Investcorp has acquired a majority equity interest in Loewy Enterprises (DBA Sunrise Produce), a wholesale produce distribution company.
Sunrise’s products include over 3,000 SKUs of dairy, eggs and cheese; fruits and vegetables; nuts and seeds; rice, grains, beans and legumes; oils and dressings; and proteins.
The company’s more than 2,000 customers are active in the restaurant and resort, education, healthcare, and retail sectors. Sunrise, led by CEO and co-owner David Sapia, was founded in 1991 by Paul Carone and is headquartered in Fullerton, California. Post-closing, Mr. Sapia remains a significant shareholder in the company.
“We are extremely excited about this pivotal moment for our thriving company,” said Mr. Sapia. “Investcorp’s business acumen and resources make them an ideal partner to help fuel our next phase of growth and help us continue to serve our expanding roster of diverse customers with the quality and personal service that they’ve grown accustomed to from Sunrise.”
“Fresh produce distribution is a highly fragmented, $70 billion national market that has consistently shown resiliency through economic cycles,” said Amit Gaind, a managing director at Investcorp. “David and the Sunrise team have built a special, passionate culture that consistently thrills its customers with outstanding service. Their model and disciplined approach has propelled them to exceptional, industry-leading growth. We look forward to our partnership and to helping the company accelerate its growth through geographic expansion and acquisitions.”
Brown Gibbons Lang & Company (BGL) was the financial advisor to Sunrise Produce on this transaction. Daniel Gomez leads BGL’s food and beverage investment banking team.
“BGL was an exceptional advisor every step of the way,” said Mr. Sapia. “Their hands-on approach helped guide my team and me through the entire process, ultimately yielding a fantastic outcome. They did a great job communicating the unique Sunrise story to the market and helped us identify the optimal partner to support the company’s future growth plans.”
Investcorp is active in alternative investments, including private equity, real estate, absolute return investments, and credit management. Since its founding in 1982, Investcorp has closed more than 200 private equity transactions across a range of sectors, including retail and consumer products, technology, business services, and industrials. Investcorp, with $43 billion of assets under management, has more than 480 employees with multiple offices, including New York City, London, and Bahrain.
© 2022 Private Equity Professional | October 14, 2022