Novelty Hill Capital Advises Harbor Wholesale on Pivotal West Coast Acquisition
November 22, 2022 – Novelty Hill Capital, a leading middle market consumer investment bank based in Seattle Washington, is pleased to announce that its client, Harbor Wholesale, a subsidiary of Harbor Foods, the Northwest’s top family-owned, independent distributor, has completed its acquisition of MTC Distributing Co., a wholesale distribution company.
The partnership with MTC Distributing Co. will expand Harbor’s presence in Northern California as it continues to provide the highest level of customer service to its clients. The combined 200 years of market leadership forms the premier customer-focused and family-owned distribution company on the West Coast.
“This is an incredible opportunity to bring our family companies together into the 4th generation and beyond, maintaining and enhancing the culture that’s made MTC and Harbor successful for a century. MTC celebrated 100 years in 2021, and Harbor will join them in 2023. We look forward to entering our next 100 years with an incredible team of industry professionals who share common values and a similar obsession with our customers’ success.” said Harbor Foods CEO and 4th Generation Owner Justin Erickson.
Tom Eakin, CEO & 3rd generation owner of MTC Distributing said “with the industry constantly evolving; we are taking the opportunity to bring two like-minded, independent companies together. I trust Harbor to carry on the MTC legacy and provide the solutions our retail and foodservice customers need today and into the future. Harbor’s extensive experience in foodservice, branded programs, fresh foods, and innovative marketing and technology will allow our incredible team to bring even greater value to our customers.”
The combined companies will operate 4 distribution centers across the West Coast, servicing customers from central California to the Canadian Border. The combined companies will leverage more than $1 Billion of collective purchasing power to provide top level results for its customers.
About Harbor Foods
Founded in 1923, Harbor Foods is dedicated to supporting the local entrepreneurs that provide jobs in their communities, bring convenience to busy lives, and invite us all to experience life around the table. Recently, Harbor is proud to have received one of the coveted 2022 Washington’s Best Workplaces Awards, as well as one of Washington’s Fastest-growing Private Companies. As the largest independent 4th generation family-owned distributor in the West, Harbor now employs over 800 team members and services over 6,000 convenience stores, independent grocers, and quick-serve restaurants with a wide selection of local and national branded products. Harbor Wholesale operates 4 distributions centers in Lacey, WA, Portland, OR, Roseburg, OR, and the newly added Modesto, CA, distribution center. For additional information, please visit us at harborfoodservice.com or harborfoods.com.
About NW Foodservice Inc.
MTC Distributing Co. was founded in 1921 by the Herbert Eakin in Modesto California. The company was initially named the Modesto Tobacco Company however, it quickly expanded its collection of product offerings over the years. In 1986 the business was purchased by Tom Eakin and renamed MTC Distributing to better reflect the evolution of the company’s product categories. After 100 years, the MTC team is looking forward to its next chapter with Harbor Wholesale, remaining open to innovation and putting customer satisfaction first, as it has throughout its storied history.
About Novelty Hill Capital LLC
Novelty Hill Capital is a leading middle market investment bank and financial advisory firm with expertise in mergers and acquisitions, raising capital and evaluating strategic alternatives. Our team possesses decades of combined experience leading successful M&A and investment processes for prominent privately held companies and industry pioneers throughout the entire consumer and technology value chains.
