DATE: March 01, 2019
Who is Our Client?
- Commodity Blenders, Inc. (CBI) is the Great Lakes region’s preferred custom blend dairy feed mill for quality products, dependable service and competitive pricing.
- CBI custom blends for and delivers feed to farms in Ohio, Indiana, Pennsylvania, New York, Michigan, Illinois, Kentucky, West Virginia and Tennessee.
- Bruce Keener and his wife, Deanna, formed CBI in 1997 and opened their custom feed blending facility in West Salem, Ohio.
- Bruce saw the need for an independent feed mill to serve the needs of farmers in the region and build relationships with them based on a mutual trust and understanding.
- As a farm owner himself, Bruce has been close to the operations and needs of farmers all across Central Ohio and the Great Lakes region since 1978.
Why Did Commodity Blenders Hire Nolan?
- In 2009, CBI opened a state-of-the-art feed plant featuring 32 overhead ingredient bins, 300 tons of finished feed storage and mixing capability of 30 tons/hour.
- The Keeners were interested in pursuing more future growth for CBI, and desired a partner to work with.
- They engaged Nolan to provide liquidity for themselves and find the ideal partner for CBI to scale production capacity, expand sales efforts and grow the company through a combination of organic initiatives and add-on acquisitions.
What Value Did Nolan Deliver?
- Nolan’s sale process delivered High Street Capital, a leading provider of flexible capital and operating expertise to lower middle market businesses.
- High Street recapitalizes and provides growth capital to niche manufacturing, outsourced business services and value-added distribution and logistics companies with revenues of $10 to $100 million.
- High Street saw the high growth potential for CBI and found extremely knowledgeable industry partners in the Keener family.