Background

Colorado Boxed Beef Company (CBBC) is a leading national supplier of protein products including poultry, beef, seafood, pork, and more. As the company scaled, the Saterbo family became interested in finding an institutional investor to support ongoing organic growth and unlock the M&A opportunity. After running a narrow search that prioritized both fit and experience, CBBC decided to partner with ACP in 2017.

Vision

ACP was aligned with Principal and Co-Chairman John Saterbo and CEO John Rattigan on building a platform for growth without losing CBBC’s culture, and was excited to support the expansion of CBBC’s product offerings and geographic footprint.

• Transition from Family-Owned Business to Scalable Platform. As a family- owned business, CBBC was looking for an investor that would respect and uphold the company’s culture and values. We focused on partnering with the team to bring a more systematic approach to growth, and to empower employees without losing the CBBC way. This included leveraging analysis and performance tracking to identify best practices and drive more informed decisions.
• Add Expertise to Support Growth. ACP and CBBC aligned early in the partnership on expanding the leadership team and board to add expertise that could support not only current capabilities but also future growth. Key areas of focus included business development and inventory management.
• Capitalize on Market Opportunity. Our knowledge of the distribution space allowed us to identify both the opportunity to drive organic growth for CBBC, and the potential to build a larger platform through strategic add-on acquisitions. Our experience and relationships in the space allowed us to support the CBBC team in sourcing and executing acquisitions.

Results

Over the course of the partnership, CBBC grew to become the second largest specialty distributor of protein products in the US. The company’s gross profit grew by more than 60% in three years, and the company also expanded into international markets. The partnership also proved successful in expanding the product line and reach through organic growth and acquisitions.

A key factor in this success was CBBC’s strong management and culture. To expand capabilities and enable accelerated growth, we worked with existing leadership to bring in team members with deep experience that proved instrumental in creating scalability.

Additionally, we collaborated with these leaders to optimize working capital, inventory management, warehouse operations, and pricing. Strong company fundamentals allowed for continued expansion, with CBBC successfully completing three add-on acquisitions during our hold period.

After three years of productive partnership, CBBC merged with Quirch Foods, creating a leading US distributor and exporter of protein and ethnic food products. We are immensely proud of CBBC’s growth and successes.