Rotunda Capital Partners LLC, a private equity firm, has acquired IF&P Foods LLC. The acquisition will accelerate the growth trajectory of one of the leading produce distributors in the Midwest.
IF&P was formed in 1997 through the merger of Indianapolis Fruit and Piazza Produce, two leading produce distribution companies with a combined 118 years’ experience serving the grocery and foodservice industries. Formation of Garden Cut by Indianapolis Fruit in 1990, followed by acquisitions of Circle City Produce in 2006 and Papania’s in 2015, round out the IF&P platform of offerings.
The company has grown to include a fleet of 340-plus refrigerated trucks servicing more than 14 states in the Midwest and beyond from five facilities totaling more than 225,000 square feet of warehouse space.
IF&P provides fresh and packaged produce varieties, as well as partially prepared meal components, to roughly 7,500 customers throughout the Midwest, including grocery stores, restaurants, schools and food management companies.
“We’ve been looking for a platform company in the produce distribution sector for quite some time, and IF&P is an exciting company with tremendous growth prospects,” said Dan Lipson, partner at Rotunda Capital. “Their team has built a leading company in the category, and they are well-positioned to serve their customers’ growing demand for high-quality product and services. Combined with our distribution expertise, there’s a great opportunity to expand IF&P’s reach and offerings and provide a new platform for growth.”
Many industry trends are driving increased consumer demand for produce. A more informed consumer is demanding fresh and healthy eating options, either through purchase at retail or through meals ordered at restaurants. That trend is driving expansion of produce offerings at grocery and growing the number of independent restaurants to meet the evolving palates of their patrons.
To learn more, visit www.indyfruit.com; www.piazzaproduce.com; www.gardencut.com; www.circlecityproduce.com; and www.papaniasinc.com.
Go to www.rotundacapital.com for more information on the private equity firm.