Miami-based distributor Quirch Foods on Wednesday said it has completed its merger with distributor CBBC Holdings, Inc., better known as Colorado Boxed Beef.
The combination of Quirch and Colorado Boxed Beef has created a leading US distributor and exporter of protein and ethnic food products, the company said.
In addition to broadening Quirch's core domestic US retail business, the deal will increase 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 (€2.5 billion) in annual sales.
"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 Quirch President and CEO Frank Grande.
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.
"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 US," said Chris Allen, a Partner of Palladium.
Harris Williams served as financial advisor to Quirch. Simpson Thacher & Bartlett, as well as Perera Barnhart Aleman served as the legal advisors.
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.