Worldwide Produce Acquired by Sole Source Capital
SANTA MONICA, CA - A recent announcement revealed that the industrial-focused private equity firm, Sole Source Capital (SSC), acquired a majority interest in the Southern California-based produce distributor Worldwide Produce (WWP). The company has experienced continuous revenue growth since its founding in 1989, allowing it to maintain a reputation for providing high-quality produce and superior service levels to its customers. Details of this transaction have not been revealed to the general public.
“We are thrilled to be partnering with Sole Source as we further solidify our market leadership in the Southern California market and expand into additional geographies,” said Abbas Ghulam, Co-Founder of WWP. “Sole Source’s wealth of experience investing in founder-owned companies will be invaluable as we expand our company’s footprint while maintaining WWP’s uncompromising commitment to product quality and customer service. I am excited to work closely with the Sole Source team to achieve our strategic objectives.”
With significant experience investing in companies that can benefit from its M&A capabilities, SSC plans to continue making meaningful investments in technology. According to a press release, it plans to use its acquisition of WWP as a platform to scoop up other regional distribution companies, leveraging its positive reputation and industry relationships that run deep.
“Worldwide Produce represents a compelling opportunity to invest in a premium business with an established reputation for high-quality service,” said David Fredston, Managing Partner of SSC. “We are impressed with WWP’s strong track record, which includes sustained revenue growth through the Great Recession, and look forward to leveraging the company as a platform for consolidation in the space.”
Congratulations to Sole Source Capital and Worldwide Produce on this exciting team-up! For more of the industry’s latest, keep reading AndNowUKnow.