Transaction Marks Sole Source’s 30th Investment Since Inception in 2016
DALLAS–Sole Source Capital LLC, an industrial-focused private equity firm, today announced that its portfolio company, Worldwide Produce, one of the largest fresh produce and dairy distributors on the West Coast, has acquired Chef’s Choice Produce, a premier foodservice distributor of fresh produce and dairy serving the Northern California market. The acquisition of Chef’s Choice expands Worldwide Produce’s geographic reach, enabling it to serve virtually the entire state of California. Terms of the transaction were not disclosed.
Established in 1993 and headquartered in Santa Clara, CA, Chef’s Choice sells primarily to the foodservice and corporate end markets. The company offers a full suite of fresh produce and dairy products including avocados, leaf lettuce, tomatoes, potatoes, onions, berries, and citrus. Dave Thompson and Bob Menafra will continue to lead the company’s day-to-day operations, which will carry on from its current facility in Santa Clara.
“Chef’s Choice is an ideal company to partner with as we expand our service area into the Northern California market,” said Todd Ferguson, CEO of Worldwide Produce. “We believe the Chef’s Choice commitment to service, quality and professionalism matches well with Worldwide’s culture, which has earned a strong reputation for providing high-quality produce and superior service levels to its customers. Dave Thompson and his team have built an excellent business over the past 25+ years and were a pleasure to work with as we closed the transaction. Worldwide’s operational and product sourcing expertise, along with our sales team will give rise to exciting growth at Chef’s Choice, while still providing the personal touch that Dave and his team are known for.”
“Worldwide Produce is an ideal partner to support the next phase of Chef’s Choice,” said Dave Thompson, President of Chef’s Choice Produce. “By joining Worldwide, Chef’s Choice can benefit from Worldwide’s scale and grower relationships. We are extremely proud of the last 25+ years and look forward to continuing to provide our customers with the highest quality produce from the best growers available.”
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 firstname.lastname@example.org.
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 Chef’s Choice Produce
Founded in 1994, Chef’s Choice is a distributor of fresh produce to the Northern California region. The Company sells primarily into the foodservice and corporate end markets and offers a full suite of fresh produce and dairy. For more information, please visit www.chefschoiceproduce.com.
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