IF&P Foods, a portfolio company of Rotunda Capital Partners, has acquired Chicago area-based Get Fresh Produce, a distributor of fresh produce, fresh-cut items and specialty products. No financial terms were disclosed.
CHICAGO–(BUSINESS WIRE)–Chicago area-based Get Fresh Produce (“Get Fresh”), a distributor of fresh produce, fresh-cut items and specialty products, joined IF&P Foods (“IF&P”), a private equity-backed family of produce and specialty food companies, diversifying the group’s combined customer base and increasing its breadth and depth of services in the large Chicago metropolitan market and the entire Midwest. Get Fresh will operate in tandem with Indianapolis Fruit, Piazza Produce and Specialty Foods (“Piazza”) and Papania Produce (“Papania’s”) to maximize quality and customer support across the region.
Terms of the deal, which closed July 1, 2019, were not disclosed. This transaction positions the combined group of companies as one of the largest independent produce and specialty food distributors in its market. Founded in 1982 as a retail produce store in Chicago, Get Fresh grew to become a distributor of fresh produce, fresh-cut items and specialty products to foodservice and retail customers in Illinois, Southern Wisconsin and Western and Central Indiana. It has locations in Bartlett, Illinois, and Whitestown, Indiana, just outside of Indianapolis. Gino Alimondi will continue to lead Get Fresh as President, and the company’s operations will carry on from its primary facility in Bartlett, Illinois, as well as from its other distribution centers.
IF&P distributes similar products throughout the Midwest to both the retail and foodservice segments through Indianapolis Fruit, Piazza and Papania’s. In addition to selling and distributing produce and specialty items to the retail and foodservice industries, the companies will continue to maintain in-house fresh cut processing and USDA fresh kitchen operations.
The combined group of companies will be led by Steve Grinstead as CEO and Greg Corsaro as President and COO.
This cohesive family of companies is backed by Rotunda Capital Partners, a Bethesda, Maryland-based private equity firm that invests long-term equity capital in established lower middle-market companies. Rotunda provides opportunities for management teams to reach strategic, financial and operational objectives. Rotunda entered the food business in 2017 with the acquisition of IF&P, and is intent on expanding throughout the Midwest and beyond by welcoming more companies into the group, all focused on high quality produce and specialty products and exceptional service, to create a unique team of complementary entities.
About IF&P Foods
IF&P Foods formed in 1997 through the merger of Indianapolis Fruit (founded 1947) and Piazza Produce (founded 1970), two leading produce distribution companies with a combined 118 years of experience serving the grocery and food service industries. Garden Cut, a fresh cut processing company, Tomatoland’s Best, a tomato repacking company, and leading food service produce distributors, Circle City Produce and Papania Produce, complete the IF&P group of companies. The company has grown to include a fleet of over 340 refrigerated trucks servicing over 14 states in the Midwest and beyond from five facilities totaling over 225,000 square-feet of warehouse space. Today, IF&P is a category leader in providing both the foodservice and retail industries with fruit, vegetables, dairy, floral, and specialty products.
About Rotunda Capital Partners
Rotunda Capital Partners is a private equity firm that invests equity capital in established, well run, and profitable companies. The firm uses a rigorous approach to identify market-leading companies with identifiable growth opportunities and capable management teams in targeted sectors, including distribution, logistics, specialty finance, and business services. Rotunda Capital partners with management to build data-driven growth platforms. Since 2009, Rotunda Capital has completed twelve platform investments and realized five exits. The partners of Rotunda Capital actively provide guidance and draw on deep industry and financial relationships to contribute to the successful execution of Rotunda’s companies’ strategic plans. For more, visit www.rotundacapital.com.