Sunrise Produce, a produce distribution company and a portfolio company of Investcorp, has acquired Moceri Produce, a produce distributor based in San Diego.
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 David Sapia, was founded in 1991 and is headquartered near Los Angeles in Fullerton, California. Investcorp acquired Sunrise Produce in October 2022.
Moceri’s products include a full line of fresh and cut fruits and vegetables, fresh herbs, and microgreens; a wide variety of dairy products – milk, cream, butter and eggs – and specialty cheeses; dried fruits, vegetables, and nuts including apricots, blueberries, chiles, almonds, cashews, and walnuts; beans, grains, and rice; and non-food items including paper products and cleaning supplies.
Family-owned Moceri Produce has a rich history dating back to 1893. The company was founded by Dominico Moceri, who initially started the business in Detroit, Michigan. In 1946, Dominico’s son, Sam Moceri, moved to California to expand the family’s operations to the West Coast. By the late 1950s, the third generation of the Moceri family, including Sam’s sons Dominic and Sal Sr., took over the business. The fourth generation, consisting of Dominic’s sons Sal, Dominic II, and John, joined the family business in the 1970s.
Today, San Diego-headquartered Moceri Produce has more than 80 employees and operates a fleet of trucks to deliver products throughout Southern California.
The buy of Moceri Produce expands Sunrise’s footprint in San Diego, and it is now the city’s largest produce distributor and one of the largest produce distributors in Southern California. Post closing, Mr. Sapia will continue as the CEO of Sunrise, and John and Dominic Moceri, co-owners of Moceri Produce, will join Sunrise’s senior management team and will oversee the company’s San Diego operations.
“Sunrise and Moceri share a passion for the produce industry and our loyal customers,” said John Moceri. “A partnership through this transaction makes sense for both of our customer bases. We look forward to working with one of Southern California’s best in the produce distribution space and to continuing to drive our business forward.”
“We are very pleased to acquire Moceri whose business and culture we have always admired,” said Mr. Sapia. “We are complementary brands, and our combined relationships and sourcing networks position us to deliver the best customer experience in the produce industry. To the greater benefit of customers, this acquisition grants wider access to both brand’s sourcing, vendor relationships and distribution assets, which enables Sunrise to capitalize on Moceri’s robust distribution network and San Diego distribution center.”
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 $52 billion of assets under management, has more than 500 employees with multiple offices, including New York City, London, and Bahrain.
© 2024 Private Equity Professional | May 31, 2024
