[sheet: Closing Checklist]
Item No. | Category | Document / Deliverable Description | Responsible Party | Drafter / Preparer | Due Date | Status | Notes / Comments
A. SELLER CLOSING DELIVERABLES
A-1 | Seller Closing Deliverable | Asset Purchase Agreement — Execution version, executed by Cascade Retail Holdings Inc., EverGreen Market Co. LLC, and Ridgeline Consumer Partners LLC | Calderwood & Harkness LLP / Cascade Retail Holdings Inc. | Sandra Tung / Tiffany Rosenthal | 2025-06-13 (signing); 2025-07-18 (closing delivery) | Pending | Target APA execution date June 13, 2025; closing delivery of fully executed original at closing
A-2 | Seller Closing Deliverable | Bill of Sale — EverGreen Market Co. LLC and Cascade Retail Holdings Inc. to Ridgeline Consumer Partners LLC, transferring all Purchased Assets (inventory ~$6,800,000 at cost; FF&E ~$4,100,000 NBV; IP; customer lists; permits; goodwill) | Calderwood & Harkness LLP / Cascade Retail Holdings Inc. | Andrew Fitzpatrick | 2025-07-18 | Pending | Subject to 'as-is, where-is' language per APA representations
A-3 | Seller Closing Deliverable | Assignment and Assumption Agreement — EverGreen Market Co. LLC to Ridgeline Consumer Partners LLC, assigning Assumed Contracts (34 store leases, 1 distribution center lease, 12 vendor/supplier contracts, Northstar Foods Co. LLC private-label manufacturing agreement, Meridian Commerce Solutions Inc. POS license) and Assumed Liabilities (trade payables ~$3,900,000; accrued vacation/PTO ~$820,000) | Calderwood & Harkness LLP / Cascade Retail Holdings Inc. | Andrew Fitzpatrick | 2025-07-18 | Pending | Ridgeline assumes liabilities arising on or after closing date
A-4 | Seller Closing Deliverable | Trademark Assignment Agreement — Cascade Retail Holdings Inc. to Ridgeline Consumer Partners LLC, assigning EVERGREEN MARKET (Reg. No. 5,284,331, registered June 12, 2018) and EVERGREEN NATURALS (Reg. No. 5,612,074, registered September 3, 2019), domain names (evergreenmarket.com, evergreenmarketco.com), social media accounts, and associated goodwill | Calderwood & Harkness LLP / Cascade Retail Holdings Inc. | Andrew Fitzpatrick | 2025-07-18 | Pending | Recordation with USPTO required post-closing
A-5 | Seller Closing Deliverable | Non-Competition and Non-Solicitation Agreement — Cascade Retail Holdings Inc., 3-year non-compete (Oregon and Northern California, limited to natural/organic specialty grocery stores; carves out Cascade Home & Goods and CascadeDirect.com); 2-year non-solicitation of Transferred Employees | Calderwood & Harkness LLP / Cascade Retail Holdings Inc. | Tiffany Rosenthal | 2025-07-18 | Pending | Governed by Delaware law; blue-pencil provisions included
A-6 | Seller Closing Deliverable | Seller Officer's Certificate — Executed by James Yoon, SVP, Corporate Development, Cascade Retail Holdings Inc., certifying (i) reps and warranties true at closing (subject to MAE qualifier), (ii) covenants performed in all material respects, (iii) no MAE since APA date, (iv) attached board resolutions | Calderwood & Harkness LLP / Cascade Retail Holdings Inc. | Tiffany Rosenthal | 2025-07-18 | Pending | Signatory: James Yoon
A-7 | Seller Closing Deliverable | FIRPTA Certificate — Non-foreign person affidavit under IRC Section 1445, executed by Cascade Retail Holdings Inc. | Calderwood & Harkness LLP / Cascade Retail Holdings Inc. | Andrew Fitzpatrick | 2025-07-18 | Pending | Cascade EIN: 91-1847352
A-8 | Seller Closing Deliverable | Good Standing Certificate — Cascade Retail Holdings Inc. from Delaware Secretary of State | Cascade Retail Holdings Inc. | Renata Saldívar | 2025-07-18 | Pending | Registered agent: Capitol Registered Agents Inc., 1209 Orange Street, Wilmington, DE 19801
A-9 | Seller Closing Deliverable | Good Standing Certificate — Cascade Retail Holdings Inc. from Washington Secretary of State | Cascade Retail Holdings Inc. | Renata Saldívar | 2025-07-18 | Pending | HQ: 4200 Elliott Avenue West, Suite 1500, Seattle, WA 98119
A-10 | Seller Closing Deliverable | Good Standing Certificate — EverGreen Market Co. LLC from Delaware Secretary of State | Cascade Retail Holdings Inc. | Steven Halderman | 2025-07-18 | Pending | Registered agent: Capitol Registered Agents Inc., 1209 Orange Street, Wilmington, DE 19801; EIN: 93-2615488
A-11 | Seller Closing Deliverable | Secretary's Certificate — Cascade Retail Holdings Inc. with attached resolutions of the Board of Directors authorizing the transactions contemplated by the APA and ancillary agreements | Calderwood & Harkness LLP / Cascade Retail Holdings Inc. | Tiffany Rosenthal | 2025-07-18 | Pending | To include incumbency certificate for authorized signatories
A-12 | Seller Closing Deliverable | Seller Disclosure Schedules — Final version, updated through closing date | Calderwood & Harkness LLP / Cascade Retail Holdings Inc. | Andrew Fitzpatrick | 2025-06-13 (initial); 2025-07-18 (bring-down) | Pending | Schedules cover organization, material contracts, assigned leases, IP, employees (~1,850), required consents, permits
A-13 | Seller Closing Deliverable | Payoff letters / lien releases (if any) — Confirmation that no liens encumber the Purchased Assets (other than Permitted Liens) | Cascade Retail Holdings Inc. | Derek Pruitt | 2025-07-18 | Pending | Confirm with Cascade treasury
B. BUYER CLOSING DELIVERABLES
B-1 | Buyer Closing Deliverable | Buyer Officer's Certificate — Executed by authorized officer of Ridgeline Consumer Partners LLC certifying (i) buyer's reps and warranties true at closing, (ii) buyer's covenants performed, (iii) attached organizational resolutions | Holloway Breck & Associates LLP / Ridgeline Consumer Partners LLC | Keiko Taniguchi | 2025-07-18 | Pending | Buyer's counsel: Nathan Ostroff, Holloway Breck & Associates LLP
B-2 | Buyer Closing Deliverable | Good Standing Certificate — Ridgeline Consumer Partners LLC from Delaware Secretary of State | Ridgeline Consumer Partners LLC | Russell Ingram | 2025-07-18 | Pending | Registered agent: Prestige Corporate Services LLC, 850 New Burton Road, Suite 201, Dover, DE 19904; EIN: 84-3921074
B-3 | Buyer Closing Deliverable | Evidence of R&W Insurance Policy — Bound and in effect with Marlowe Asset Management Indemnity Insurance Co.; policy limit $12,500,000 (50% of purchase price); premium ~$312,500 (2.5% rate-on-line); total retention $625,000 (seller retention $375,000, buyer retention $250,000); brokered by Trident Assurance Group Inc. (Franklin Osei) | Ridgeline Consumer Partners LLC / Trident Assurance Group Inc. | Russell Ingram / Franklin Osei | 2025-07-18 | Pending | Condition to closing; seller retention funded from escrow
B-4 | Buyer Closing Deliverable | Assignment and Assumption Agreement — Counterpart executed by Ridgeline Consumer Partners LLC | Holloway Breck & Associates LLP / Ridgeline Consumer Partners LLC | Keiko Taniguchi | 2025-07-18 | Pending | Buyer assumes all Assumed Liabilities arising on or after closing
B-5 | Buyer Closing Deliverable | Evidence of Financing — Confirmation that Pinnacle Ridge Lending LLC $15,000,000 senior secured credit facility ($12,000,000 term loan + $3,000,000 revolving credit facility) is funded or available for funding at closing | Ridgeline Consumer Partners LLC / Pinnacle Ridge Lending LLC | Conrad Villanueva / Russell Ingram | 2025-07-18 | Pending | Relationship manager: Conrad Villanueva; Pinnacle Ridge is direct lending affiliate of Summit Grove Capital Partners LLC
C. JOINT DELIVERABLES
C-1 | Joint Deliverable | Escrow Agreement — Tri-party agreement among Cascade Retail Holdings Inc., Ridgeline Consumer Partners LLC, and Colton Pacific Bank, N.A. governing $2,500,000 indemnity escrow (10% of $25,000,000 purchase price); escrow held 18 months post-closing (estimated release: January 18, 2027); escrow officer: Diana Sorensen | Calderwood & Harkness LLP / Holloway Breck & Associates LLP / Colton Pacific Bank, N.A. | Tiffany Rosenthal / Diana Sorensen | 2025-07-18 | Pending | Claims subject to $375,000 tipping basket and $25,000 per-claim mini-basket; seller R&W retention of $375,000 satisfied from escrow
C-2 | Joint Deliverable | Transition Services Agreement — Cascade Retail Holdings Inc. to provide IT infrastructure/hosting, payroll processing, treasury/cash management, procurement platform access, and general accounting support to Ridgeline; base term 12 months (est. expiration July 18, 2026); two optional 3-month extensions at buyer's election (max 18 months, est. January 18, 2027); cost-plus 5% markup; est. monthly fee ~$185,000/month (~$2,220,000 for base term); buyer may terminate individual services on 30 days' notice, all services on 60 days' notice | Calderwood & Harkness LLP / Holloway Breck & Associates LLP | Tiffany Rosenthal | 2025-07-18 | Pending | Governed by Delaware law
C-3 | Joint Deliverable | Section 1060 Purchase Price Allocation Schedule — Allocation of $25,000,000 aggregate consideration across asset classes per IRC Section 1060 | Calderwood & Harkness LLP / Holloway Breck & Associates LLP | Andrew Fitzpatrick | 2025-07-18 | Pending | To be attached as exhibit to APA; treatment of assumed liabilities ($3,900,000 trade payables + $820,000 accrued PTO) for allocation purposes
C-4 | Joint Deliverable | Working Capital Estimate — Estimated Net Working Capital statement as of closing date (Target NWC: $2,900,000; $50,000 de minimis collar; post-closing true-up within 90 days) | Cascade Retail Holdings Inc. / Ridgeline Consumer Partners LLC | Steven Halderman / Russell Ingram | 2025-07-18 | Pending | Dollar-for-dollar adjustment above or below target; no adjustment if difference ≤ $50,000
D. THIRD-PARTY CONSENTS
D-1 | Third-Party Consent | Landlord Consent — Store Lease #1, Portland, OR (Downtown) | Cascade Retail Holdings Inc. / EverGreen Market Co. LLC | Patricia Ng | 2025-07-18 | Complete | Obtained April 22, 2025
D-2 | Third-Party Consent | Landlord Consent — Store Lease #2, Portland, OR (Pearl District) | Cascade Retail Holdings Inc. / EverGreen Market Co. LLC | Patricia Ng | 2025-07-18 | Complete | Obtained April 22, 2025
D-3 | Third-Party Consent | Landlord Consent — Store Lease #3, Portland, OR (Hawthorne) | Cascade Retail Holdings Inc. / EverGreen Market Co. LLC | Patricia Ng | 2025-07-18 | Complete | Obtained April 24, 2025
D-4 | Third-Party Consent | Landlord Consent — Store Lease #4, Portland, OR (Alberta) | Cascade Retail Holdings Inc. / EverGreen Market Co. LLC | Patricia Ng | 2025-07-18 | Complete | Obtained April 24, 2025
D-5 | Third-Party Consent | Landlord Consent — Store Lease #5, Portland, OR (Division) | Cascade Retail Holdings Inc. / EverGreen Market Co. LLC | Patricia Ng | 2025-07-18 | Complete | Obtained April 25, 2025
D-6 | Third-Party Consent | Landlord Consent — Store Lease #6, Portland, OR (Sellwood) | Cascade Retail Holdings Inc. / EverGreen Market Co. LLC | Patricia Ng | 2025-07-18 | Complete | Obtained April 25, 2025
D-7 | Third-Party Consent | Landlord Consent — Store Lease #7, Lake Oswego, OR | Cascade Retail Holdings Inc. / EverGreen Market Co. LLC | Patricia Ng | 2025-07-18 | Complete | Obtained April 25, 2025
D-8 | Third-Party Consent | Landlord Consent — Store Lease #8, Beaverton, OR | Cascade Retail Holdings Inc. / EverGreen Market Co. LLC | Patricia Ng | 2025-07-18 | Complete | Obtained April 26, 2025
D-9 | Third-Party Consent | Landlord Consent — Store Lease #9, Tigard, OR | Cascade Retail Holdings Inc. / EverGreen Market Co. LLC | Patricia Ng | 2025-07-18 | Complete | Obtained April 26, 2025
D-10 | Third-Party Consent | Landlord Consent — Store Lease #10, Hillsboro, OR | Cascade Retail Holdings Inc. / EverGreen Market Co. LLC | Patricia Ng | 2025-07-18 | Complete | Obtained April 27, 2025
D-11 | Third-Party Consent | Landlord Consent — Store Lease #11, Salem, OR | Cascade Retail Holdings Inc. / EverGreen Market Co. LLC | Patricia Ng | 2025-07-18 | Complete | Obtained April 27, 2025
D-12 | Third-Party Consent | Landlord Consent — Store Lease #12, Eugene, OR | Cascade Retail Holdings Inc. / EverGreen Market Co. LLC | Patricia Ng | 2025-07-18 | Complete | Obtained April 28, 2025
D-13 | Third-Party Consent | Landlord Consent — Store Lease #13, Eugene, OR (South) | Cascade Retail Holdings Inc. / EverGreen Market Co. LLC | Patricia Ng | 2025-07-18 | Complete | Obtained April 28, 2025
D-14 | Third-Party Consent | Landlord Consent — Store Lease #14, Corvallis, OR | Cascade Retail Holdings Inc. / EverGreen Market Co. LLC | Patricia Ng | 2025-07-18 | Complete | Obtained April 28, 2025
D-15 | Third-Party Consent | Landlord Consent — Store Lease #15, Bend, OR | Cascade Retail Holdings Inc. / EverGreen Market Co. LLC | Patricia Ng | 2025-07-18 | Complete | Obtained April 29, 2025
D-16 | Third-Party Consent | Landlord Consent — Store Lease #16, Medford, OR | Cascade Retail Holdings Inc. / EverGreen Market Co. LLC | Patricia Ng | 2025-07-18 | Complete | Obtained April 29, 2025
D-17 | Third-Party Consent | Landlord Consent — Store Lease #17, Ashland, OR | Cascade Retail Holdings Inc. / EverGreen Market Co. LLC | Patricia Ng | 2025-07-18 | Complete | Obtained April 29, 2025
D-18 | Third-Party Consent | Landlord Consent — Store Lease #18, Grants Pass, OR | Cascade Retail Holdings Inc. / EverGreen Market Co. LLC | Patricia Ng | 2025-07-18 | Complete | Obtained April 30, 2025
D-19 | Third-Party Consent | Landlord Consent — Store Lease #19, San Francisco, CA (Marina) | Cascade Retail Holdings Inc. / EverGreen Market Co. LLC | Patricia Ng | 2025-07-18 | Complete | Obtained April 30, 2025
D-20 | Third-Party Consent | Landlord Consent — Store Lease #20, San Francisco, CA (Noe Valley) | Cascade Retail Holdings Inc. / EverGreen Market Co. LLC | Patricia Ng | 2025-07-18 | Complete | Obtained April 30, 2025
D-21 | Third-Party Consent | Landlord Consent — Store Lease #21, Berkeley, CA | Cascade Retail Holdings Inc. / EverGreen Market Co. LLC | Patricia Ng | 2025-07-18 | Complete | Obtained May 1, 2025
D-22 | Third-Party Consent | Landlord Consent — Store Lease #22, Oakland, CA (Rockridge) | Cascade Retail Holdings Inc. / EverGreen Market Co. LLC | Patricia Ng | 2025-07-18 | Complete | Obtained May 1, 2025
D-23 | Third-Party Consent | Landlord Consent — Store Lease #23, Walnut Creek, CA | Cascade Retail Holdings Inc. / EverGreen Market Co. LLC | Patricia Ng | 2025-07-18 | Complete | Obtained May 1, 2025
D-24 | Third-Party Consent | Landlord Consent — Store Lease #24, Mill Valley, CA | Cascade Retail Holdings Inc. / EverGreen Market Co. LLC | Patricia Ng | 2025-07-18 | Complete | Obtained May 1, 2025
D-25 | Third-Party Consent | Landlord Consent — Store Lease #25, Santa Rosa, CA | Cascade Retail Holdings Inc. / EverGreen Market Co. LLC | Patricia Ng | 2025-07-18 | Complete | Obtained May 2, 2025
D-26 | Third-Party Consent | Landlord Consent — Store Lease #26, Petaluma, CA | Cascade Retail Holdings Inc. / EverGreen Market Co. LLC | Patricia Ng | 2025-07-18 | Complete | Obtained May 2, 2025
D-27 | Third-Party Consent | Landlord Consent — Store Lease #27, Sacramento, CA | Cascade Retail Holdings Inc. / EverGreen Market Co. LLC | Patricia Ng | 2025-07-18 | Complete | Obtained May 2, 2025
D-28 | Third-Party Consent | Landlord Consent — Store Lease #28, Davis, CA | Cascade Retail Holdings Inc. / EverGreen Market Co. LLC | Patricia Ng | 2025-07-18 | Complete | Obtained May 2, 2025
D-29 | Third-Party Consent | Landlord Consent — Store Lease #29, Portland, OR (St. Johns) (Pending) | Cascade Retail Holdings Inc. / EverGreen Market Co. LLC | Patricia Ng | 2025-07-18 | Pending | 1 of 7 pending; minimum 32 of 35 required to close
D-30 | Third-Party Consent | Landlord Consent — Store Lease #30, Clackamas, OR (Pending) | Cascade Retail Holdings Inc. / EverGreen Market Co. LLC | Patricia Ng | 2025-07-18 | Pending | 2 of 7 pending
D-31 | Third-Party Consent | Landlord Consent — Store Lease #31, Gresham, OR (Pending) | Cascade Retail Holdings Inc. / EverGreen Market Co. LLC | Patricia Ng | 2025-07-18 | Pending | 3 of 7 pending
D-32 | Third-Party Consent | Landlord Consent — Store Lease #32, San Rafael, CA (Pending) | Cascade Retail Holdings Inc. / EverGreen Market Co. LLC | Patricia Ng | 2025-07-18 | Pending | 4 of 7 pending
D-33 | Third-Party Consent | Landlord Consent — Store Lease #33, Napa, CA (Pending) | Cascade Retail Holdings Inc. / EverGreen Market Co. LLC | Patricia Ng | 2025-07-18 | Pending | 5 of 7 pending
D-34 | Third-Party Consent | Landlord Consent — Store Lease #34, San Francisco, CA (Hayes Valley) (Pending) | Cascade Retail Holdings Inc. / EverGreen Market Co. LLC | Patricia Ng | 2025-07-18 | Pending | 6 of 7 pending
D-35 | Third-Party Consent | Landlord Consent — Distribution Center Lease (19800 SW Cipole Road, Tualatin, OR 97062; 48,000 sq. ft.; lease expires March 31, 2029; annual rent $576,000) (Pending) | Cascade Retail Holdings Inc. / EverGreen Market Co. LLC | Patricia Ng | 2025-07-18 | Pending | 7 of 7 pending; distribution center lease; critical path item
D-36 | Third-Party Consent | Consent of Clearfield Organics Distribution Co. — Assignment of supply contract (largest supplier, ~18% of COGS) | Cascade Retail Holdings Inc. / EverGreen Market Co. LLC | Patricia Ng | 2025-07-18 | Pending | Key vendor; consent or waiver required under contract terms
D-37 | Third-Party Consent | Consent of Northstar Foods Co. LLC — Assignment of private-label manufacturing agreement | Cascade Retail Holdings Inc. / EverGreen Market Co. LLC | Patricia Ng | 2025-07-18 | Pending | Portland, OR-based manufacturer of EverGreen-branded products
D-38 | Third-Party Consent | Consent/Re-license — Meridian Commerce Solutions Inc. POS and inventory management system license | Cascade Retail Holdings Inc. / EverGreen Market Co. LLC | Patricia Ng / Steven Halderman | 2025-07-18 | Pending | Assignment or re-license required; current license non-transferable without consent
E. REGULATORY FILINGS AND TRANSFERS
E-1 | Regulatory | HSR Act Filing | N/A | N/A | N/A | N/A | Not required — deal value of $25,000,000 below $119.5M threshold for 2025; no overlapping operations triggering secondary tests
E-2 | Regulatory | Oregon Liquor License Transfer Applications — OLCC (22 stores) | Cascade Retail Holdings Inc. / Ridgeline Consumer Partners LLC | Patricia Ng | Post-closing | Pending | Transfer applications to be filed post-closing; 22 Oregon stores hold OLCC licenses; estimated processing time 45–90 days
E-3 | Regulatory | California ABC License Transfer Applications (12 stores) | Cascade Retail Holdings Inc. / Ridgeline Consumer Partners LLC | Patricia Ng | Post-closing | Pending | Transfer applications required for 12 Northern California stores; estimated processing time 60–120 days
E-4 | Regulatory | Oregon Department of Agriculture — Food establishment license transfers | Cascade Retail Holdings Inc. / Ridgeline Consumer Partners LLC | Patricia Ng | Post-closing | Pending | 22 Oregon stores; new operator registration required
E-5 | Regulatory | California Department of Public Health — Food facility permit transfers | Cascade Retail Holdings Inc. / Ridgeline Consumer Partners LLC | Patricia Ng | Post-closing | Pending | 12 Northern California stores; county health department coordination required
E-6 | Regulatory | USPTO Recordation — Trademark assignments for EVERGREEN MARKET (Reg. No. 5,284,331) and EVERGREEN NATURALS (Reg. No. 5,612,074) | Calderwood & Harkness LLP | Andrew Fitzpatrick | Post-closing | Pending | File after closing; include goodwill transfer; recordation fee ~$100 per mark
E-7 | Regulatory | Oregon and California Bulk Sale Notices (if applicable) | Calderwood & Harkness LLP | Andrew Fitzpatrick | Pre-closing | Pending | Per deal structure memo; exemptions may apply under UCC Article 6 (Oregon) and CA Commercial Code §6101 et seq.
F. FUNDS FLOW
F-1 | Funds Flow | Wire transfer of $22,500,000 — Cash at closing to Cascade Retail Holdings Inc. ($25,000,000 aggregate purchase price less $2,500,000 escrow deposit) | Ridgeline Consumer Partners LLC | Russell Ingram | 2025-07-18 | Pending | Wire to Cascade account per wire instructions; funded in part by Pinnacle Ridge Lending LLC $15,000,000 facility; balance from Ridgeline/Summit Grove equity contribution
F-2 | Funds Flow | Wire transfer of $2,500,000 — Indemnity escrow deposit to Colton Pacific Bank, N.A. escrow account (10% of purchase price; 18-month hold; estimated release January 18, 2027) | Ridgeline Consumer Partners LLC | Russell Ingram / Diana Sorensen | 2025-07-18 | Pending | Escrow officer: Diana Sorensen; Colton Pacific Bank, N.A., 701 Pike Street, Suite 1000, Seattle, WA 98101
F-3 | Funds Flow | Wire transfer of $475,000 — Net advisory fee to Bridger Zanthor & Co. LLC (2.5% success fee of $625,000 less $150,000 creditable retainer paid January 15, 2025) | Cascade Retail Holdings Inc. | Derek Pruitt | 2025-07-18 | Pending | Per advisory agreement dated January 15, 2025; lead MD: Elise Fontaine; VP: Marcus Harding
F-4 | Funds Flow | Funds flow memorandum — Summary of all wires, amounts, recipient accounts, and order of payments | Calderwood & Harkness LLP | Tiffany Rosenthal | 2025-07-18 | Pending | To be circulated to all parties for confirmation at least 2 business days prior to closing
STATUS SUMMARY
Total Deliverable Items (excl. section headers) | 51
Complete | 28 | All are landlord consents (D-1 through D-28)
Pending | 22 | Items requiring completion prior to or at closing
N/A | 1 | HSR Act Filing (E-1)
Landlord Consents: 28 of 35 Obtained; 7 Pending; Minimum 32 Required | Shortfall: 4 additional consents needed
Funds Flow Total at Closing | $25,475,000 | $22,500,000 + $2,500,000 + $475,000
[sheet: Summary]
Category | Detail
MATTER INFORMATION
Matter Name | Divestiture of EverGreen Market Co. LLC
C&H Matter Number | 1038-00008
Client | Cascade Retail Holdings Inc. (Nasdaq: CRHI)
Client EIN | 91-1847352
Target Entity | EverGreen Market Co. LLC (EIN: 93-2615488)
Buyer | Ridgeline Consumer Partners LLC (EIN: 84-3921074)
Buyer's Sponsor | Summit Grove Capital Partners LLC (Fund III, L.P.)
Transaction Structure | Asset Purchase (Carveout Divestiture)
Responsible Partner | Sandra Tung (Seattle)
Billing Partner | Oliver Mackenzie (Seattle)
Lead Associate | Tiffany Rosenthal (Seattle)
Working Associate | Andrew Fitzpatrick (New York)
Buyer's Counsel | Holloway Breck & Associates LLP — Nathan Ostroff, Keiko Taniguchi
Seller's Financial Advisor | Bridger Zanthor & Co. LLC — Elise Fontaine (MD), Marcus Harding (VP)
Escrow Agent | Colton Pacific Bank, N.A. — Diana Sorensen, 701 Pike Street, Suite 1000, Seattle, WA 98101
Buyer's Lender | Pinnacle Ridge Lending LLC — Conrad Villanueva
Seller's Auditors | Archer Whitfield LLP — Lorraine DeMarco
R&W Insurance Broker | Trident Assurance Group Inc. — Franklin Osei
R&W Insurance Carrier | Marlowe Asset Management Indemnity Insurance Co.
Seller's Internal Lead | James Yoon, SVP Corporate Development, Cascade Retail Holdings Inc.
Seller's Corporate Secretary | Renata Saldívar, Cascade Retail Holdings Inc.
Seller's Treasury Contact | Derek Pruitt, Cascade Retail Holdings Inc.
Seller's Finance Contact | Steven Halderman, EverGreen Market Co. LLC
Buyer's Internal Lead | Russell Ingram, Ridgeline Consumer Partners LLC
Lease/Consent Coordinator | Patricia Ng, EverGreen Market Co. LLC
Governing Law | Delaware
KEY DATES
LOI Executed | April 18, 2025
Exclusivity Period | April 18, 2025 – June 30, 2025 (73 days)
C&H Engagement Opened | May 2, 2025
Target APA Execution | June 13, 2025
Estimated Closing Date | July 18, 2025 (35 days post-signing)
Outside Date (Drop-Dead) | September 15, 2025
Escrow Release Date (Est.) | January 18, 2027 (18 months post-closing)
Working Capital True-Up Deadline | October 16, 2025 (90 days post-closing)
TSA Base-Term Expiration (Est.) | July 18, 2026 (12 months post-closing)
TSA Maximum Expiration (Est.) | January 18, 2027 (18 months with extensions)
Non-Compete Expiration | July 18, 2028 (3 years post-closing)
Non-Solicitation Expiration | July 18, 2027 (2 years post-closing)
Distribution Center Lease Expiration | March 31, 2029
General Rep Survival | January 18, 2027 (18 months post-closing)
Fundamental Rep Survival | July 18, 2028 (36 months post-closing)
DEAL ECONOMICS
Aggregate Purchase Price | $25,000,000
Cash at Closing | $22,500,000
Indemnity Escrow | $2,500,000 (10% of purchase price)
Target Net Working Capital | $2,900,000
NWC Adjustment Collar | $50,000 de minimis
EverGreen TTM Revenue | ~$142,000,000
EverGreen TTM Adjusted EBITDA | ~$8,200,000
Implied EV/EBITDA | ~3.05x
Implied EV/Revenue | ~0.18x
Inventory (at cost) | ~$6,800,000
FF&E (NBV) | ~$4,100,000
Trade Payables (Assumed) | ~$3,900,000
Accrued Vacation/PTO (Assumed) | ~$820,000
Seller Indemnity Cap (General) | $2,500,000 (18-month survival)
Seller Indemnity Cap (Fundamental) | $25,000,000 (36-month survival)
Indemnity Basket (Tipping) | $375,000 (1.5% of purchase price)
Mini-Basket (Per Claim) | $25,000
Buyer Indemnity Cap | $2,500,000
R&W Policy Limit | $12,500,000 (50% of purchase price)
R&W Premium | ~$312,500 (2.5% rate-on-line)
R&W Total Retention | $625,000 (seller $375,000 / buyer $250,000)
Bridger Zanthor Advisory Fee (Gross) | $625,000 (2.5% of purchase price)
Bridger Zanthor Retainer (Credited) | $150,000 (paid January 15, 2025)
Bridger Zanthor Net Fee at Closing | $475,000
Total Funds Wired at Closing | $25,475,000
Pinnacle Ridge Facility | $15,000,000 ($12M term loan + $3M revolver)
Estimated Monthly TSA Fee | ~$185,000 (cost-plus 5%)
Estimated TSA Base-Term Cost | ~$2,220,000 (12 months)
Store Count | 34 (22 Oregon, 12 Northern California)
Distribution Center | 48,000 sq. ft., 19800 SW Cipole Road, Tualatin, OR 97062
Employee Count | ~1,850 (1,620 hourly, 230 salaried)
Aggregate Annual Store Rent | ~$11,400,000
Distribution Center Annual Rent | $576,000
Trademarks Transferred | EVERGREEN MARKET (Reg. No. 5,284,331); EVERGREEN NATURALS (Reg. No. 5,612,074)
Domains Transferred | evergreenmarket.com; evergreenmarketco.com
DELIVERABLE STATUS SUMMARY
Total Deliverable Items | 51
Complete | 28
Pending | 22
N/A | 1
Completion Percentage (excl. N/A) | 56.0%
Landlord Consents — Total | 35
Landlord Consents — Obtained | 28
Landlord Consents — Pending | 7
Minimum Consents Required to Close | 32
Consents Shortfall | 4 (need 4 more of 7 pending)
Vendor/License Consents — Total | 3
Vendor/License Consents — Obtained | 0
Vendor/License Consents — Pending | 3