Food & Beverage Acquisitions in Oregon

Dessert Holdings, a St. Paul-based premium dessert platform, has acquired Willamette Valley Pie Company, a family-owned maker of hand-crafted fruit pies and desserts headquartered in Silverton, Oregon. The add-on acquisition expands Dessert Holdings' scratch-made, clean-label dessert portfolio and aims to bolster retail relationships and drive growth across retail and foodservice channels; financial terms were not disclosed.

Integrated Beverage Group (IBG) has acquired Firesteed Cellars, a Willamette Valley winery best known for Pinot Noir, expanding IBG’s Oregon wine portfolio that includes Duck Pond Cellars and Rascal Wines. Firesteed, founded in 1992 and recognized for its sustainable practices and high-scoring Pinot Noir, will join IBG as the company deepens its presence in the Willamette Valley.

Heritage Distilling Company has acquired Thinking Tree Spirits, buying 100% of the distillery's assets and brands. The deal combines production and retail tasting-room operations in Eugene, Oregon and Tumwater, Washington to create greater scale, a larger tasting-room experience and expanded distribution across the Pacific Northwest and beyond.

SYSTM Foods, a functional beverage brand platform backed by GroundForce Capital and SYSTM Brands, has acquired HUMM Kombucha, a leading low- and zero-sugar kombucha brand headquartered in Bend, Oregon. The deal adds a gut-health focused brand to SYSTM's portfolio (which includes REBBL and Chameleon Organic Coffee) as part of a roll-up strategy to build scale and capabilities in the refrigerated ready-to-drink functional beverage category.

Chicago-based private investment firm Tilia Holdings completed a majority recapitalization of Ever Fresh Fruit Company, a Pacific Northwest-based processor and developer of formulated fruit and flavor ingredient solutions. The McKnight family remains significant shareholders and Ever Fresh CEO Gene Mayer will continue to lead the business as Tilia supports growth, geographic expansion, and broadened ingredient applications.

Pacific Coast Fruit Company, a leading independent produce distributor in the Pacific Northwest, has acquired Portland-based King Harvest Hummus. The acquisition combines Pacific Coast Fruit's distribution network with King Harvest's food-manufacturing capabilities to expand product offerings and drive growth across retail and foodservice channels; the deal closed April 22, 2023.

BrightPet Nutrition Group, a PE-backed pet food manufacturer based in Lisbon, Ohio, has acquired Raw Advantage Processing, a family-owned co-manufacturer of freeze-dried and frozen raw pet food and treats based in Salem, Oregon. The deal, completed with backing from A&M Capital Partners, expands BrightPet's West Coast manufacturing footprint and capacity while providing Raw Advantage access to additional production capabilities and capital for growth.

ByHeart has entered into a definitive agreement to acquire Cascadia Nutrition, an FDA-registered packaging and blending facility in Portland, Oregon, from the Balogh family and DPI Group. The acquisition gives ByHeart end-to-end control of packaging as it integrates Cascadia into its manufacturing supply chain to expand U.S. infant formula production and strengthen supply resilience.

Gladstone Capital completed a debt investment to support Enlightened Hospitality Investments and KarpReilly's investment in Salt & Straw, providing capital to fuel the ice cream chain's expansion. The funding will help Salt & Straw add locations across the U.S. and grow its delivery and e-commerce business.

Ste. Michelle Wine Estates has acquired Oregon-based A to Z Wineworks, marking Ste. Michelle's first strategic acquisition under its private equity owner, Sycamore Partners. The deal expands Ste. Michelle's Oregon footprint — combining A to Z and REX HILL with existing Erath Winery — and positions the company as a leading producer of Oregon Pinot Noir; terms were not disclosed.

Chocolate Works (Freeport, New York) acquired substantially all assets of Moonstruck Chocolate LLC (Portland, Oregon) for an undisclosed amount, closing in June 2022. The purchase gives Chocolate Works a West Coast presence and expands its branded and private-label chocolate manufacturing capabilities while preserving service for existing Moonstruck customers.

Crispy Filled Inc. (formerly Rösti LLC) received an infusion of growth capital while Rösti’s management and an unnamed investor group bought out business partner L2M Brands for an undisclosed sum. The company reorganized under the Crispy Filled Inc. name and appointed Stephen Caldwell as CEO to accelerate product innovation and expand retail and foodservice distribution.

Ardian and MidOcean Partners, together with their portfolio company Florida Food Products (FFP), have acquired T-Bev Natural Ingredients. The add-on expands FFP’s beverage and nutraceutical ingredient capabilities by integrating T-Bev’s extraction technology into FFP’s product portfolio; Cascadia Capital acted as financial advisor to Ardian, MidOcean and FFP.

Arbor Investments has acquired Oregon Freeze Dry (OFD) from Endeavour Capital as the fifth platform investment for Arbor Fund V. OFD, founded in 1963 and headquartered in Albany, Oregon, is North America’s largest freeze-dryer serving consumer (Mountain House), military, and B2B pharmaceutical/nutraceutical customers; terms were not disclosed.

Austin-based private equity firm CenterGate Capital has acquired Teeny Foods, a Portland, Oregon-based developer and contract manufacturer of frozen filled baked snacks and handheld meals. Patriot Capital provided subordinated debt and an equity co-investment to support the transaction; Teeny’s management and founder family will remain involved as CenterGate partners with the business to pursue growth.

Winc, Inc. has purchased substantially all assets of Natural Merchants, Inc., a U.S. importer and distributor of natural, organic and biodynamic wines. The acquisition expands Winc’s organic and sustainable wine portfolio and leverages Natural Merchants’ supplier relationships to broaden Winc’s DTC and retail offerings.

Swander Pace Capital formed Triple Crown Holdings to partner with and acquire T-Bev, Inc., a manufacturer and distributor of natural and organic tea extracts, caffeine and botanical ingredients for the functional beverage and dietary supplement markets. Five Points Capital led unitranche financing and provided an equity co-investment to support the transaction; Triple Crown will pursue organic growth and add-on acquisitions in the clean-label food ingredients category.

United Sports Brands (USB) has acquired Glukos Energy, a sports energy supplement brand, adding it as the fifth brand in USB’s portfolio. USB said it will leverage its resources, partnerships and distribution to expand Glukos’s product lines and market presence while continuing the brand’s focus on clean, fast-acting glucose-based performance products.

Noble Foods Nutrition, a Montreal-based contract manufacturer backed by Novacap, acquired the co-packing activities of Betty Lou's, Inc. in McMinnville, Oregon. The deal transfers Betty Lou's co-packing operations to Noble Foods while founder Betty Lou Carrier retains ownership of the Betty Lou's brand and will continue manufacturing at a new McMinnville facility.

HumanCo, a purpose-driven holding company, has acquired a majority interest in Coconut Bliss, a family-owned, Oregon-based organic plant-based ice cream maker. The deal will support product innovation, expanded distribution and increased marketing to grow Coconut Bliss into a larger, potentially global brand while maintaining its commitments to organic, fair-trade and sustainable sourcing.

Integrated Beverage Group (IBG) has acquired Ransom Wine Co. & Distillery in Oregon's Willamette Valley, with founder Tad Seestedt remaining on as Master Distiller. The deal closed on February 28 (terms undisclosed) and gives IBG an established foothold in craft spirits while expanding its wine portfolio; Zepponi & Company served as financial advisor to Ransom.

Encore Consumer Capital completed an investment in KYLA, Inc. (KYLA Hard Kombucha), a Hood River, Oregon-based alcoholic kombucha brand. The capital is intended to support KYLA's innovation pipeline and sales and marketing efforts as the brand expands retail and on-premise distribution across the U.S.

Kettle Cuisine, a Kainos Capital‑backed fresh soup manufacturer based in Lynn, Massachusetts, has acquired Harry's Fresh Foods, a custom food manufacturer in Portland, Oregon. The acquisition expands Kettle Cuisine's coast‑to‑coast manufacturing footprint and capabilities in fresh and frozen soups, sauces and prepared foods.

Farmer Brothers Co. has entered into an agreement to acquire substantially all the assets of Boyd Coffee Company in a transaction valued at an estimated $58.6 million (cash and preferred stock). The acquisition expands Farmer Brothers' distribution footprint across multiple customer channels and geographies, is expected to be accretive to earnings after integration, and should deliver $13–$16 million in annual incremental adjusted EBITDA once fully integrated.

Insignia Capital Group, a San Francisco Bay Area private equity firm, has acquired Tillamook Country Smoker, a third-generation, family-owned maker of hardwood-smoked jerky and meat snacks based in Bay City, Oregon. Several family shareholders participated in the transaction; Insignia said the acquisition expands its food portfolio and will leverage synergies with its other salty snack investments to accelerate growth and invest in operations.