The deal creates a major US distributor and exporter of protein and ethnic food products
Quirch Foods has completed the merger with Colorado Boxed Beef, a portfolio company of Altamont Capital Partners. The combined business has created a leading US distributor and exporter of protein and ethnic food products. As well as broadening Quirch’s core domestic US retail business, the transaction has increased its ability to service the foodservice distributor channel.
Quirch now has more than 20 distribution centres across the US, approximately 1,700 employees, and more than $3 billion in annual sales.
The company is headed up by Frank Grande, working in concert with John Rattigan, chief growth, strategy, and M&A officer, and the leadership teams of the operating companies.
The group’s portfolio includes Quirch Foods, Colorado Boxed Beef, Pacific Foods Distributors (PFD Opco), EJ Foods Opco, Butts Foods, Prefco, Metro Webb Opco, The Great Fish Co./Riptide Foods, Helmsman Freight Solutions, Phoenix Logistics & Cold Storage, and IQ Foods.
“With Colorado Boxed Beef and its operating companies now part of our unique portfolio of leading protein companies, we have increased our core domestic retail business and expanded into new geographies and channels,” said Grande. “As a result, we are delivering a broader and more diverse product offering, including a number of new brands that will help our customers differentiate and grow their businesses.”
A Palladium Equity portfolio company
Quirch Foods has been owned by affiliates of Palladium Equity Partners, a middle-market private equity firm with nearly $3 billion in assets under management, since 2018.
In addition to backing the merger with Colorado Boxed Beef, one of Palladium’s affiliated private equity funds supported Quirch’s purchase of Butts Foods in May 2020.
“We are pleased to support Quirch’s enhancement of its platform through this transaction with Colorado Boxed Beef. [The deal] has brought together a family of highly regarded operating companies that pride themselves on service, expertise in protein distribution, and in helping customers grow their businesses,” said Chris Allen, a partner of Palladium.
“The combination with Colorado Boxed Beef, following that of Butts Foods earlier in the year, is in line with our strategy as the management team continues to build the company into a leading distributor and exporter of protein and ethnic food products in the US.”
Harris Williams served as financial advisor to Quirch. Simpson Thacher & Bartlett, as well as Perera Barnhart Aleman served as the legal advisors.
Date published: 25 October 2020