Sole Source Capital LLC (SSC), Santa Monica, Calif., acquired a majority interest in Worldwide Produce (WWP), Los Angeles.
WWP is a distributor of fresh produce, dairy and specialty foods in California and Nevada.
Sole Source invests in companies that can benefit from its operating and mergers and acquisitions capabilities. SSC plans to use WWP as a platform to acquire other regional foodservice distribution companies.
“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,” says Abbas Ghulam, co-founder of WWP. “Sole Source’s wealth of experience investing in founder-owned companies will be invaluable as we expand our company’s footprint while maintaining WWP’s uncompromising commitment to product quality and customer service. I am excited to work closely with the Sole Source team to achieve our strategic objectives.”
“Worldwide Produce represents a compelling opportunity to invest in a premium business with an established reputation for high-quality service,” says David Fredston, managing partner of SSC. “We are impressed with WWP’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.”