June 15, 2022 DALLAS–(BUSINESS WIRE)– Sole Source Capital LLC, an industrial-focused private equity firm, today announced that its portfolio company, Worldwide Produce BB #:135946, one of the largest fresh produce and dairy distributors on the West Coast, has acquired Valley Food Services BB #:274655, a premier foodservice distributor of fresh produce and dairy serving the Coachella Valley market.
The acquisition of Valley strengthens Worldwide Produce’s presence in the Coachella Valley and marks the company’s second acquisition in the past three months.
This is also the fourth completed acquisition for Worldwide Produce since it became a Sole Source Capital portfolio company in 2019. Terms of the transaction were not disclosed.
Established in 2001 and headquartered in Banning, CA, Valley Food Service sells primarily to the foodservice end market. The company offers a full suite of fresh produce and dairy products, including avocados, leaf lettuce, tomatoes, and citrus.
“Valley Food Services allows Worldwide to continue to expand into one of the region’s premier luxury destinations, the Coachella Valley,” said Todd Ferguson, CEO of Worldwide Produce. “Worldwide’s operational and product sourcing expertise, combined with Valley’s physical proximity to and focus on the Coachella Valley, will allow both companies to continue to provide unparalleled service for our customers.”
“We are excited to join one of the largest independent foodservice distributors in Southern California,” said Martin Parra, founder of Valley Food Services. “Valley will no doubt benefit from Worldwide’s scale, focus on operational excellence, and grower relationships. We look forward to continuing to provide quality products at excellent prices to the desert communities we have served for the past 20+ years.”
About Sole Source Capital
Founded in 2016 by David Fredston, Sole Source Capital is a private equity firm that thematically invests in fragmented, high-growth industrial subsectors. Sole Source seeks founder-owned businesses or corporate carve-outs that will benefit from the team’s operating and M&A capabilities. The Firm has a strong operating heritage that enables it to execute a buy-and-build strategy with significant downside protection. The Firm is headquartered in Dallas, Texas with offices in Santa Monica, California. For more information, please visit www.solesourcecapital.com or contact investor.relations@solesourcecapital.com.
About Worldwide Produce
Worldwide Produce is a leading distributor of fresh fruits, vegetables, dairy products, and specialty foods to foodservice and retail customers across the Western United States. The company operates out of five distribution facilities located in Los Angeles, CA, Las Vegas, NV, San Diego, CA and Phoenix, AZ and stocks roughly 5,000 SKUs. Worldwide Produce was founded in 1989 and has rapidly grown its revenue base due to its high-quality produce, superior service levels, dependable sales team, and high-quality leadership. For more information, please visit www.wwproduce.com.
About Valley Food Services
Founded in 2001, Valley Food Services is a distributor of fresh produce to the Coachella Valley region. The Company sells primarily into the foodservice end market and offers a full suite of fresh produce and dairy.
