Indy Fruit and Piazza Produce sold to investor
Indy Fruit and Piazza Produce sold to investor
A private equity firm, Rotunda Capital Partners, on Aug. 15 finalized a deal to acquire a majority interest in Indianapolis-based IF&P Foods LLC. IF&P is the parent company of Indianapolis Fruit, Piazza Produce and Garden Cut.
The partnership will allow IF&P’s companies “to focus on growth and excellence in continuing to provide superior service to its customers. IF&P’s management structure and personnel will remain as part of the partnership,” according to an Aug. 15 press release.
Greg Corsaro, president and chief executive officer of IF&P Foods, told The Produce News that “our customers and vendors should see no change” because of the transaction.
Corsaro said Rotunda Capital has offices in Washington, DC, and Chicago, and it specializes in investing in distribution and family-owned businesses. “This is their first foray into food distribution, and, particularly, produce.”
Asked to explain the background leading to the change, Corsaro said, “We weren’t really looking to do anything, but we were introduced by a third-party acquaintance” to Rotunda.
“It was a good investment for them, with their distribution-related companies,” Corsaro said. “Fresh food was a space in which they wanted to be. They told me they had looked for one-and-a-half years for a company such as ours with which to partner.”
The benefit for IF&P is “capital infusion, if we need it.” And Rotunda offers distribution industry expertise.
Corsaro said there might be synergies between IF&P and other Rotunda companies, but that wasn’t a motive in this deal.