Deal expands FreshEdge's footprint east; broadens reach of one of the largest independent fresh food distributors in the U.S.
INDIANAPOLIS --News Direct-- Rotunda Capital Partners LLC
FreshEdge, a family of produce and specialty food companies backed by Rotunda Capital Partners, acquired Monteverde's, a fresh produce distributor located near Pittsburgh, Pennsylvania. Monteverde's operates out of a 61,500 square-foot facility.
The addition expands FreshEdge's footprint further into the eastern United States and provides space and logistical support to better serve its increasing customer base. Monteverde's joins a growing alliance that includes Piazza Produce & Specialty Foods, Indianapolis Fruit, Get Fresh Produce, McCartney Produce, Leonardo's Produce, Valley Produce, Vine Line, Garden Cut, CIBUS Fresh and Papania's.
FreshEdge now operates with 1,775 employees, approximately 731,500 square feet of warehouse space, and a fleet of more than 670 trucks.
"We welcome Steve Monteverde and his dedicated team to the FreshEdge family of companies," said Steve Grinstead, CEO of FreshEdge. "Monteverde's will be a great addition to our expanding group of 'best in class' fresh food distribution companies."
Terms of the deal, which closed on November 30, 2021, were not disclosed. The transaction strengthens the combined business's presence in western Pennsylvania and the tri-state region that includes Ohio and West Virginia.
"We are excited for this great company to join FreshEdge and look forward to continuing Monteverde's 'Tradition of Excellence'," said Greg Corsaro, president and COO of FreshEdge.
"By joining FreshEdge, Monteverde's can continue to be locally managed while enjoying multi-regional distribution advantages and national procurement opportunities," said Steve Monteverde, fourth-generation owner.
Steve Monteverde, the Monteverde family, and Monteverde's President Gloria Garofalo will continue to lead the company.
FreshEdge is backed by Rotunda Capital Partners, a lower middle market private equity firm focused on investments in founder and family held companies. Rotunda seeks to provide opportunities for management teams to reach strategic, financial, and operational objectives. Rotunda entered the food business in 2017 with the acquisition of Indianapolis Fruit and Piazza Produce. FreshEdge was created in 2019 when Get Fresh Produce joined the platform. Monteverde's represents FreshEdge's seventh acquisition since Rotunda's initial investment. Together, Rotunda and FreshEdge intend to continue expanding FreshEdge by welcoming more companies into the group-all focused on high quality produce and specialty food products, along with exceptional service-to create a unique team of complementary entities.
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). Collectively, the three leading fresh food distribution companies have nearly 150 years of combined experience serving the grocery and food service industries. In addition, FreshEdge includes two Garden Cut branded fresh-cut processing facilities, a tomato re-packer, a USDA fresh kitchen (CIBUS Fresh), and two transportation companies. FreshEdge's fleet resource includes more than 670 trucks servicing the Midwest and beyond from twelve facilities totaling approximately 731,500 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.
About Rotunda Capital Partners
Rotunda Capital Partners is a private equity firm that invests equity capital in established, lower middle market companies. Rotunda partners with management to build data-driven growth platforms within its targeted sectors, including value-added distribution, asset light logistics and industrial/business services. Founded in 2009, the firm has a long history of helping management teams achieve their goals for growth. The Rotunda team actively provides guidance and draws on deep industry and financial relationships to contribute to the successful execution of Rotunda's companies' strategic plans. The firm has offices in Bethesda, MD and Evanston, IL. For more information, visit www.rotundacapital.com.
Rotunda Capital Partners
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