Private-equity firm Rotunda Capital Partners has acquired US produce distributor IF&P for an undisclosed sum.
IF&P was formed in 1997 through the merger of Indianapolis Fruit (founded 1947) and Piazza Produce (founded 1970), two produce distribution companies with a combined 118 years experience serving the grocery and foodservice industries.
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The company provides fresh and packaged produce varieties, as well as partially prepared meal components, to around 7,500 customers throughout the Midwest, including grocery stores, restaurants, schools and food management companies.
Dan Lipson, partner at Rotunda Capital, said: “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.
“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.”
