News & Insights
Cascadia Capital Advises Titan Frozen Fruit in Recapitalization by Windhover Capital and Vestar Capital Partners
January 9, 2023
Cascadia Capital, an investment bank serving middle market clients globally, today announced it acted as the exclusive financial advisor to Titan Frozen Fruit, a family-owned value-added frozen berry processor and ingredient provider to the food and beverage industry, in its recapitalization by Vestar Capital Partners, a leading U.S. middle market private equity firm, and Windhover Capital, a private equity firm focused on the food, beverage, pet and consumer sectors. Titan’s co-founders will retain a significant stake in the Company and will continue to serve in their respective positions. Terms of the transaction were not disclosed.
“Our vision is to continue to build the next generation fruit processing and ingredients company, offering a wide variety of value-added and innovative products to our customers, and our partnership with Vestar and Windhover is the next step in that journey,” said Jon Larsen, CEO and Co-Founder of Titan. “They are enthusiastically committed to our business strategy and will provide the financial backing, strategic thinking, industry relationships and track record needed to build on our momentum.”
“Titan is a dynamic and well-managed business that has built a terrific service and innovation-driven reputation in the frozen berry and food ingredients sector. We are looking forward to partnering with the Titan team and Vestar to continue to drive supplier partnerships and market leadership through a collaborative and research-oriented approach to adding value,” said Chris Harned, Co-Founder and Managing Partner of Windhover. “We aspire to grow Titan significantly through internal expansion projects, diversification into related value-added food ingredients, complementary acquisitions and other partnerships.”
“Cascadia Capital delivered exemplary strategic advice to the Titan team. We appreciate their partnership and their keen insights on the Food and Agribusiness industries,” Mr. Larsen added.
“We are honored to represent the Titan ownership group on this very important transaction. This best-in-class management team has created tremendous shareholder value in a short amount of time. We look forward to seeing the partnership with Windhover and Vestar blossom, as the Company represents a compelling platform for growth over the foreseeable future,” said George Sent, Cascadia Capital Managing Director.
The recapitalization represents another successful transaction for Cascadia in the ingredients sector. Past transactions include the acquisition of Firestone Pacific Foods by Agriculture Capital Management, the sale of FruitSmart to Universal Corporation, Pacific Farm’s partnership with Tillridge Global Agribusiness Partners and the sale of More than Gourmet to Ajinomoto.
For more information about this transaction, please contact the Cascadia Capital deal team:
George Sent
Managing Director
gsent@cascadiacapital.com
(206) 436-2511
Scott Porter
Managing Director
sporter@cascadiacapital.com
(616) 826-9763
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
Erik Einwalter
Managing Director
eeinwalter@cascadiacapital.com
(206) 436-2538