FreshEdge courtesy logo
Distributor FreshEdge has been sold by Rotunda Capital Partners to Chicago-based private equity firm Wind Point Partners, the company announced Tuesday.
Details of the transaction were not disclosed.
FreshEdge was created in 2019 from the merger of Indianapolis Fruit and Piazza Produce (IF&P) and Get Fresh Produce.
Rotunda Capital Partners first invested in the company’s predecessor in 2017.
FreshEdge markets itself as one of the nation’s largest fresh food distributors, selling fruits, vegetables, proteins, cuts, takeout, dairy, floral and specialty products to restaurant and convenience chains. retail.
Since partnering with Rotunda, FreshEdge has completed seven acquisitions and nearly quintupled in size to serve 21 states from its 25 facilities, covering nearly 800,000 square feet of warehouse space, the company said. company in a press release. FreshEdge has a fleet of approximately 830 trucks.
These acquisitions included McCartney Produce in November 2020, Valley Produce in June 2021, Vine Line in October 2021, Monteverde’s in November 2021 and City Produce in May.
“During our partnership, we invested to expand the company’s leadership team, developed enterprise infrastructure and systems, and helped execute and integrate seven complementary acquisitions,” Rotunda partner Dan Lipson said in a statement.
FreshEdge plans to continue growing under new ownership.
“Rotunda’s team has provided us with the operational tools, distribution expertise and acquisition assistance to help the company get to where it is today,” said President and CEO. FreshEdge operator Greg Corsaro in a statement.
Corsaro, CEO Steve Grinstead and the existing FreshEdge leadership team will continue to support FreshEdge, alongside Wind Point executives.
Wind Point said it would provide financial and strategic support to help FreshEdge grow, including expanding warehouse space and infrastructure, strategic acquisitions to strengthen its footprint in the Midwest, Southeast and elsewhere, and improving fresh produce processing capabilities.
“We have great respect for Steve and Greg, and they have developed an exceptional business model that delivers an enduring value proposition resulting in strong, long-term customer relationships,” said Wind Point General Manager Joe Lawler. , in a press release.