An investment firm controlled by the family of hedge fund manager James Simons will buy Portland-based Columbia Distributing, one of the nation's largest beverage distributors.
The company -- which distributes beer, wine, spirits and some non-alcoholic drinks -- said it would be acquired by Meritage Group LP and that its operations wouldn't change. The price was not disclosed.
Columbia employs 2,500 in Oregon and Washington.
"I look forward to working with Meritage and our existing team as we begin a new chapter of developing the company for sustainable, long-term success," said Columbia chief executive Gregg Christiansen, who will become the company's chairman. "I am confident this ownership change will be good for Columbia, our suppliers, our employees and our communities."
Columbia as it exists today was formed from a 2008 merger between Columbia Distributing and Mt. Hood Beverage, both of Portland, and Gold River Distributing of Medford.
According to Forbes, Simons is the 28th richest person in America, worth $11 billion.
"Meritage is not unlike many of our current owners, as it manages family capital with a view of holding an investment for a long period of time," said Dave Alexander, an advisory member of Columbia's board of directors. "The owners felt that if we were going to consider selling, this buyer would be a great steward of the enterprise for many years to come."
