Ridgemont Equity Partners, a middle-market private equity investor, has recapitalized Worldwide Produce, a distributor of fresh fruits, vegetables, dairy products and other foods.
Worldwide Produce offers its products to restaurants, food service customers and grocery stores across the western U.S. The company operates five distribution facilities across its geographic footprint. The investment was made from Ridgemont Equity Partners IV LP. Sole Source Capital, Worldwide Produce’s existing financial sponsor, will retain a minority stake in the company.
“Ridgemont’s partnership with Worldwide Produce is the culmination of a multi-year firm effort to invest in the B2B food supply chain industry, based on the resilience of the food end market, durable shifts in consumer preferences for ‘better for you’ foods and the increasing consumption of food away from the home,” comments John Grenier, principal at Ridgemont.
Financing for the transaction was provided by Ares Management Credit Funds, NXT Capital, Kayne Anderson Private Credit, Manulife Investment Management, PNC Erieview Capital and Yukon Partners. Harris Williams LLC served as financial advisor to Ridgemont, and Truist Securities served as financial advisor to Worldwide Produce and Sole Source. Alston & Bird served as legal advisor to Ridgemont and Proskauer served as legal advisor to the Worldwide Produce and Sole Source.