Founded in 1972, Nor-Cal is a family owned and operated distributor of conventional and organic produce and other fresh products throughout Northern California, with primary operations located in West Sacramento, CA. Annual net sales for Nor-Cal for the twelve months ended February 29, 2016, were approximately $151 million. UNFI carries and distributes more than 85,000 products to more than 40,000 customer locations throughout the United States and Canada. The company serves a wide variety of retail formats including conventional supermarket chains, natural product

superstores, independent retail operators, and the food service channel. The Nor-Cal acquisition highlights UNFI's continued drive into fresh and gives it a national presence in produce.

“We are excited to expand the breadth of our fresh perimeter product assortment and distribution network with the acquisition of Nor-Cal” commented Steven Spinner, UNFI’s President and Chief Executive Officer. “This acquisition further illustrates UNFI’s growth into fresh and we look forward to working with Todd Achondo, President of Nor-Cal, who will remain at the company in a leadership role, and their entire team.”

“The Nor-Cal team is excited to be a part of UNFI. We look forward to working together to grow the combined company and better serve our customers nationwide,” stated Mr. Achondo.

Barnard/Montague undertook a carefully orchestrated auction process to generate a competitive bidding environment. The UNFI offer was accepted as it provided the best structure to enable the shareholders to accomplish their objectives as well giving the Company expanded resources to better serve its clients.

Mr. Achondo stated, “Barnard/Montague’s experience in and deep knowledge of the food distribution space made it an easy decision to engage them to represent us in this important transaction. Barnard/Montague Managing Partner Jeanne Montague’s perseverance, attention to detail, and negotiating skills were instrumental in guiding this complex transaction to a successful completion.”



Barnard/Montague Capital Advisors is a San Francisco based investment bank providing sell-side as well as debt and equity private placement advisory services to privately owned middle-market companies throughout the western United States.  The firm’s primary focus is on companies with revenues between $20 million and $250 million in a range of industries, including a sector focus on food and agribusiness companies.

Regulatory Required Disclaimer
The testimonial may not be representative of the experience of other clients and is no guarantee of future performance or success.

Founded more than forty years ago, Monterrey serves as a distributor to many of the nation’s leading grocery retailers. Monterrey’s product mix is focused on specialty and natural products, and has a customized approach that allows it to work with a variety of brands in any department, based on customer needs and requirements. KeHE also provides specialty, natural, and organic products to natural food stores, chain grocery stores, independent grocery stores, and other specialty product retailers throughout North America. In announcing the

transaction, Brandon Barnholt, KeHE President & CEO, stated, "We view the perimeter as an essential element of our growth strategy. The acquisition of Monterrey expands our perimeter capabilities and further enables our growth plans."

The combination of KeHE and Monterrey joins two successful organizations with complementary assets and skills. The acquisition helps advance KeHE's strategic plan and aligns with KeHE's vision to be the trusted distributor for natural, organic and specialty products.

"Joining the KeHE family leapfrogs Monterrey by years in our ability to extend our excellence in fresh perimeter distribution to the entire country. Further, KeHE and Monterrey couldn't be better cultural fits for each other," said Luke Abbott, Monterrey President. The acquisition will add two distribution centers in San Diego, California, and Oklahoma City, Oklahoma, to KeHE's existing network of sixteen distribution centers in the U.S. and Canada. Mr. Abbott and his management team will continue to lead Monterrey.

Barnard/Montague undertook a limited auction process, receiving offers from numerous large retail distributors. The KeHE offer was accepted as it represented the best structure to enable Monterrey's shareholders to reach their objectives and at the same time provide the Company the resources to better serve its clients.

Mr. Abbott stated, “Barnard/Montague has provided us with expert guidance and creative advice over an extended period of time so it was an easy decision to engage them to represent us in this important transaction. Barnard/Montague Managing Partner Jeanne Montague was instrumental in guiding us to a successful completion of this complex transaction.”



Barnard/Montague Capital Advisors is a San Francisco based investment bank providing sell-side as well as debt and equity private placement advisory services to privately owned middle-market companies throughout the western United States. The firm’s primary focus is on companies with revenues between $20 million and $250 million in a range of industries, including a sector focus on food and agribusiness companies.


Regulatory Required Disclaimer
The testimonial may not be representative of the experience of other clients and is no guarantee of future performance or success.

Headquartered in South San Francisco, CA, Marque Foods is a highly respected supplier of a wide range of gourmet chocolate products, pastry ingredients and dessert products to professional chefs throughout the key culinary markets of Northern and Southern California as well as Reno, NV. Founded in 2000, the company imports over 1,100 highest quality products sought after by their customers - leading chefs, bakers, pastry chefs and chocolatiers. The business attracted interest from a number of public and private strategic buyers who saw the acquisition as an opportunity to gain access not only to Marque Foods’ blue chip customer base but also to their network of international vendors with exclusive product offerings.

After conducting a competitive but extremely confidential auction process, Barnard/Montague was able to structure a transaction that met the needs of the selling shareholder in terms of both price and structure. 

Barnard/Montague Capital Advisors is a San Francisco based investment bank providing sell-side and private placement advisory services to private, middle-market companies throughout the western United States.  The firm’s primary focus is on companies with revenues between $25 million and $250 million in a diverse range of industries.