Offers Innovative Solution to Adapt Business and Provide Individuals Essential Fresh Food Amidst Coronavirus Pandemic
SANTA MONICA, Calif., March 23, 2020 (PRNewswire) — Sole Source Capital LLC (“Sole Source,” “SSC” or the “Firm”), an industrial-focused private equity firm providing capital to North American lower-middle market companies, and its portfolio company, Worldwide Produce (“WWP” or the “Company”), a leading distributor of fresh produce, dairy and specialty foods in California and Nevada, today announced that WWP has expanded its offerings by creating the Worldwide Grocery Box, an innovative assortment containing regionally-sourced produce, dairy, eggs and specialty foods to customers in Los Angeles utilizing Postmates’ e-commerce platform and delivery services.
Expanding upon WWP’s work with restaurants, amusement parks and the hospitality sector, the Company will source, assemble and feature their new food service offering to customers, which will be available on Postmates’ app and website. The Worldwide Grocery Box is offered in two versions and contains a selection of seasonal fruits, fresh vegetables, dairy products, eggs and specialty foods. Using Postmates’ online platform and on-demand delivery capabilities, customers can purchase either a fresh produce box or a fresh produce, dairy and eggs box, and have it delivered in a socially distant and no-contact way to their doorsteps throughout Los Angeles, enabling shoppers to avoid busy grocery stores and empty shelves.
“The Worldwide Grocery Box provides a creative solution to supplying high-quality, fresh groceries to the elderly, sick and quarantined families during this unprecedented time and is a prime example of how Sole Source looks to help its companies adapt their business models and broaden capabilities in times of crisis,” said David Fredston, Managing Partner at Sole Source Capital. “We thank our valued employees at WWP for remaining focused on delivering boxes of healthy ingredients to communities across Los Angeles, and are pleased to know that we are offering a direct-to-door solution to those who are unable or hesitant to go shopping.”
“WWP is thrilled to extend our seasonal produce, dairy and specialty offerings directly to those in need of fresh food through Postmates’ e-commerce and on-demand delivery app,” said Abbas Ghulam, Co-Founder and Chief Executive Officer of Worldwide Produce. “WWP is committed to the highest standards of safety in sourcing, handling and storing of all produce, and we are now pleased to provide our customers with a tailored box of fresh foods with the click of a button.”
About Sole Source Capital
Sole Source Capital (“SSC”) is a private equity firm that targets investments in lower middle market companies. The Firm seeks to invest in companies with at least $50 million of revenue and $5 million of EBITDA. Areas of interest include high precision manufacturing, diversified distribution, and industrial service companies. Types of transactions include management buyouts, corporate divestitures, and founder/family owned businesses. SSC was formed in 2016 and is headquartered in Santa Monica, CA. For more information on SSC, please visit www.solesourcecapital.com or contact info@solesourcecapital.com.
About Worldwide Produce
Worldwide Produce is a leading distributor of fresh fruits, vegetables, dairy products, and specialty foods to independent and chain restaurants across the Western United States. The company operates out of two distribution facilities located in Los Angeles, CA and Las Vegas, NV and stocks roughly 6,000 SKUs. Worldwide Produce was founded by current management in 1989 and has rapidly grown its revenue base due to its high-quality produce, superior service levels, strong sales staff, and high-quality leadership.
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