Glen Allen, VA – Keiter Advisors, a full-service merger and acquisition firm specializing in the foodservice distribution industry, announces that it successfully completed the sale of Houston, Texas-based Jake’s Finer Foods (“Jakes”) and their custom cut meat company, Gourmet Ranch, to Rosemont, Illinois-based US Foods Holding Corp. (NYSE: USFD).
“It was a privilege to work with Michael Bench and Kevin Ullrich on this transaction,” said Scott Zickefoose, CPA, CM&AA, Managing Director of Keiter Advisors. “Their families have served Texas since 1946 delivering more than 14,000 foodservice items including custom-cut premium meats, fresh produce, and many unique and specialty products to over 1,200 locations.”
Kervin “Jake” Jacob first began selling farm-fresh eggs door-to-door, added breakfast meats to the line, then purchased several small companies that allowed him to offer a more complete line of foodservice products. By the 1970s, Jake’s had acquired additional distributors that further added to its product mix, including the 2011 acquisition of Gourmet Ranch, Jake’s custom-cut butcher shop. With full-service butchery capabilities, Gourmet Ranch specializes in freshly cut chicken, custom-cut aged steaks, fresh ground beef and patties, and a range of value-added items such as cutlets and marinated fajita meat.
Kevin Ullrich, CEO of Jake’s and Michael Bench, President, praised the Keiter Advisors team on the transaction:
“Choosing a partner to guide us through the sale of our nearly 80-year-old business was a deeply personal decision for our family. The Keiter team was invested in what was most important to us – ensuring the best path forward for our team and our family. Their depth of experience in transactions like ours was evident from the start and they continued to earn our confidence with their wise counsel and flawless execution. They were available whenever we needed them and were always a step ahead as the deal unfolded. Quite simply, partnering with Keiter was the best choice and we recommend them without reservation!”
This is the 49th and 50th transaction Keiter Advisors has completed in the foodservice industry.
About Keiter Advisors
Keiter Advisors assists companies in the middle market with M&A transactions and specializes in the foodservice distribution industry. Our clients are predominantly entrepreneurial and family-owned companies, generally with revenues between $75 million and $1 billion. Over the past 20 years, we have developed unmatched expertise in the broadline, produce and protein segments.
Our group has:
- Developed relationships with 220 + distributors in 44 states, Canada, and the Caribbean.
- Successfully closed 50 transactions; 39 for sellers and 11 for buyers.
- Sold businesses to 20 different acquirers, including transactions with all four publicly traded companies.
- Provided 115 business valuations for distributors and assisted many with strategic planning and financing advice.
In addition, we are backed by the expertise and resources of Keiter, a 200+ member Virginia public accounting and advisory firm with interrelated expertise in quality of earnings, due diligence, tax structuring, and succession planning.
For more information, contact Scott Zickefoose at Scott.Zickefoose@keiteradvisors.com
