Ridgemont recaps produce and dairy distributor Worldwide Produce

Worldwide Produce's existing backer Sole Source Capital will retain a "meaningful" minority stake in the company.

  • Harris Williams LLC served as financial advisor to Ridgemont while Truist Securities served as financial advisor to Worldwide Produce and Sole Source
  • Alston & Bird served as legal advisor to Ridgemont and Proskauer served as legal advisor to Worldwide Produce and Sole Source
  • Ridgemont invests in middle-market companies in the business and tech-enabled services, industrial growth, and healthcare sectors

Ridgemont Equity Partners has recapitalized Worldwide Produce, a distributor of fresh fruits, vegetables, dairy products and specialty foods to restaurants, foodservice customers and grocery stores across the western U.S. No financial terms were disclosed.

Worldwide Produce’s existing backer Sole Source Capital will retain a “meaningful” minority stake in the company.

“Ridgemont’s partnership with Worldwide Produce is the culmination of a multi-year firm effort to invest in the B2B food supply chain industry, based on the resilience of the food end market, durable shifts in consumer preferences for ‘better for you’ foods and the increasing consumption of food away from the home,” said John Grenier, a principal at Ridgemont in a statement. “Worldwide Produce exemplifies many of the most important characteristics that we have been seeking – the company has a diversified customer and product mix, operates in a large and fragmented industry and is led by a strong, well-rounded management team that has experience executing organic and M&A growth initiatives.”

Harris Williams LLC served as financial advisor to Ridgemont while Truist Securities served as financial advisor to Worldwide Produce and Sole Source. Alston & Bird served as legal advisor to Ridgemont and Proskauer served as legal advisor to Worldwide Produce and Sole Source.

Based in Charlotte, North Carolina, Ridgemont invests in middle-market companies in the business and tech-enabled services, industrial growth, and healthcare sectors.

Source Source was founded in 2016 by David Fredston.