Distributor FreshEdge has been sold from 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 formed in 2019 following 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 bills itself as one of the largest fresh food distributors in the country, selling fruit, vegetables, proteins, cut produce, grab-and-go offerings, dairy, floral and specialty products to both foodservice and retail channels.
Since joining forces with Rotunda, FreshEdge has completed seven acquisitions and has nearly quintupled in size to serve 21 states from its 25 facilities, encompassing nearly 800,000-square-feet of warehouse space, the company said in a statement. FreshEdge has a fleet of about 830 trucks.
Those 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 corporate infrastructure and systems, and assisted in the execution and integration of seven add-on acquisitions,” Rotunda Partner Dan Lipson said in a statement.
FreshEdge plans to continue its growth under new ownership.
“The Rotunda team provided us with the operational tools, distribution expertise and acquisition assistance to help the company get to where it is today,” FreshEdge President and COO Greg Corsaro said in a statement.
Corsaro, CEO Steve Grinstead and the existing FreshEdge leadership team will continue to help FreshEdge, along with Wind Point executives.
Wind Point said it will provide capital and strategic support to help FreshEdge grow, including expanded warehouse space and infrastructure, strategic acquisitions to boost its footprint in the Midwest, Southeast and elsewhere, and enhanced fresh-cut processing capabilities.
“We have great respect for Steve and Greg, and they have developed an outstanding business model that delivers and enduring value proposition resulting in strong long-term relationships with customers,” Wind Point Managing Director Joe Lawler said in a statement.