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Chicago, Illinois – September 30, 2024; City Capital Advisors, a Chicago-based middle market investment bank, is pleased to announce that it acted as the exclusive financial advisor to Double B Foods, Inc. in the sale of the company to The Anderson Group, LLC.
The acquisition was made in partnership with the business’ existing senior management team, including Patrick O’Ray (Double B CEO and highly regarded food-industry executive) and Don Wall (Double B CFO).
The transaction provides the company with a strong balance sheet to provide sufficient capital in order to drive growth under the continuing leadership of Partick O’Ray, who commented on the acquisition, stating, “The team at Double B enthusiastically looks forward to partnering with Anderson to leverage our existing product development and formulation expertise, as well as our diverse manufacturing capabilities to provide innovative new flavor profiles and product delivery forms for our valued customer base while also expanding relationships with new customers in existing and new sales channels.”
Cory Gaffney, Managing Partner of The Anderson Group added, “Patrick, Don, and the team at Double B have done a remarkable job of optimizing and growing the core business over the last several years, and have uniquely positioned the Company to accelerate and diversify near-term future growth. We are thrilled to be partnered with them for the next phase of their growth.” Scott Hukari of The Anderson Group added, “The Double B team has demonstrated an unwavering commitment to quality, food-safety, customer service and innovation. We are excited to support the team to drive significant organic growth as well as complete future acquisitions of companies that market complementary products.”
About Double B
Headquartered in Arlington, TX with a USDA and FDA inspected, BRC certified owned manufacturing facility in Meridian, TX and world-class Product Innovation Center in Irving, TX, Double B is a leading manufacturer and developer of unique “restaurant quality” frozen handcrafted, handheld dough enrobed protein products, wrap and rolled snack/appetizers and dips for long-tenured customers in the retail (primarily private label) and foodservice channels. For more information about Double B, visit www.doubleb.com
About The Anderson Group
Founded in 1985, The Anderson Group is an operationally-oriented private equity investment firm focused on acquiring control positions in companies at the lower end of the middle market. Senior professionals at Anderson each have between twenty and thirty years of operational experience in various businesses and industries. Anderson specializes in three types of transactions: turnaround opportunities, special situation investments and recapitalizations. Though Anderson does not have a specific industry focus, it typically acquires businesses in the niche manufacturing, distribution or service industries. The Anderson Group is not an institutional fund; rather, it invests its own committed pool of capital. As such, Anderson is able to avoid investment approval processes, mandates and holding periods. Thus, Anderson can offer a faster approval/transaction process, certainty to close, flexibility in equity ownership and an ability to invest throughout the capital structure that other firms and funds often cannot.
About City Capital Advisors
City Capital Advisors, a FINRA registered broker-dealer, is a results-oriented investment banking advisory firm. Each of City Capital’s Managing Directors has more than 20 years of investment banking experience, offering clients the judgment and transaction management expertise honed from successfully executing more than $60 billion of collective merger and capital market transactions. Client engagements are managed exclusively by experienced senior investment bankers, allowing business owners to capture maximum value for their companies and to exceed shareholder objectives. For more information about City Capital Advisors, visit www.city-cap.com