Harris Williams Advises FreshEdge on its Sale to Wind Point Partners
October 04 2022 - 11:37AM
Business Wire
Harris Williams, a global investment bank specializing in
M&A advisory services, announces it advised FreshEdge, a
portfolio company of Rotunda Capital Partners (Rotunda), on its
sale to Wind Point Partners (Wind Point). FreshEdge is a family of
produce and specialty food distribution companies. The transaction
was led by Tim Alexander, Andy Warczak, Richard Furseth, Hannah Cho
and Jeremy Sachs of the Harris Williams Consumer Group.
“The FreshEdge team built a fresh food distribution platform
that strikes the perfect balance of customer-obsessed localized
service with the benefits of scale – a strategy that positions the
business as an acquirer of choice,” said Tim Alexander, a managing
director at Harris Williams. “We expect M&A activity to remain
elevated in the fresh food distribution sector given the industry
fragmentation and trends favoring healthier eating.”
“Harris Williams has been a strong partner to our team from day
one and delivered on their promises. Their expertise in produce,
food distribution, and M&A drove efficiency throughout the
process, helping to achieve a great outcome and to find the right
next partner for FreshEdge in Wind Point. We look forward to
building on our momentum and executing on the next phase of growth
over the next several years,” said Steve Grinstead, CEO of
FreshEdge.
Greg Corsaro, president and COO of FreshEdge, added, “We
appreciate the guidance and hard work of the entire Harris Williams
team in what is a pivotal moment for FreshEdge. We are thankful for
the support provided by Rotunda over the last several years and
excited for our next chapter as we partner with Wind Point.”
FreshEdge was formed in 2019 through the combination of Get
Fresh Produce (founded 1982) and the IF&P Foods family of
companies, primarily comprised of Indianapolis Fruit (founded 1947)
and Piazza Produce (founded 1970). McCartney Produce (Paris,
Tennessee) joined the FreshEdge family in November 2020 followed by
Valley Produce (Knoxville, Tennessee) in June 2021, Vine Line
(Grand Rapids, Michigan) in October 2021, Monteverde’s (Pittsburgh,
Pennsylvania) in November 2021, and City Produce (Fort Walton
Beach, Florida) in May 2022. Collectively, these leading fresh food
distribution companies have nearly 500 years of combined experience
serving the grocery and food service industries. FreshEdge includes
a collection of Garden Cut branded fresh-cut processing facilities
(Bartlett, Fort Walton Beach, Indianapolis, and Pittsburgh), a
tomato re-packer, a USDA fresh kitchen (CIBUS Fresh), and two
transportation companies. FreshEdge’s fleet resource includes more
than 830 trucks domiciling across 25 facilities totaling
approximately 795,000 square feet of warehouse space. Today,
FreshEdge is one of the largest independent fresh food distributors
in the United States and a category leader in providing both the
foodservice and retail industries with fruit, vegetables, proteins,
fresh grab-n-go offerings, dairy, floral, and specialty
products.
Rotunda is an operationally oriented private equity firm focused
on transforming family-founder owned companies into dynamic,
data-driven platforms able to achieve and manage significant
growth. Since its founding in 2009, Rotunda has partnered with
management teams to build great businesses within three primary
sectors: value-added distribution, asset-light logistics, and
industrial and business services. Rotunda strives to achieve
replicable results by implementing its Rotunda Performance System
to create strategic alignment, develop lean processes and create
robust, data-driven infrastructures.
Wind Point Partners is a Chicago-based private equity investment
firm with approximately $5 billion in assets under management. Wind
Point focuses on partnering with top caliber management teams to
acquire well-positioned middle market businesses where it can
establish a clear path to value creation. The firm targets
investments in the consumer products, industrial products and
business services sectors. Wind Point is currently investing out of
Wind Point Partners X, a fund that was initiated in 2022.
Harris Williams, an investment bank specializing in M&A
advisory services, advocates for sellers and buyers of companies
worldwide through critical milestones and provides thoughtful
advice during the lives of their businesses. By collaborating as
one firm across Industry Groups and geographies, the firm helps its
clients achieve outcomes that support their objectives and
strategically create value. Harris Williams is committed to
execution excellence and to building enduring, valued relationships
that are based on mutual trust. Harris Williams is a subsidiary of
the PNC Financial Services Group, Inc. (NYSE: PNC).
The Harris Williams Consumer Group has completed transactions
across a variety of verticals, including food, beverage and
agribusiness; branded consumer products; consumer services; and
restaurant and retail. For more information on the Harris Williams
Consumer Group and recent transactions, visit the Consumer Group’s
section of the Harris Williams website.
Harris Williams LLC is a registered broker-dealer and member of
FINRA and SIPC. Harris Williams & Co. Ltd is a private limited
company incorporated under English law with its registered office
at 8th Floor, 20 Farringdon Street, London EC4A 4AB, UK, registered
with the Registrar of Companies for England and Wales (registration
number 07078852). Harris Williams & Co. Ltd is authorized and
regulated by the Financial Conduct Authority. Harris Williams &
Co. Corporate Finance Advisors GmbH is registered in the commercial
register of the local court of Frankfurt am Main, Germany, under
HRB 107540. The registered address is Bockenheimer Landstrasse
33-35, 60325 Frankfurt am Main, Germany (email address:
hwgermany@harriswilliams.com). Geschäftsführer/Directors: Jeffery
H. Perkins, Paul Poggi. (VAT No. DE321666994). Harris Williams is a
trade name under which Harris Williams LLC, Harris Williams &
Co. Ltd and Harris Williams & Co. Corporate Finance Advisors
GmbH conduct business.
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