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: firstname.lastname@example.org). 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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