Investcorp, an alternative investment firm, announced today its acquisition of a majority stake in Sunrise Produce, a Southern California-based wholesale produce distributor. Terms of the acquisition were not disclosed.
Founded in 1991, Sunrise provides customers across the specialty, restaurant, resort, education, healthcare, and retail sectors with fresh produce and perishable foods.
The company serves over 2,000 accounts, distributing products from a regional supplier network across the western U.S. According to a statement provided by Investorp, it hopes that the transaction will fuel Sunrise's growth and provide meaningful expansion and acquisition opportunities down the road.
President and CEO David Sapia, an industry veteran with over 35 years of food distribution industry experience, runs Sunrise. Joining the company in 1998, he partnered with founder Paul Carone to lead cross-sector expansion and revenue growth. Sapia will remain a significant shareholder in the company after the acquisition.
"We are extremely excited about this pivotal moment for our thriving company," said Sapia in a statement. "Investcorp's business acumen and resources make them an ideal partner to help fuel our next phase of growth and help us continue to serve our expanding roster of diverse customers with the quality and personal service that they've grown accustomed to from Sunrise."
Investcorp has a history of investing across sectors, recently investing in the following food logistics and distribution businesses: Fortune Fish & Gourmet, S&S Truck Parts, KSI Auto Parts, Arrowhead Engineered Products, and Berlin Packaging.
Carone’s retirement was also announced.
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