FOR IMMEDIATE RELEASE // SEATTLE, WASHINGTON
Meridian Capital, a leading Seattle-based middle market capital sourcing and M&A advisory firm is pleased to announce that its client, Harbor Wholesale, the PNW’s largest family-owned convenience distribution company, has completed its acquisition of Rich & Rhine Wholesale.
Rich & Rhine will continue to operate independently from their Portland, OR based distribution center under the leadership of current President, Ron Squires.
Justin Erickson, 4th generation owner & CEO of Harbor Foods Group states, “We’d like to welcome Rich & Rhine’s talented team into the Harbor family. We’re fortunate to carry on the legacy of a successful family company with mutual values of teamwork and customer success.”
Harbor Wholesale currently operates distribution centers in Lacey, WA, Roseburg, OR and now Portland, OR as Rich & Rhine Wholesale, a Harbor Wholesale Company. The partnership with Rich & Rhine provides Harbor with an opportunity to establish a Portland, OR “hub” to service the more densely populated markets in NW Oregon and SW Washington.
Robert Krupp, former Chairman of Rich & Rhine states, “As we continued down the path of successfully growing our business, we realized that substantial capital investment would be necessary to support our customers’ expansion into foodservice, fresh foods, branded programs, and new technologies. Our partnership with Harbor allows us to accomplish these goals by leveraging Harbor’s existing infrastructure in a number of these areas.”
Rich & Rhine and Harbor will conduct business as usual while the combined leadership teams evaluate opportunities to bring the best of both companies to their collective customers. Erickson states, “We’re fortunate to bring our experienced and knowledgeable teams together along with years of strong customer relationships. We continue to build the most talented team in the PNW. The acquisition of Rich & Rhine advances our goal of being the premier food distributor in the PNW.”
The combined companies will serve more than 4,500 independent retailers throughout the Northwest with collective buying power to enhance customer profitability without sacrificing the excellent service customers have come to expect from Rich & Rhine and Harbor.
For additional information, please contact one of the members of the transaction team:
ABOUT MERIDIAN CAPITAL
Founded in 1995, Meridian Capital is a Seattle-based M&A advisory firm, advising business owners on complex corporate finance, M&A and strategic challenges for over 25 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 professionals with financial, transactional, and operational expertise, Meridian offers the depth and breadth of experience required to serve leading middle market companies in multiple sectors including aerospace & defense, business services, consumer, diversified industrials, food & beverage, technology, and telecommunications.