CCMP Growth Takes Majority Stake in A1 Cash & Carry, Fueling Canadian Foodservice Growth

The transaction reflects a strategic move by CCMP Growth Advisors into the Canadian foodservice wholesale sector, purchasing a controlling share of A1 Cash & Carry — a well-positioned, founder-led business with diversified product lines and strong customer relationships. With the founder staying in place and National Foods retaining minority ownership, the deal structure suggests a partnership rather than an outright takeover, aiming to combine entrepreneurial leadership with growth capital and institutional support. [1]

A1’s physical footprint—currently eight stores and four warehouses in Ontario—when combined with its multi-channel distribution (cash-and-carry, delivery, and e-commerce) gives it scale and reach in a large market. The support from CCMP, along with experienced advisor Mark Hornick, could accelerate national expansion, digital and supply-chain enhancements, and potentially vertical integration or broader product offerings. [1]

The deal comes at a time when Canada’s foodservice sector is undergoing reliable but modest growth, with spending and traffic increasing in 2025 despite inflation, labour pressures, and weak consumer sentiment. Key segments such as quick-service restaurants (QSR), independent operators, and ethnic cuisine markets are outperforming, while full-service dining remains more challenged. These dynamics create both challenges and opportunities for wholesalers like A1. [2][3]

Strategic implications include the ability for A1 to leverage scale and institutional investment to absorb cost pressures (input inflation, labour, transportation), improve operational efficiencies (inventory systems, logistics), enhance customer value propositions (e-commerce, packaging, product variety), and exploit gaps in markets underserved by national or international wholesalers. However, execution risk is nontrivial: margin compression, supply chain volatility, regulatory complexity, and balancing culture and pricing for diverse customer base will be critical.

Open questions include: What is the valuation implied by this deal, particularly given National Foods is retaining a minority stake? How aggressive will national expansion be, and what capital investment will be required? How will A1 adapt pricing, supply chains, and product sourcing to manage inflation and labour costs? What e-commerce and delivery growth is feasible? And finally, how will CCMP balance returns with maintaining the founder-led culture and service orientation that A1 seems to have cultivated?