M&A Deal Summary

Cross Rapids Capital Acquires Wholesale Produce Supply

On October 29, 2021, private equity firm Cross Rapids Capital acquired distribution company Wholesale Produce Supply from Mill City Capital

Acquisition Highlights
  • This is Cross Rapids Capital’s 1st transaction in the Distribution sector.
  • This is Cross Rapids Capital’s 1st transaction in the United States.
  • This is Cross Rapids Capital’s 1st transaction in Minnesota.

M&A Deal Summary
Date 2021-10-29
Target Wholesale Produce Supply
Sector Distribution
Buyer(s) Cross Rapids Capital
Sellers(s) Mill City Capital
Deal Type Secondary Buyout
Advisor(s) Hennepin Partners LLC (Financial)
Taft Stettinius & Hollister (Legal)

Target

Wholesale Produce Supply

Minneapolis, Minnesota, United States
Wholesale Produce Supply is a fresh produce logistics and inventory management solutions provider to grocery wholesalers, foodservice distributors, and other customers throughout the Midwestern United States and Central Canada. Through its vast network of over 300 growers globally, WPS sources and aggregates approximately 100 fresh produce commodities. The Company also performs value-added services, such as ripening, grading, fresh-cut, washing, sorting, and packaging and delivers both on a recurring, daily basis as well as on a just-in-time less-than-truckload basis. WPS offers competitive pricing, reliable service, consistency, and flexibility. Wholesale Produce Supply was founded in 1964 and is based in Minneapolis, Minnesota.

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Buyer(S) 1

Buyer

Cross Rapids Capital

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2020
Size Small
Type Sector Agnostic
DESCRIPTION

Cross Rapids Capital is a private equity firm focused on North American lower-middle market industrials and services companies. Cross Rapids looks to partner with owners and management teams in businesses with EBITDA up to $40 million and strong growth potential. The Firm typically commits $40 to $125 million per transaction to support buyouts, buy-and-builds, corporate carve-outs, turnarounds, and restructurings. Specific sectors of interest include agriculture, building products, infrastructure, packaging, distribution, and professional services. Cross Rapids Capital was established in 2020 and is headquartered in New York, New York.

DEAL STATS #
Overall 1 of 1
Sector (Distribution) 1 of 1
Type (Secondary Buyout) 1 of 1
State (Minnesota) 1 of 1
Country (United States) 1 of 1
Year (2021) 1 of 1

Seller(S) 1

SELLER

Mill City Capital

Wayzata, Minnesota, United States

Investor Investor Investor Investor

Category Private Equity Firm
Founded 2010
Size Small
Type Sector Agnostic
DESCRIPTION

Mill City Capital is a private equity firm that makes control investments in lower middle market companies with enterprise values ranging between $15 and $100 million. Mill City concentrates on businesses located in the upper Midwest. Areas of interest include industrial products/services, machinery, distribution, consumer products, and food. Mill City Capital is based in Minneapolis, Minnesota.

DEAL STATS #
Overall 6 of 7
Sector (Distribution) 1 of 2
Type (Secondary Buyout) 1 of 1
State (Minnesota) 1 of 1
Country (United States) 5 of 5
Year (2021) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-01 HN Precision

Lake Bluff, Illinois, United States

HN Precision is a manufacturer of precision machined components serving a diverse group of industry-leading original equipment manufacturers across multiple end-markets including heavy trucks, off-highway vehicles, oil and gas, armaments, rail, and general industrial. HN Precision was founded in 1984 and is based in Lake Bluff, Illinois.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-03-01 Union Tractor

Nisku, Alberta, Canada

Union Tractor is a distributor of replacement parts for construction equipment in Western Canada. The Company currently distributes over 100,000 parts for construction equipment sourced from almost 2,000 active suppliers. Union Tractor operates from seven strategic locations throughout Alberta and British Columbia. Union Tractor was founded in 1927 and is based in Nisku, Alberta.

Sell -
Mergr

Product

Company

Legal