Prime Time announces transition as co-founders retire
Prime Time International, grower and marketer of premium colored Bell peppers, asparagus, and other seasonal fruits and vegetables, announced the retirement of founders and managing partners Carl Sam Maggio and Mark Nickerson.
“Carl Sam, Mark and the late Chuck Hodges founded our company in 1992 and are true titans of the produce industry, they made Prime Time into a leader in the Bell pepper category, and we look forward to building upon their success," said Mike Way, managing partner. “Not only are Carl and Mark leaders in the industry they are also generous in their support of our community and its many charitable organizations, we have learned a great deal from both men.
With investment from AGR Partners, Prime Time managing partners Mike Way and Jeff Taylor will embark on the next chapter of their 40-year-old company. The two men started working together at Sun World and transitioned to Prime Time in 1992 and 1994, respectively, when called by the founders. Together on the sales desk, Way and Taylor expanded the Bell pepper category and soon became minority partners in the company.
“Although we are not related, we are family and it is time for the generations to transition so our company can continue to grow and prosper,” said Taylor.
The investment by AGR will help Prime Time explore future growth opportunities and diversification into complementary produce items.
"We are grateful to partner with Mike and Jeff to increase their ownership of Prime Time, a company they have been managing for decades," said Ejnar Knudsen, CEO of AGR Partners, which specializes in backing management and family-owned companies with growth capital and has over $1 billion under management.
In March, Prime Time moved its headquarters to La Quinta, CA, just a few miles from its original location in Coachella.
“We are excited to have our company in the La Quinta community and we are ready to meet the demands of the future. The produce business is ever-changing and to survive you must be prepared. Prime Time is built on a solid foundation and will continue to grow with the primary goal of providing premium produce items to our valued customers,” said Way.