Palladium Equity Portfolio Company Completes Merger with Colorado Boxed Beef

CORAL GABLES, Fla., October 28, 2020 – Quirch Foods, LLC today announced that it has completed the merger with CBBC Holdings, Inc. d/b/a Colorado Boxed Beef, a protein distributor and solutions provider offering products and services to ethnic grocers and food service distributors.

The combination of Quirch and Colorado Boxed Beef has created a leading U.S. distributor and exporter of protein and ethnic food products. In addition to broadening Quirch’s core domestic U.S. retail business, the transaction has increased the company’s ability to service the foodservice distributor channel. Quirch now has more than 20 distribution centers nationwide, approximately 1,700 employees, and in excess of $3 billion in annual sales.

President and CEO Frank Grande leads Quirch from Coral Gables, FL, working in concert with John Rattigan Jr., Chief Growth, Strategy, and M&A Officer, and the leadership teams of the operating companies, which include: 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.

“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 Mr. 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.”

Quirch Foods has been owned by affiliates of Palladium Equity Partners, LLC, 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, which 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 U.S.”

Harris Williams served as financial advisor to Quirch.  Simpson Thacher & Bartlett, as well as Perera Barnhart Aleman served as the legal advisors.

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