Cascadia Capital has merged with First Beverage Financial, the investment banking arm of First Beverage Group. The deal expands Cascadia’s consumer advisory services from packaged products, pets and restaurants into alcoholic beverages-particularly craft beers.
Los Angeles-based First Beverage advised on 25 beverage deals in the last four years, 18 of which came in the craft beer segment. In 2017, First Beverage advised Anchor Brewing Co. on its sale to Sapporo Holdings Ltd. First Beverage’s parent company also has a beverage-focused private equity fund that invests up to $15 million in businesses.
“This partnership is an exciting next chapter for both firms. The combination unites two highly-successful and specialized investment banking practices, accelerating our shared strategic growth initiatives and enhancing our coverage of the consumer landscape,” says Cascadia CEO Michael Butler.
Cascadia is a consumer-focused middle market investment bank located in Seattle. Since it was founded, Cascadia’s consumer and retail division has advised on more than 50 deals. In 2018, Cascadia advised Salumia Artisan Cured Meats on its investment from Grant Peak Capital, and also advised California Natural Products on its acquisition by Gehl Foods.
“This partnership provides the ability to deepen the level of service offered to our existing client base and enables us to continue our purposeful expansion into additional beverage industry segments,” adds First Beverage CEO Bill Anderson.
In other recent mid-market food and beverage deals, Fresh Del Monte Produce Inc. (NYSE: FDP) agreed to acquire vegetable distributor Mann Packing Co. for $361 million and Nomad Foods Ltd. (NYSE: NOMD) is buying the owner of GoodFella’s Pizza for $311 million.