Case Study

Liguria Foods
Food, Beverage & Agribusiness, Consumer & Retail and Industrial Growth & Diversified Manufacturing
Value-added foodservice solutions partner that manufactures high-quality branded and private label pepperoni for independent and multi-unit pizzerias and sandwich shops
Humboldt, Iowa
BBH Capital Partners and Ancor Capital Partners
Transaction Type:


BBH Capital Partners, Ancor Capital Partners and Liguria management retained BlackArch Partners to assist in realizing a return on their investment in Liguria Foods (“Liguria” or the “Company”) and to find a new partner positioned to capitalize on the Company’s value proposition and substantial growth opportunities.

BlackArch's Customized Solution

BlackArch designed a tailored marketing process that targeted financial sponsors and strategic acquirors with experience in protein or interest in the food, consumer products and manufacturing sectors. The BlackArch team illustrated Liguria’s differentiated product and service offering and opportunities for growth within the $1 billion U.S. pepperoni market with a digital, interactive Confidential Information Presentation. Where appropriate, certain potential acquirors received in-person or telephonic roadshow presentations and detailed additional analyses. To help interested parties understand the Company’s unique and highly profitable business model, marketing materials included volume, sales and margin by customer and by product as well as analyses on the impact of raw material price fluctuations.


Liguria received significant interest from financial sponsors and strategic acquirors. Liguria was acquired by CTI Foods, a portfolio company of Thomas H. Lee Partners and Goldman Sachs & Co. and a major provider of custom food solutions to America’s top restaurant chains. The Liguria management team joined CTI Foods and reinvested a portion of their proceeds in the company.

“I was extremely impressed with the level of detail and outstanding service that BlackArch provided from start to finish. They were an outstanding partner throughout the entire process. Their entire team from Analyst to Managing Director was engaged and available throughout the entire process. The BlackArch team worked tirelessly and provided sound guidance to ensure the completion of a successful transaction for Liguria Foods and our shareholders.”
Lance Chambers, CEO of Liguria