Wheat Montana is Sold to Tilia Holdings

Chattanooga, TN, April 30, 2021

River Associates (“River”) announces the sale of its portfolio company, Wheat Montana (“Wheat”) to Tilia Holdings.  Financial terms of the transaction are not disclosed.

Headquartered in Three Forks, MT, Wheat is a leading provider of premium, branded mill and bakery products. The Company offers a variety of non-GMO, chemical-free grains and whole grain flours, mixes, and fresh and frozen bread products to retail and wholesale customers throughout the United States.

Since River’s initial investment in January 2015, Wheat has achieved key operational improvements including improved productivity, reduced waste, professionalized purchasing controls and rationalized freight contract. Operational improvements and the expansion of the management team have enabled Wheat to capitalize on opportunities and process record sales at strong margins.

Laura Carden, President of Wheat Montana, commented “River has been a steadfast partner. The firm never wavered in their support as we worked through growing pains and multiple economic cycles. With River’s help, we have built a foundation that enables us to take a proactive approach to change, seizing opportunities as they arise.“

Patten Pettway, Partner of River Associates, said, “River is proud of the work we have done with Wheat and the diligence of the management team. Through our partnership, we have been able to refine the company, develop the management team, and improve operations so that Wheat is well situated for its next chapter of growth. We look forward to seeing all they accomplish.”

Lincoln International served as financial advisor and Waller Lansden Dortch & Davis, LLP served as legal advisor to River and Wheat’s other shareholders.