Alternatives investment major Investcorp has bought a majority stake in Sunrise Produce, a wholesale produce distribution company based in Southern California.
The 31-year-old business provides customers across the specialty and white tablecloth restaurant and resort, education, healthcare and retail sectors with fresh produce and perishable foods.
Investcorp’s deal coincides with the retirement of company founder Paul Carone.
Firm managing director Amit Gaind said, “Fresh produce distribution is a highly fragmented, $70bn national market that has consistently shown resiliency through economic cycles.
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“The Sunrise team have built a special, passionate culture that consistently thrills its customers with outstanding service.
“Their model and disciplined approach has propelled them to exceptional, industry-leading growth.”
Investcorp’s other previous food investments include Fortune Fish & Gourmet.
Recent deals from Investcorp include agreeing to sell its stake in talent and entertainment business United Talent Agency to global buyout major EQT.
Source: AltAssets
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