An investor group led by Cross Rapids Capital acquired Wholesale Produce Supply, a fresh produce logistics and inventory management solutions provider. The investor group also includes The Baupost Group, among others. Maranon Capital provided the debt financing for the transaction. Prior to this transaction, Wholesale Produce Supply was owned by affiliates of Mill City Capital.
“We are excited to partner with Cross Rapids Capital,” Brian Hauge, CEO of Wholesale Produce Supply, said. “WPS will continue to provide its customers with reliable service and consistently high product quality as we broaden our geographic reach and continue to expand our offering. The industry knowledge and resources that Cross Rapids Capital brings will allow us to accelerate our growth plan. We are thankful to our customer and supplier partners for their trust as well as to our team members for their service and dedication.”
“With deep admiration and respect for the 57-year history and strong foundation of Wholesale Produce Supply, we are thrilled to partner with management and provide the additional tools and resources to enable the company’s organic and inorganic growth plans,” Kyle Cruz, partner at Cross Rapids Capital, said.
“We appreciate the strong partnership we enjoyed with Brian Hauge and the Wholesale Produce team and wish them the best going forward,” Darren Acheson, managing director at Mill City Capital, said.
Hennepin Partners served as financial advisor and Taft Stettinius & Hollister served as legal counsel to Wholesale Produce Supply. Mayer Brown and Kirkland & Ellis served as legal counsel to Cross Rapids Capital.
