WASHINGTON & INDIANAPOLIS–(BUSINESS WIRE)–Rotunda Capital Partners, LLC (Rotunda Capital), a lower middle-market private equity firm, has acquired IF&P Foods, LLC (IF&P). The acquisition will accelerate the growth trajectory of one of the leading produce distributors in the Midwest.
IF&P was formed in 1997 through the merger of Indianapolis Fruit (founded 1947) and Piazza Produce (founded 1970), two leading produce distribution companies with a combined 118 years experience serving the grocery and foodservice industries. Formation of Garden Cut by Indianapolis Fruit in 1990, followed by acquisitions of Circle City Produce in 2006 and Papania’s in 2015, round out the IF&P platform of offerings for its customers. The company provides fresh and packaged produce varieties, as well as partially prepared meal components, to roughly 7,500 customers throughout the Midwest, including grocery stores, restaurants, schools and food management companies.
“We’ve been looking for a platform company in the produce distribution sector for quite some time, and IF&P is an exciting company with tremendous growth prospects,” said Dan Lipson, partner at Rotunda Capital. “Their team has built a leading company in the category, and they are well-positioned to serve their customers’ growing demand for high quality product and services. Combined with our distribution expertise, there’s a great opportunity to expand IF&P’s reach and offerings and provide a new platform for growth.”
“Our investment in IF&P is in line with Rotunda’s proven approach of acquiring family and founder-owned distribution companies and partnering with strong management to expand on their existing value proposition,” added Corey Whisner, partner at Rotunda Capital. “What IF&P has built over the better part of a century is truly impressive, and we’re committed to helping them achieve new heights through both organic growth as well as potential acquisitions to expand their offerings.”
Many industry trends are driving increased consumer demand for produce. A more informed consumer is demanding fresh and healthy eating options, either through purchase at retail or through meals ordered at restaurants. That trend is driving expansion of produce offerings at grocery and growing the number of independent restaurants to meet the evolving palates of their patrons.
“Rotunda’s significant distribution expertise with industries undergoing strong growth trends and their focus on partnership with existing management and workforce was very appealing to us as we look to continue our market leadership,” said Greg Corsaro, CEO of IF&P. “Our mission remains unchanged – to deliver on the promise to our customers and employees to help them succeed and be the best they can be, and Rotunda’s investment and partnership will help maintain that pledge as we take our business to the next level.”
About IF&P Foods, Inc.
IF&P Foods was formed in 1997 through the merger of Indianapolis Fruit (founded 1947) and Piazza Produce (founded 1970), two leading produce distribution companies with a combined 118 years experience serving the grocery and foodservice industries. Garden Cut, a fresh cut processing company, and leading food service produce distributors, Circle City Produce and Papania Produce, complete the IF&P group of companies. The company has grown to include a fleet of over 340 refrigerated trucks servicing over 14 states in the Midwest and beyond from five facilities totaling over 225,000-square-feet of warehouse space. Today, IF&P is a category leader in providing both the food service and retail industries with fruit, vegetables, dairy and floral products. For more, visit www.indyfruit.com; www.piazzaproduce.com; www.gardencut.com;www.circlecityproduce.com; and www.papaniasinc.com.
About Rotunda Capital
Rotunda Capital Partners is a private equity firm that invests equity capital in established and profitable lower middle-market companies. As an independent deal sponsor, Rotunda Capital raises and invests the capital of its principals, institutions, family offices and high net worth individuals on a deal-by-deal basis. The firm uses a rigorous approach to identify market-leading companies with identifiable growth opportunities and capable management teams in targeted sectors, including distribution, logistics, financial services, and business services. Rotunda Capital partners with industry-leading operating executives to grow each portfolio company. Since 2009, Rotunda Capital has completed 10 platform investments and realized three exits. The partners of Rotunda Capital actively provide guidance and draw on deep industry and financial relationships to contribute to the successful execution of Rotunda’s companies’ strategic plans. For more, visit www.rotundacapital.com.