C-A-L Ranch Stores, the farm and ranch retailer with 33 locations across Idaho, Utah, Nevada, and Arizona, entered into a merger agreement with Coastal Farm & Home, a ranch and country lifestyle retailer with 21 locations in the Pacific Northwest.
Nolan Capital, the majority partner of Coastal, will retain a majority stake in the combined business.
The businesses will operate 54 retail locations across six states with over 2,200 employees. Jerry Ward, the majority owner of C-A-L, will retain a significant ownership stake and continue to advise the company as a board member. Tom Yearsley, a minority owner and CEO of C-A-L, will lead the combined companies as CEO.
“Building C-A-L Ranch into the company it is today has been a great accomplishment by our team, and I am proud of our support for the communities we serve,” said Ward. “This decision was made with the utmost care for my family, our employees and the company’s future. We are excited about the combination of two great companies, and I am confident this business is set up for continued success with Tom and Nolan Capital.”
“There are great synergies between the two companies. Collectively, we have over one hundred years of successful farm and ranch retail experience. As we learn from each other and become united, we will be able to build upon the legacies of Coastal Farm & Home and C-A-L Ranch Stores. The future is bright, and I am excited to be part of such a great team and to be part of the incredible merger of these great companies,” said Yearsley.
“The combination of these two great businesses creates an enormous amount of value and opportunity. We are thrilled to be partnering with Jerry and Tom, who have built C-A-L Ranch into a leading player and best-in-class operator in the farm and ranch retail industry,” said Peter Nolan, chairman, Nolan Capital.
Larry Hayward, CEO of Del Mar Ventures and chairman and investor of Coastal, will serve as non-executive chairman of the board of the combined companies. Hayward invested with Nolan Capital in the venture and has a strategic role in advising the company’s growth. Hayward was previously the CEO of Leslie’s Poolmart and Carr-Gottstein Foods Co.
Cascadia Capital LLC served as the financial advisor to C-A-L Ranch. O’Melveny & Myers LLP served as legal advisor to Nolan Capital. Carney Badley Spellman, P.S. served as legal advisor to C-A-L Ranch.
