M&A Deal Summary

Arbor Investments Acquires Oregon Freeze Dry

On December 15, 2021, private equity firm Arbor Investments acquired food company Oregon Freeze Dry from Endeavour Capital

Acquisition Highlights
  • This is Arbor Investments’ 16th transaction in the Food sector.
  • This is Arbor Investments’ 30th transaction in the United States.
  • This is Arbor Investments’ 1st transaction in Oregon.

M&A Deal Summary
Date 2021-12-15
Target Oregon Freeze Dry
Sector Food
Buyer(s) Arbor Investments
Sellers(s) Endeavour Capital
Deal Type Secondary Buyout
Advisor(s) Cascadia Capital LLC (Financial)
Stoel Rives (Legal)

Target

Oregon Freeze Dry

Albany, Oregon, United States
Oregon Freeze Dry is a freeze-dried foods company. The Company's freeze-dried ingredients are key components in the products of some of America’s largest food companies. OFD private label lines include such products as lunch and dinner entrees for the Nutri/System weight-loss program. Oregon Freeze Dry was founded in 1963 and is based in Albany, Oregon.

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Buyer(S) 1

Buyer

Arbor Investments

Chicago, Illinois, United States

Investor Investor Investor Investor

Category Private Equity Firm
Founded 1999
PE ASSETS 2.6B USD
Size Large
Type Sector Focused
DESCRIPTION

Arbor Investments is a private equity group focused on acquiring profitable, middle-market companies in the food and beverage sector. Arbor considers all areas surrounding the food/beverage and related industries. Specific areas of interest include regional niche branded food products; vegetable, fruit, meat and dairy processors; ethnic food manufacturers and marketers; flavors and ingredients; baked goods; restaurant chains; co-packers for major retailers, foodservice companies; food packaging; grocery and specialty food retailers; and logistics providers to the food and beverage industries. Prospective companies generally lead their markets and are 'low-cost operators' with predictable cash-flows. Arbor Investments was formed in 1999 and has offices in Chicago, New York, and Atlanta.

DEAL STATS #
Overall 33 of 34
Sector (Food) 16 of 17
Type (Secondary Buyout) 7 of 8
State (Oregon) 1 of 1
Country (United States) 30 of 31
Year (2021) 5 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-12-09 Carnivore

Green Bay, Wisconsin, United States

Carnivore is a pure-play freeze-dried raw pet food producer in North America, manufacturing unique freeze-dried and frozen raw pet food, snacks, and treats. A pioneer in raw pet food, Carnivore’s state-of-the-art manufacturing facilities, and proprietary freeze-drying process are strongly positioned to meet rapidly growing demand, fueled by discerning pet parents worldwide who are seeking nutritious and delicious alternatives to traditional pet foods. Carnivore was formed in 2012 and is based in Green Bay, Wisconsin.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-02-07 Red Collar Pet

Franklin, Tennessee, United States

Red Collar Pet is a manufacturer of premium and mainstream private label and contract pet food and treat products. Red Collar Pet was founded in 2018 and is based in Franklin, Tennessee.

Sell -

Seller(S) 1

SELLER

Endeavour Capital

Portland, Oregon, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1991
PE ASSETS 925M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Endeavour Capital LLC is a private equity firm that targets service and manufacturing companies headquartered in the Western United States. Endeavour looks to invest with and an enterprise value of $25 -$250 million with an EBITDA of $5-$50 million. Prospective companies are generally profitable with at least $5 million of EBITDA. Supported investment situations include growth capital financings, industry consolidations, management acquisitions, recapitalizations, and ownership transfers. The firm invests in the range of $25-$150 million per transaction. Areas Endeavour will not invest include real estate and emerging technology. Endeavour Capital was formed in 1991 and is based in Portland, Oregon with additional offices in Seattle, Washington, and Los Angeles, California.

DEAL STATS #
Overall 28 of 32
Sector (Food) 2 of 2
Type (Secondary Buyout) 10 of 10
State (Oregon) 7 of 7
Country (United States) 28 of 31
Year (2021) 6 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-12-13 Whiplash

City of Industry, California, United States

Whiplash is a provider of logistics services that support major retailers and retail manufacturers at all major U.S. port locations with experienced teams, leading-edge technology, and nearly 5 million square feet of multi-client and dedicated warehouse space. Whiplash was founded in 2008 and is based in City of Industry, California.

Sell $480M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-01-18 Point B

Seattle, Washington, United States

Point B is an integrated management consulting, venture investment, and property development firm. Point B is based in Seattle, Washington.

Buy -
Mergr

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