SANTA MONICA, CA — Sole Source Capital LLC, an industrial-focused private equity firm providing capital to North American lower-middle market companies, announced Oct. 25 the acquisition of a majority interest in Worldwide Produce (WWP), a distributor of fresh produce, dairy and specialty foods in California and Nevada. Terms of the transaction were not disclosed.
Founded in 1989, WWP is one of the largest produce and dairy distributors in Southern California, supplying fresh fruits, vegetables, dairy products and specialty foods to independent and chain restaurants across the western US. The company operates out of two distribution facilities located in Los Angeles, CA and Las Vegas, NV and stocks roughly 6,000 SKUs.
Sole Source has significant experience investing in companies that can benefit from the Firm's operating and M&A capabilities and plans to make meaningful investments in technology. SSC plans to use WWP as a platform to acquire other regional foodservice distribution companies and will leverage the Company's exemplary reputation and deep industry relationships to help execute its M&A strategy.
"We are thrilled to be partnering with Sole Source as we further solidify our market leadership in the Southern California market and expand into additional geographies," said Abbas Ghulam, Co-Founder of WWP. "Sole Source's wealth of experience investing in founder-owned companies will be invaluable as we expand our Company's footprint while maintaining WWP's uncompromising commitment to product quality and customer service. I am excited to work closely with the Sole Source team to achieve our strategic objectives."
"Worldwide Produce represents a compelling opportunity to invest in a premium business with an established reputation for high quality service," said David Fredston, Managing Partner of Sole Source Capital. "We are impressed with WWP's strong track record, which includes sustained revenue growth through the Great Recession, and look forward to leveraging the Company as a platform for consolidation in the space."
