Silver Oak Services Partners has acquired Legacy Farms in partnership with the company’s management team.
Legacy Farms is a fresh vegetable and fruit grower, shipper, and wholesaler to grocers and foodservice providers in the Western US. The company specializes in dry vegetables such as bell peppers, tomatoes, and squash, and also offers a selection of fresh fruits. Legacy Farm operates 11 branded trucks serving the Southern California area and, including third party providers, runs over 50 trucks per day. The company has a 100,000 square foot distribution center and headquarters located near Los Angeles in Buena Park, CA (www.legacyproduce.com).
“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,” said Wally Sinner, CEO of Legacy. “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.”
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. “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,” said Greg Barr, Managing Partner at Silver Oak. “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.”
Silver Oak Services Partners makes control investments of $10 million to $30 million in companies with revenues from $15 million to $150 million and EBITDAs from $4 million to $20 million. As the firm name implies, sectors of interest include business, healthcare, and consumer services. Silver Oak was founded in 2005 and is based in the Chicago suburb of Evanston (www.silveroaksp.com).
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.
© 2017 Private Equity Professional | April 19, 2017
