Silver Oak Services Partners LLC has recapitalized Legacy Farms, a vegetable and fruit wholesale to grocers and food service providers in the Western U.S. The transaction was done in partnership with Legacy management. No financial terms were disclosed.
Evanston, IL, April 18, 2017 – Silver Oak Services Partners, LLC (“Silver Oak”), a lower middle market private equity firm focused exclusively on service businesses, announced it has partnered with management to lead the recapitalization of Legacy Farms, LLC (“Legacy” or the “Company”).
Legacy is a leading fresh vegetable and fruit grower, shipper, and wholesaler to grocers and foodservice providers in the Western US. The Company specializes in dry vegetables (e.g. bell peppers, tomatoes, squash, etc.) while also offering a wide selection of fresh fruits. Legacy is headquartered in Buena Park, California and operates out of a ~100,000 square foot distribution center.
“We’re at an exciting point in Legacy Farms’ evolution, and we realized that a value-added partner with additional capital resources could help us execute on our growth strategy. Silver Oak’s distribution experience and track record of executing growth strategies alongside their management partners made them logical partners for us. We look forward to working with them as we focus on expanding our capacity, making additional investments in our business and executing add-on acquisitions,” said Wally Sinner, CEO of Legacy.
Silver Oak was attracted to the produce sector given the highly-perishable nature of the product, the recurring demand from customers, and the recession-resistant nature of the sector. Greg Barr, Managing Partner at Silver Oak, said, “Legacy is well known in the industry for its customer service, product quality and reliability, and we’re excited to partner with such an experienced management team. We believe there are many organic and acquisition growth opportunities for the business, and we look forward to building upon Legacy’s impressive historical track record.”
Legacy Farms is actively looking for add-on acquisition opportunities in the Western US.
Please contact Greg Barr or David Friedman of Silver Oak for additional information.
Silver Oak invests in business, consumer and healthcare services companies in the lower middle market, typically with EBITDA of $4 million to $20 million.