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Case Study Examples

Golden Boy Foods

Golden Boy Foods is an independent private label food manufacturer with six manufacturing locations in USA and Canada, in which Rod Senft acted as Chairman, Richard Harris as President & CEO, Trevor Johnstone as Board Director, and Derek Senft as a resource to the company. Its main business is the supply of nut butter, snacking and baking nut products to 20 of the top 30 largest retailers in North America. Led a majority buy-out investment through Tricor Pacific Capital Fund IV in 2007 and sold the business in 2014.


Financial results included:

  • Revenue Growth: $100 million to over $300 million; subsequent growth to over $600 million

  • EBITDA Growth: low teens $millions to high 30’s $millions; subsequent growth to over $70 million


2007 – 2010

  • Strengthened and developed management including completing transition to new CEO, to facilitate founders’ retirement

  • Strengthened ERP data accuracy, access to management information; upgraded IT systems

  • Acquired and integrated two Canadian competitors; divested money-losing South African business

  • Consolidated two Western Canadian plants; opened first US plant (Washington); certified all plants to global food safety standards (BRC ‘A’ or SQF Level 3)

  • Added new customers including Aldi, Wal-Mart, Save-Mart, Spartan, Safeway USA, Trader Joe’s, etc.


2011 – 2014

  • Step-change in financial reporting accuracy with follow-on positive impacts for costing / pricing accuracy, validity of budgeting, etc.

  • Opened second US plant (Alabama)

  • Entered tree nut butter segment and launched almond butter programs with Whole Foods, Trader Joe’s, Target, Aldi, Kroger etc.

  • In 9 months after sale to Post Holdings: acquired Sunland peanut butter assets out of bankruptcy; acquired US competitor, American Blanching Company, tripling volumes




*Adjusted for sale of South African business

Other Examples

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