Mangos Anyone? Sole Source Adds to Worldwide Produce

Mangos Anyone? Sole Source Adds to Worldwide Produce

Sole Source acquired Worldwide Produce in 2019 and the buy of Vision Produce follows earlier buy of Avalon Fine Foods

Vision's products include mangos, limes, melons, beans, and watermelon

SOURCE: Getty Images

Worldwide Produce, a portfolio company of Sole Source Capital, has acquired Vision Produce, an importer and distributor of produce to markets in the United States and Canada.

Vision Produce distributes its products – including mangos, limes, melons, chili peppers, radishes, turnips, beans, watermelon, and corn – to retail, wholesale, and foodservice distribution customers.

The company also owns and operates Southwest Truck Brokers, a Phoenix-based freight and logistics broker. Vision Produce, led by Chairman and CEO Bill Vogel and President Dan Lawton, was founded in 1980 and has facilities in both Los Angeles and Phoenix.

“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 Mr. Vogel. “The Vision team is excited to partner with both Worldwide and Sole Source 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.”

“Vision Produce provides highly valued expertise and exposure to the retail and wholesale end markets,” said Dewey Turner III, a partner and the president of portfolio operations for Sole Source. “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.”

Worldwide Produce is one of the largest produce and dairy distributors in Southern California. The company has more than 5,000 SKUs of fresh fruits, vegetables, eggs, dairy, cheese, dry goods, oils, spices, and other specialty food products. The company, founded in 1989 and led by CEO Todd Ferguson, operates out of three distribution facilities located in Los Angeles, Las Vegas and San Diego.

Sole Source acquired Worldwide Produce in October 2019 and has closed one other add-on acquisition with the buy of Avalon Fine Foods.

Dallas-headquartered Sole Source makes control investments in high precision manufacturing, diversified distribution, and industrial service companies that have EBITDA from $5 million to $20 million. The firm specializes in the acquisition of founder-owned businesses and corporate carve-outs. Sole Source was founded in 2016 by David Fredston and is headquartered in Dallas, Texas with an additional office in Santa Monica, California.

© 2021 Private Equity Professional | August 26, 2021

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