Private equity firm Sole Source Capital LLC has acquired a majority interest in Worldwide Produce, Los Angeles, a distributor of fresh produce, dairy products and specialty foods to independent and chain restaurants in California and Nevada.
Sole Source Capital plans to use Worldwide Produce as a platform to buy other regional foodservice distributors, leveraging Worldwide’s “exemplary reputation and deep industry relationships to help execute its (mergers and acquisition) strategy,” according to a news release.
“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,” Abbas Ghulam, co-founder of Worldwide Produce, said in the release.
“We are impressed with Worldwide Produce’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,” David Fredston, managing partner of Sole Source Capital, said in the release.
Worldwide Produce, founded in 1989, has distribution facilities in Los Angeles and Las Vegas, and stocks about 6,000 stock-keeping units, according to the release. Sole Source Capital, Santa Monica, Calif., was established in 2016.