Altamont Capital Partners Completes Sale of Colorado Boxed Beef

PALO ALTO, Calif., Oct. 28, 2020 /PRNewswire/ -- Altamont Capital Partners ("Altamont"), a middle market private equity firm focused on making long term investments, today announced that its portfolio company, Colorado Boxed Beef ("CBBC" or the "Company"), a leading national provider of protein products, has merged with Quirch Foods, creating a leading U.S. distributor and exporter of protein and ethnic food products. Altamont originally invested in CBBC in 2017 and will retain an equity stake.

Founded in 1975, CBBC began as a protein supplier for the southeastern region of the U.S. and has since grown to become one of the leading suppliers of protein products across the country. With more than 1.4 million square feet of distribution space, CBBC has both a national and international footprint with facilities in Florida, Georgia, Oregon, Pennsylvania, Texas, and Washington. With Altamont's support, the Company has significantly expanded its product offering and reach through both organic growth and complementary acquisitions.

As part of the transaction, Frank Grande, President and CEO of Quirch Foods, will lead the combined company. John Rattigan Jr., President and CEO of CBBC, has been named Chief Growth, Strategy, and M&A Officer. Mr. Grande and Mr. Rattigan will work alongside the leadership teams of their operating companies, including Quirch Foods, Colorado Boxed Beef, Pacific Foods Distributors (PFD Opco), E.J. Foods Opco, Butts Foods, Prefco, Metro Webb Opco, The Great Fish Co./Riptide Foods, Helmsman Freight Solutions, Phoenix Logistics & Cold Storage and IQ Foods.

"CBBC has consistently built on its long history of providing great products and service to its valued customers," said Randall Eason, a Managing Director at Altamont. "We are proud of what we have accomplished together over the course of our partnership and are confident that CBBC is well-positioned for continued success as the Company enters this next chapter of growth."

Chase Beeler, a Vice President at Altamont, added, "We saw an opportunity to partner with a strong team and impressive company and support them as they expanded their reach into new markets and diversified their product offering. It has been a privilege to work with John and the rest of the CBBC management team."

"Altamont's partnership has been instrumental in our success over the past few years," said Mr. Rattigan. "We look forward to continuing this momentum and believe that this merger is an excellent outcome for both companies. Quirch Foods, backed by Palladium Equity Partners, is committed to creating the leading protein portfolio in the industry and we are excited to be part of this growth. Our leadership team remains in place and we will continue to offer our combined customers exceptional service while enhancing our product offering."

Terms of the transaction were not disclosed. Ropes & Gray served as legal counsel to Altamont. Jefferies served as exclusive financial advisor to CBBC and Shuffield Lowman served as legal counsel.

About Altamont Capital Partners

Altamont Capital Partners is a private investment firm based in the San Francisco Bay Area with more than $2.5 billion of assets under management. Altamont is focused on investing in middle market businesses where it can partner with leading management teams to help its portfolio companies reach their full potential. The firm's principals have significant experience building business success stories across a range of industries, including business services, healthcare, consumer/retail, industrials, and financial services.

About Colorado Boxed Beef

Founded in 1975, Colorado Boxed Beef began as a protein supplier in the southeast but has proudly become one of the leading suppliers of protein products in the U.S. Utilizing over 1.4 million square feet of distribution space, CBBC has both a national and international foot print with distribution facilities in Lakeland, FL; Winter Haven, FL; Port Everglades, FL; Atlanta, GA; King of Prussia, PA; Houston, TX; Dallas, TX; San Antonio, TX; Clackamas, OR; and University Place, WA. Their collective of companies include E.J. Foods Opco, The Great Fish Co./Riptide Foods, IQ Foods, Metro Webb Opco, Pacific Foods Distributors (PFD Opco), Prefco, and Phoenix Logistics & Cold Storage. Colorado's commitment to providing the best quality product to the industry led them to create branded programs second to none. CBBC's brand offerings include High River Angus, Diamond Reef Seafood, and The Great Fish Co.

Visit coloradoboxedbeef.com, greatfishco.com, phoenixfl.com, highriverangus.com, diamondreefseafood.com, ejfoodsnw.com, pacfoods.com or follow us on Facebook.

About Quirch Foods®

Quirch Foods is a food distribution company servicing ethnic and national grocers as well as foodservice customers across the United States, the Caribbean, and Central and South America. Quirch operates approximately 480 refrigerated trucks and over 2.2 million square feet of combined distribution space through 21 facilities in Florida, Georgia, North Carolina, Tennessee, Alabama, Illinois, Texas, Washington, Oregon, and Puerto Rico. Quirch is the exclusive distributor of High River Angus, McKinneys Beef®, Panamei Seafood®, Diamond Reef Seafood, Kikiriquirch® poultry, Jackson Farms™, Mambo Foods®, and is a licensed distributor of Certified Angus Beef® and Chiquita® Brands frozen Tropicals and Fruits.

Through IQ Foods' Suspended Fresh program, customers leverage innovative technology and processes to buy and store proteins for a later delivery, with the product arriving "Fresh, Never Frozen".

Quirch operates through a family of well recognized companies. For more information visit quirchfoods.com, coloradoboxedbeef.com, pacfoods.com, ejfoodsnw.com, buttsfoods.com, greatfishco.com, helmsmanfreightsolutions.com, and phoenixfl.com.

To learn more about our brands, visit: highriverangus.com, panamei.com, diamondreefseafood.com, mambofoods.com follow us on Facebook, Twitter, Instagram, LinkedIn, or call (800) 458-5252.

Contacts

Altamont
Jonathan Keehner / Kate Thompson / Julia Sottosanti
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449

Quirch Foods
Jorge Roza
305-691-3535 ext. 2278
[email protected]

SOURCE Altamont Capital Partners