FreshEdge business sold after five years of rapid growth
FreshEdge LLC has been sold to Wind Point Partners LLC. Steve Grinstead, CEO, and Greg Corsaro, president, will continue to lead the business with the existing management team.
Private equity firm Rotunda Capital Partners invested in FreshEdge in 2017 through its predecessor, the IF&P Foods family of companies, primarily composed of Indianapolis Fruit and Piazza Produce. FreshEdge was formed in 2019 through the combination of IF&P and Get Fresh Produce. Since its formation, FreshEdge has become one of the largest independent fresh food distributors in the United States and a category leader in providing both the foodservice and retail industries with fruit, vegetables, proteins, fresh-cut produce, fresh grab-n-go offerings, dairy, floral and specialty products.
Since partnering with Rotunda, FreshEdge has achieved transformational growth. Through seven acquisitions and strategic operational investments, the company has nearly quintupled in size to become a super-regional distributor serving 21 states out of 25 facilities that span approximately 795,000 square feet of warehouse space.
"The FreshEdge story is a great example of Rotunda partnering with a first-class management team to transform a family-owned company into a data-driven acquisition platform,” said Corey Whisner, partner at Rotunda.
Dan Lipson, partner at Rotunda, added, “During our partnership, we invested to expand the company’s leadership team, developed corporate infrastructure and systems, and assisted in the execution and integration of seven add-on acquisitions.”
"Through our partnership with Rotunda we have never strayed from our core value as a customer-obsessed distributor providing customized service to deliver the freshest product in market,” said Grinstead.
“The Rotunda team provided us with the operational tools, distribution expertise and acquisition assistance to help the company get to where it is today,” said Corsaro. “With this foundational support, we believe FreshEdge is well positioned for significant continued expansion.”