PNC Riverarch Capital—a middle-market private equity firm—has acquired Fresh Direct Produce (FDP) from HWK for an undisclosed amount.
In a press release announcing the deal, FDP CEO Davis Yung said the company had been looking for a partner with an aligned strategic vision that could accelerate its growth through mergers and acquisitions.
“PNC Riverarch has a successful track record of helping companies like us to execute on both organic and inorganic growth initiatives, as well as the expertise to help us strengthen our operational infrastructure and scalability to support future growth,” said Yung.
Headquartered in Vancouver, FDP has six locations across British Columbia, Alberta, and Ontario and offers more than 5,000 SKUs including a board range of specialty and organic products in additional to conventional produce.
FDP sources products from a network of growers in 35 countries. Its value-added services include ripening, grading, processing, machine packaging and bagging.
“We have been impressed by Davis and the rest of the management team’s success in consistently growing the company and expanding its offering and geographic reach, and we are excited to partner with them to support the next phase of growth,” said Rob Dolan, managing director with PNC Riverarch.