Indianapolis-based FreshEdge, a family of fresh food distribution companies backed by Wind Point Partners, has acquired Chicago wholesaler Panama Banana.
“We are thrilled to welcome Todd and Deke Pappas and their team to the FreshEdge family,” FreshEdge CEO Steve Grinstead said in a news release. “With their same commitment to customer service, Panama will be a great addition to our growing group of customer-obsessed distributors.”
Terms of the deal, which closed May 21, were not disclosed.
“We proudly welcome Panama to FreshEdge,” Greg Corsaro, president and chief operating officer of FreshEdge, said in the release. “The addition of Panama not only enhances our family, but our pursuit to be the preeminent family of best-in-class fresh food companies.”
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Panama Banana, a produce wholesaler and distributor in the Chicago International Produce Market, has operated for nearly a century, the release said. The firm has ripening rooms, cold coolers, climate-controlled docks, produce packaging and repacking, and logistical support, the release said.
“Our Panama team is thrilled to join FreshEdge,” Todd Pappas, president of Panama Banana, said in the release. “This is the next step in increasing our footprint, serving customers with expanded offerings and growing for our future.”
“We are excited for this great opportunity,” Deke Pappas, chief operating officer for Panama Banana, said in the release. “We look forward to continuing to provide the same unmatched level of service to our customers and are happy to share that Nick Florek will continue his leadership as vice president and general manager.”
FreshEdge now operates 979,800 square feet of warehouse space across 27 facilities with a fleet of more than 947 trucks and more than 2,000 employees, the release said. FreshEdge’s footprint spans 21 states throughout the Midwest and southeastern U.S., the release said.
FreshEdge is backed by Wind Point Partners, a Chicago-based private equity investment firm. Panama Banana represents FreshEdge’s second acquisition since Wind Point’s initial investment. Together, Wind Point and FreshEdge intend to continue growing FreshEdge by welcoming more fresh food distribution companies into the group — all focused on high-quality produce and specialty food products, along with exceptional service — to create a unique group of complementary entities, the release said.
