DALLAS–(BUSINESS WIRE)–Sole Source Capital LLC, an industry-focused private equity firm, today announced that its holding company, Worldwide Produce, one of the largest distributors of fresh and dairy products on the West Coast , acquired Valley Food Services (“Valley”), a leading foodservice distributor of fresh and dairy products serving the Coachella Valley market. The acquisition of Valley strengthens Worldwide Produce’s presence in the Coachella Valley and marks the company’s second acquisition in the last three months. It is also the fourth acquisition for Worldwide Produce since becoming a single-source holding company in 2019. Terms of the transaction were not disclosed.
Founded in 2001 and based in Banning, California, Valley Food Service primarily sells to the foodservice end market. The company offers a full line of fresh and dairy products, including avocados, leaf lettuce, tomatoes and citrus fruits.
“Valley Food Services allows Worldwide to continue to grow in one of the region’s premier luxury destinations, the Coachella Valley,” said Todd Ferguson, CEO of Worldwide Produce. “Worldwide’s operational and product sourcing expertise, combined with Valley’s physical proximity and focus on the Coachella Valley, will enable both companies to continue to provide unparalleled service to our customers.”
“We are thrilled to join one of Southern California’s largest independent foodservice distributors,” said Martin Parra, founder of Valley Food Services. “Valley will undoubtedly benefit from Worldwide’s scale, focus on operational excellence and producer relationships. We look forward to continuing to provide quality products at excellent prices to the desert communities we have served for the past 20 years.
About Single Source Capital
Founded in 2016 by David Fredston, Sole Source Capital is a private equity firm that invests thematically in fragmented and high-growth industry sub-sectors. Sole Source seeks founder-owned or spin-off companies that will benefit from the team’s operating and M&A capabilities. The company has a strong operating heritage that allows it to execute a buy and build strategy with significant downside protection. The company is headquartered in Dallas, Texas, with offices in Santa Monica, California. For more information, please visit www.solesourcecapital.com or contact [email protected]
About Worldwide Produce
Worldwide Produce is a leading distributor of fresh fruits, vegetables, dairy and specialty foods to foodservice and retail customers in the Western United States. The company operates from five distribution facilities located in Los Angeles, CA, Las Vegas, NV, San Diego, CA, and Phoenix, AZ and stocks approximately 5,000 SKUs. Worldwide Produce was founded in 1989 and quickly grew its revenue base due to its high quality products, superior service levels, reliable sales team and high quality leadership. For more information, visit www.wwproduce.com.
About Valley Food Services
Founded in 2001, Valley Food Services is a fresh produce distributor in the Coachella Valley region. The company sells primarily to the foodservice end market and offers a full range of fresh and dairy products.