Transaction Marks Sole Source’s 22nd Investment Since Inception
DALLAS–(BUSINESS WIRE)–Sole Source Capital LLC, an industrial-focused private equity firm, today announced that its portfolio company, Worldwide Produce (“WWP”), has acquired Vision Produce (“VP”), a premier importer and distributor of fresh produce to U.S. and Canadian markets. Terms of the transaction were not disclosed.
Established in 1980 with facilities in both Los Angeles and Phoenix, Vision Produce is a fresh produce importer and distributor selling primarily to retail, wholesale, and foodservice distribution customers in the Western United States. The company offers a variety of produce including mangos, limes, melons, chili peppers and more, which are sourced primarily from Mexico and South America. Additionally, VP owns Southwest Truck Brokers, a Phoenix-based freight and logistics broker. VP will continue to operate with its well-known brand name under the leadership of Dan Lawton, President.
Worldwide Produce is one of the largest fresh produce and dairy distributors in Southern California. With a commitment to sourcing, handling, and storing all produce with the highest standards of safety, WWP has developed a strong reputation for providing high-quality produce and superior service levels to its customers.
“Vision Produce provides highly valued expertise and exposure to the retail and wholesale end markets,” said Dewey Turner III, Partner and President of Portfolio Operations for Sole Source Capital. “The combined reach and expertise of Worldwide and Vision will quickly create an industry leader, offering a broad product range and differentiated services across multiple market segments.”
“I’m thrilled that Vision Produce has joined the Worldwide family,” said Todd Ferguson, CEO of Worldwide Produce. “The team at Vision brings tremendous experience sourcing and importing quality produce and expertly serving their blue-chip customer base. With a location in Phoenix as well as Los Angeles, Vision’s footprint will allow us to continue to expand our reach and serve customers in this key growth market.”
“Worldwide Produce is an ideal partner to support the continued growth of Vision Produce. Connecting growers of the highest quality produce to customers is our shared mission,” said Bill Vogel, Chairman and CEO of Vision Produce. “The Vision team is excited to partner with both Worldwide and SSC in its next phase of growth, and we would like to thank the Sole Source team for its unwavering commitment to getting the transaction completed.”
About Sole Source Capital
Founded in 2016 by David Fredston, Sole Source Capital is a private equity firm that thematically invests in fragmented, high-growth industrial subsectors. Sole Source seeks founder-owned businesses or corporate carve-outs that will benefit from the team’s operating and M&A capabilities. The Firm has a strong operating heritage that enables it to execute a buy and build strategy with significant downside protection. The Firm is headquartered in Dallas, Texas with offices in Santa Monica, California. For more information, please visit www.solesourcecapital.com or contact firstname.lastname@example.org.
About Worldwide Produce
Worldwide Produce is a leading distributor of fresh fruits, vegetables, dairy products, and specialty foods to independent and chain restaurants across the Western United States. The company operates out of three distribution facilities located in Los Angeles, CA, Las Vegas, NV and San Diego, CA and stocks roughly 5,000 SKUs. Worldwide Produce was founded in 1989 and has rapidly grown its revenue base due to its high-quality produce, superior service levels, strong sales staff, and high-quality leadership. For more information, please visit www.wwproduce.com.
About Vision Produce
Founded in 1980, Vision Produce is a produce importer and distributor servicing the Western United States with facilities in Los Angeles and Phoenix. The company offers a variety of fresh produce types, including mangos, limes, melons chili peppers and more. For more information, please visit www.visionproduceco.com.
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