Cross Rapids Capital-led investor group acquires Wholesale Produce Supply
Wholesale Produce Supply (WPS), a Minnesota-based fresh produce logistics and inventory management solutions provider, said that its parent holding company has been acquired by an investor consortium led by Cross Rapids Capital.
The financial terms of the deal were not disclosed.
The buying consortium also includes Wholesale Produce Supply’s strategic partner — The Baupost Group and others.
The seller of the produce supply company are affiliates of Mill City Capital.
Brian Hauge — CEO of Wholesale Produce Supply said: “WPS will continue to provide its customers with reliable service and consistently high product quality, as we broaden our geographic reach and continue to expand our offering.
“The industry knowledge and resources that Cross Rapids Capital brings will allow us to accelerate our growth plan.”
Established in 1964, Wholesale Produce Supply is said to be a key supplier to the foodservice industry, quick-service restaurants, grocery wholesalers, and other clients, as well as to its network of more than 300 growers around the world.
Wholesale Produce Supply is claimed to procure and deliver nearly 100 fresh produce items and additionally offers value-added services that include grading, ripening, fresh-cut, sorting, washing, and packaging for a range of its products. These are said to minimize the burden of its customers’ labour, capital equipment, and infrastructure requirements.
Besides, Wholesale Produce Supply provides regular, daily delivery, and just-in-time deliveries that are less than truckload, which allows for flexibility, lesser product spoilage, and better inventory management, which increases the profitability of customers.
Wholesale Produce Supply claims to be one of the leading suppliers of fresh fruits and vegetables throughout the Midwestern US, central Canada, and Central Canada.
Kyle Cruz — Partner at Cross Rapids Capital said: “With deep admiration and respect for the 57-year history and strong foundation of Wholesale Produce Supply, we are thrilled to partner with management and provide the additional tools and resources to enable the Company’s organic and inorganic growth plans.”