition by Emplifi

Cascadia Capital, an investment bank serving middle market clients globally, today announced it acted as the exclusive financial advisor to Pixlee TurnTo, a US-based industry-leading provider of user-generated content (UGC), ratings and reviews, and influencer marketing solutions, in its acquisition by Emplifi, a leading unified customer experience platform and a portfolio company of Audax Group.

Pixlee TurnTo’s leading-edge, customer-powered solutions give brands the tools they need to leverage authentic customer stories to help drive sales and build community – cost-effectively and at scale. Emplifi will incorporate Pixlee TurnTo’s capabilities across its social marketing, social commerce and customer care workflows as part of its unified CX Cloud platform.

Today more than ever, purchasing decisions are influenced more by social proof and community content than traditional media. Authentic customer stories told through UGC, ratings & reviews, and social media influencers impact customer decisions with 70% considering UGC or reviews before making a purchase. At the same time marketing and ecommerce departments are stretched with budget and resources. Leveraging UGC presents a cost-effective, efficient source of content, while also amplifying the voices of a brand’s most powerful advocates, its customers. Brands turn to Pixlee TurnTo’s solutions to easily identify the right UGC content, surface highlights from positive reviews, and identify influencers to inspire and educate their digital audiences while delivering deeper engagement, higher conversion rates, and increased loyalty.

“Today marks an important milestone for Pixlee TurnTo, as we become part of the Emplifi family,” said Kyle Wong, Chairman and Co-Founder, Pixlee TurnTo. “Our vision has always been to enable community-driven brands to create outstanding experiences for their customers, and we are proud to have joined forces with a company who will enable us to take that vision even further.”

“Cascadia’s deep industry expertise helped us achieve a great outcome by effectively telling our story to the market. We are excited about the opportunities ahead as we accelerate growth and continue to serve brands by leveraging authentic customer stories,” added George Eberstadt, CEO and Co-Founder, Pixlee TurnTo.

“As two respective industry leaders in social & customer community content, Pixlee and TurnTo proved to be agile and nimble through their successful merger in 2021, recognizing a trend in industry consolidation. Now in 2022 after successfully integrating, they have decided to join forces with Emplifi to help take their product to the next level,” said Teague Collins, Managing Director, Cascadia Capital.

Pixlee TurnTo, which is headquartered in San Francisco, has over 90 employees and more than 1,000 customers including GNC, Alo Yoga, Tumi, Carnival Cruise Lines and Kimpton Hotels & Restaurants.

This acquisition represents another successful transaction for Cascadia in the sales & marketing sector. Past transactions include Ballast Point Venture’s investment in Keen Decision Systems and the sale of Influenster to Bazaarvoice.

For more information about this transaction, please contact:

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

Cascadia Capital Advises Summit Imaging on its Acquisition by RS&A, a portfolio company of Sheridan Capital Partners

Cascadia Capital, an investment bank serving middle market clients globally, today announced it acted as the exclusive financial advisor to Summit Imaging, Inc. (“Summit”), a technology enabled service organization that focuses on repairs and services for ultrasound and mammography imaging equipment, in its acquisition by RS&A, LLC (“RSA”), a portfolio company of Sheridan Capital Partners, a healthcare focused private equity firm.

Founded in 2006, Summit is a tech-enabled provider of medical imaging equipment repair, refurbishment, and exchange services to healthcare facilities, independent service organizations, and OEMs across North America, primarily focused on ultrasound and mammography. Summit’s deep industry expertise, technical capabilities, and proprietary software solutions perfectly complement RSA’s existing service offering and will augment their collective ability to deliver critical support to their healthcare customers.

RSA is a North Carolina-based medical device independent service provider for radiotherapy equipment, most notably external beam linear accelerators (“LINACs”). Since 1995, RSA has supported the oncology community through equipment life cycle management, maintenance, parts, and removals/installations.

“The entire Summit team and I are elated about our partnership with [CEO] DJ Conrad and the RSA team,” said Larry Nguyen, the Founder of Summit, and newly appointed CIO of RSA. “Our teams are fundamentally aligned in our cultural values, our commitment to our clients, and our desire to deliver the highest-quality services in direct support of healthcare providers, and the service community to improve patient care.”

“As the medical equipment service and repair space evolves, Summit Imaging will continue to drive growth through their broad electronic expertise, proprietary software, and tech enabled, differentiated offerings. Larry and the team have found a compelling strategic partner and we look forward to their collective future success,” said Adam Stormoen, Managing Director and Head of Medical Devices at Cascadia Capital. “We are pleased to have delivered another successful outcome in the medical equipment service and repair sector and look forward to continuing to support clients in the space.”

The acquisition represents another successful transaction for Cascadia’s healthcare team, and another great outcome for a client in the medical equipment service, maintenance and repair sector following the recent sale of 626 Holdings to Peak Rock Capital.

For more information about this transaction, please contact:

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

Other senior members of the Cascadia Healthcare team include:

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

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

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

Cascadia Capital Advises The Muse in New Investment

Cascadia Capital, an investment bank serving middle market clients globally, today announced it acted as the exclusive financial advisor to The Muse, a values-based job search and career development platform used by 75 million people annually, in raising a new round of capital. The investment is a result of The Muse’s progressive vision to bring together key players in the future-of-work arena.

The Muse, already a known and loved career destination for tens of millions of Gen Z and Millennial jobseekers, will seek out and acquire other deeply loved brands that attract high-demand job seekers. By incorporating these brands into a broader whole, The Muse will grow their jobseeker offerings and expects to enhance value for employers while creating an easier solution to buy.

As part of this investment, The Muse will continue building out its platform for employers seeking to attract and hire top talent, which is already used by 10% of the Fortune 500. Candidates applying through The Muse are 3X more likely to be hired than candidates applying via legacy platforms, and are also more likely to stay at the companies they join.

“Over the past decade, there’s been a massive rise in start-ups aiming to fix broken hiring processes across the U.S. and global workforce,” says Kathryn Minshew, founder and CEO of The Muse. “As those start-ups have matured, employers have become overwhelmed by the many solutions available to them as they compete to attract consumers who are looking for jobs that are tailored to their unique needs. Today, we’re proud to announce this investment, which we plan to use to continue investing in values-aligned hiring and fund consolidation in the next-gen hiring space.”

“The Muse is well known both in the industry and by young professionals as the leading resource not just for jobs, but for career development,” says Nigel Tse, Senior Vice President and Head of HCM Software at Cascadia. “Kathryn is a thought leader and has been working to solve diversity, equity, & inclusion in the workplace for over a decade. This investment allows the company to continue leading the way in terms of using technology to allow employers to proactively address their hiring goals and initiatives, and also to bring additional properties and career development destinations into the fold as the industry evolves and consolidates.”

The acquisition represents another successful transaction for Cascadia in the HR technology / HCM software sector.

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

Nigel Tse
Senior Vice President
ntse@cascadiacapital.com
(206) 436-2515

Cascadia Advises Benford Capital Partners on its Exit of Specialty Sales, a Leading Animal Health Platform

Cascadia Capital, an investment bank serving middle market clients globally, today announced it acted as the exclusive financial advisor to Benford Capital Partners (“Benford”) on its exit of portfolio company Specialty Sales, LLC (“SSLLC”), an industry-leading dairy animal health platform.

Founded in 1999, Specialty Sales is the industry-leading provider of automated hoof bath systems for hoof care hygiene products that maintain hoof health on commercial dairies throughout the United States. SSLLC operates a unique continuous replenishment business model by installing and servicing its best-in-class hoof bath systems and delivering its hoof care hygiene products based on predictive analytics. Under Benford Capital’s ownership, Specialty Sales completed the acquisitions of Bovistride and Enviro-Tech, both in July 2021, and significantly expanded the company’s geographic presence.

Current President & CEO, Don Alsup and other members of the senior leadership team will continue to lead Specialty Sales from their headquarters in Fresno, California.

“I am grateful for the opportunity to advise Specialty Sales through another successful transaction,” said Scott Porter, Cascadia Capital Managing Director. “Since the partnership began in 2018, Benford and senior members of the Specialty Sales management team have taken Specialty Sales from a regional, one-product company to a leading animal health platform.”

“This transaction highlights the ever-increasing investor appetite in the animal health and nutrition sectors. More significantly, it evidences Cascadia’s ability to bring to our client’s relevant industry, product, end market, and business model expertise through collaboration among our Managing Directors,” added Bryan Jaffe, Cascadia Capital Managing Director.

Ben Riefe, Managing Director at Benford Capital Partners, added, “Cascadia’s extensive ag products and services sector expertise, in combination with their deep experience leading sponsor-backed exit processes, resulted in a highly successful outcome for Benford Capital and our investors.”

This acquisition represents another successful transaction in the Agribusiness practice for Cascadia and a continued demonstration of its experience in animal health and nutrition. Cascadia’s Agribusiness practice is one of the largest and most active Agribusiness practices in North America. Select recent transactions include the growth capital investment in Agrovision from responsAbility Investments and Avenue Sustainable Solutions Fund, the CEL Group of Companies’ partnership with Madison Industries, and the sale of The F.L. Emmert Company to Wilbur-Ellis Nutrition.

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

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

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

Sam Brar
Vice President
sbrar@cascadiacapital.com
(206) 436-2580

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

Michael Butler
Chairman & CEO
mbutler@cascadiacapital.com
(206) 436-2530

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

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

Cascadia Capital Advises FiLMiC Inc. in Acquisition by Bending Spoons

Cascadia Capital, an investment bank serving middle market clients globally, today announced it acted as the exclusive financial advisor to FiLMiC Inc., maker of one of the leading professional video apps for smartphones, has been acquired by Bending Spoons, a globally-renowned mobile technology and app development company based in Milan, Italy.

The past couple of years at FiLMiC have been a period of innovation and growth, with a spirited drive toward creating the best mobile filmmaking experience possible for the content creation community. The company has explored new technologies and practices and is excited to announce this new partnership. Bending Spoons brings to FiLMiC its legacy of building cutting-edge mobile technologies and brands, providing a backbone of technological expertise and digital marketing innovation.

The support of Bending Spoons will help fuel plans for growth, accelerate development cycles, and ultimately build an even stronger, more valuable FiLMiC experience for customers in the ever-expanding creator community.

“Bending Spoons recent $340 million financing from actor Ryan Reynolds and other leading names in technology, media, and finance is a testament to the outsized growth and attractiveness of the creator economy, in which Bending Spoons and Filmic will play a leading role,” added Matt Riendeau, Managing Director at Cascadia Capital. “These transactions are a great example of the rapidly evolving mobile app ecosystem which now comprises many large enterprises that are well capitalized and highly acquisitive, a significant shift from only a few years ago.”

“Working with Cascadia was a joy and a comfort, especially when dealing with multiple offers. We were able to rely on their years of knowledge and experience, which gave us the surefooted clarity we needed, to choose the best buyer and the best outcome; for our team, for our shareholders, for our product and for our brand. Thanks Cascadia!” added Neill Barham, Founder & CEO of Filmic.

For more information about this transaction, please contact:

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

Cascadia Capital Advises Valley Supply Company in Acquisition by White Cap

Cascadia Capital, an investment bank serving middle market clients globally, today announced it acted as the exclusive financial advisor to Valley Supply Company (“Valley Supply” or the “Company”), a Washington-based distributor of construction materials, in its acquisition by White Cap L.P. (“White Cap”), a leading North American distributor of specialty construction supplies and services, and concrete accessories.

Based in Washington and founded in 1973, Valley Supply is a leading value-added distributor of construction materials to residential and commercial contractors across Central and Western Washington. Together with White Cap, Valley Supply expands its product breadth and enhances the Company’s exceptional service for its customers.

“Cascadia’s combination of deep domain expertise, strategic process design and insightful counsel led to an exceptional outcome for Valley Supply and our employees,” said Jeff Taylor, President of Valley Supply. “The team served as a trusted advisor throughout the process, supporting us at every point along the way. Cascadia’s thoughtful articulation of our value proposition resulted in a buyer who equally valued the importance of our employee-centric culture and unique growth opportunity.”

“Jeff and his team have built a best-in-class organization and earned a reputation as the premier distributor of specialty building products to a broad base of loyal customers,” said Naaman Heyman, Senior Vice President and Head of Building Products and Distribution at Cascadia. “It was a pleasure to support the Valley Supply team throughout the process and deliver a great outcome for the Company and its employees.”

The acquisition represents another successful transaction in the Industrials practice for Cascadia at the intersection of the Building Products and Distribution sectors. Similar prior transactions include the sale of Architectural Mailboxes to Gibraltar Industries, the sale of Application Specialties to DXP Enterprises, and the sale of SASE Company to Blue Point Capital Partners.

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

Firdaus Pohowalla
Managing Director
fpohowalla@cascadiacapital.com
(206) 436-2578

Naaman Heyman
Senior Vice President
nheyman@cascadiacapital.com
(206) 436-2536

Cascadia Capital Advises the Stadelman Fruit Company (“SFC”) in the Sale of its Pear Operations to Mount Adams Fruit

Cascadia Capital, an investment bank serving middle market clients globally, today announced it acted as the exclusive financial advisor to the Stadelman Fruit Company (“SFC”), in the sale of Stadelman’s pear operation to Mount Adams Fruit.

Stadelman Fruit Company is a vertically integrated grower, packer, and shipper of high-quality tree fruit. SFC’s pear operations are comprised of premier orchard, packing, and storage assets located in the heart of Oregon’s Hood River Valley.

The acquisition of SFC’s pear operation expands Mount Adams Fruit pear operations, enables better harvest management and operational efficiencies to improve fruit quality, and provides closer proximity to growers.

“We are thrilled to have participated in another integral transaction within the Pacific-Northwest tree fruit industry,” added Scott Porter. “SFC has built a high-quality, vertically integrated pear operation and we are pleased to have found a partner that will continue to operate these assets.”

This acquisition represents another successful transaction in the Agribusiness practice for Cascadia and a continued demonstration of its experience in vertically integrated production agriculture. Cascadia’s Agribusiness practice is one of the largest and most active Agribusiness practices in North America. Recent transactions include the growth capital investment in Agrovision from responsAbility Investments and Avenue Sustainable Solutions Fund, the CEL Group of Companies’ partnership with Madison Industries, the acquisition of Chelan Fruit to International Farming, and the sale of The F.L. Emmert Company to Wilbur-Ellis Nutrition.

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

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

Sam Brar
Vice President
sbrar@cascadiacapital.com
(206) 436-2580

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

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

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

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