Diversified Industrials, Family Business, Food, Beverage & Agribusiness
Meridian Advises Harbor Wholesale Foods in it’s Purchase of Regional Assets of Food Services of America
Published October 16, 2019
FOR IMMEDIATE RELEASE // SEATTLE, WASHINGTON
Meridian Capital LLC, a Seattle-based middle market corporate finance and M&A advisory firm is excited to announce a successful acquisition by one of its clients, Harbor Wholesale Grocery Inc. (“Harbor”). Harbor acquired a significant portion of the Food Services of America (“FSA”) Seattle business, including FSA’s 250,000 sq. ft. distribution facility in Kent, WA.
Through the transaction, Harbor will assume a portion of the local and regional customer base currently served by the Kent facility, including roughly 1,700 independent restaurant operators throughout 10 counties in Western Washington. Meridian Capital served as the exclusive financial advisor to Harbor on the transaction.
Justin Erickson, CEO of Harbor, shared:
“The Meridian Capital team added substantial value in a complex transaction. From beginning to end, Meridian provided dedicated support and represented our best interests. Meridian facilitated and led our talented deal team, leveraging the combined experience of our organizations to facilitate an incredible outcome for our family, company, and talented Foodservice of America associates joining the Harbor Foodservice team.”
About Harbor Wholesale Foods
Harbor Wholesale Foods is a 4th generation family-owned and operated business that has been distributing products to customers in the Western U.S. for nearly 100 years. Harbor currently services more than 3,000 locations throughout the Pacific Northwest, California, and Alaska from distribution centers in Lacey, WA and Roseburg, OR. The company’s multi-generation family culture and local presence has earned a reputation of providing excellent service, superior products, and a strong connection to the local market. The addition of the FSA Seattle business supports Harbor’s goal of becoming the premier foodservice distributor in the region.
Michael Barber, Managing Director and Head of the Food and Beverage Practice at Meridian Capital, stated:
“We are very proud that Justin Erickson and his family, along with the Harbor management team, entrusted us to advise them through this complex transaction involving a spinoff from a multi-billion dollar merger and approval from the FTC. With its unparalleled core values, Harbor is now uniquely positioned for accelerated growth in foodservice distribution and is sure to become a preferred partner to both customers and suppliers.”
This transaction represents continued momentum for Meridian’s Food and Beverage Practice. Other recent transactions include nutpods growth capital investment from VMG Partners, Allpak Container’s acquisition by Golden West Packaging Group, La Panzanella’s acquisition by Dare Foods, and Ellenos Greek Yogurt’s growth capital investment from Monogram Capital Partners.
About Food Services of America
Recently acquired by US Foods, Food Services of America is a national distributor of food products headquartered in Scottsdale, Arizona. Founded in 1986, the company provides customers with a high level of customer service using the latest technology and providing a superior suite of value-added tools for their growth and success. FSA serves independent and chain restaurants, schools, health care facilities, hotels, cruise lines and government foodservice operations throughout the Midwest, West and Alaska from regional distribution centers. Prior to the acquisition by US Foods, FSA was part of Services Group of America, a diversified holding company of operations focused on food distribution and related services.
“Only launching four years ago, nutpods has quickly established itself as the premier brand in the plant-based coffee creamer space. Madeline, its founder, has proven to be a true pioneer in dairy-free products that resonate with consumers. Meridian Capital is proud to have represented nutpods and believes VMG will be a phenomenal partner in supporting its continued growth across new product formats and distribution channels.”
Michael Barber, Managing Director
Meridian Capital
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About Meridian Capital
Meridian Capital LLC is a leading independent middle market M&A advisory firm with locations in Seattle, Salt Lake City, the Bay Area, and Portland. Meridian has served as a trusted advisor to business owners on complex corporate finance, M&A and strategic challenges for over 29 years. The firm differentiates itself through its deep industry insights, highly customized service approach, and end-to-end commitment to execution. With a unique combination of financial, transactional, and operational professionals on your side, Meridian offers the depth and breadth of experience required to serve leading middle market companies in multiple sectors including aerospace defense & space, food, beverage & agribusiness, business services, consumer, diversified industrials, engineering & construction, building products, technology, and telecommunications. Meridian also offers clients unparalleled cross-border capabilities through its REACH M&A Partners network.
