M&A Deal Summary

FreshPoint Acquires Bix Produce

On June 26, 2023, FreshPoint acquired food company Bix Produce from Norwest Equity Partners and NMP Capital

Acquisition Highlights
  • This is FreshPoint’s 3rd transaction in the Food sector.
  • This is FreshPoint’s 7th transaction in the United States.
  • This is FreshPoint’s 1st transaction in Minnesota.

M&A Deal Summary
Date 2023-06-26
Target Bix Produce
Sector Food
Buyer(s) FreshPoint
Sellers(s) Norwest Equity Partners
NMP Capital
Deal Type Add-on Acquisition

Target

Bix Produce

Little Canada, Minnesota, United States
Bix Produce processes and distributes the finest quality bulk and pre-cut fruits and vegetables, dairy, and related food items to food service operators, including restaurants, hotels, educational institutions, health care facilities, and country clubs. Bix Produce was founded in 1930 and is based in Little Canada, Minnesota.

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Buyer(S) 1

Buyer

FreshPoint

Denver, Colorado, United States
Category Company
Founded 1996
Sector Food
DESCRIPTION

FreshPoint, Inc. provides dairy products, and fancy foods In US.

DEAL STATS #
Overall 7 of 7
Sector (Food) 3 of 3
Type (Add-on Acquisition) 7 of 7
State (Minnesota) 1 of 1
Country (United States) 7 of 7
Year (2023) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-02-21 Thomas Brothers Produce

Oklahoma City, Oklahoma, United States

Thomas Brothers Produce, Inc. is a broadline foodservice distributor.

Buy -

Seller(S) 2

SELLER

Norwest Equity Partners

Minneapolis, Minnesota, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1961
PE ASSETS 7.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Norwest Equity Partners (NEP) is a private equity firm focused on investing in growing and profitable middle-market companies. NEP targets investments in businesses valued between $50 and $500 million, typically investing $50 to $250 million of capital per investment. Funds are typically used to fund management buyouts, recapitalizations, and growth financing. Sectors of interest include manufacturing, distribution, healthcare, technology/business services, and consumer products/services. NEP is affiliated with Norwest Mezzanine Partners, an investment partnership focused on providing junior capital to middle-market companies. Norwest Equity Partners is based in Minneapolis, Minnesota.

DEAL STATS #
Overall 52 of 54
Sector (Food) 2 of 2
Type (Add-on Acquisition) 19 of 20
State (Minnesota) 12 of 13
Country (United States) 50 of 52
Year (2023) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-04-12 eyebobs

Minneapolis, Minnesota, United States

eyebobs is a purveyor of style-centric, premium quality eyewear for the “irreverent and slightly jaded” consumer. In the years since its inception, eyebobs has successfully created a niche in the eyewear market by developing a line of distinctive, high-quality reading glasses sold at an exceptional value. eyebobs was founded in 2001 and is based in Minneapolis, Minnesota.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-08-31 Nationwide Organ Recovery Transport Alliance

Saint Charles, Illinois, United States

Nationwide Organ Recovery Transport Alliance is a provider of organ and tissue recovery transportation & logistics services to organ procurement organizations, transplant centers, and perfusion technology providers nationwide. Nationwide Organ Recovery Transport Alliance is based in Saint Charles, Illinois.

Buy -
SELLER

NMP Capital

Minneapolis, Minnesota, United States

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 2000
PE ASSETS 4.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

NMP Capital is an independent investment firm focused on providing junior capital to a variety of lower middle-market companies in partnership with financial sponsors. NMP looks to commit $20 to $75 million in profitable companies with at least $10 million of EBITDA. NMP will consider opportunities in a wide range of industries including distribution, manufacturing, healthcare, and consumer. NMP Capital was formed in 2000 and is based in Minneapolis, Minnesota.

DEAL STATS #
Overall 53 of 54
Sector (Food) 3 of 3
Type (Add-on Acquisition) 26 of 27
State (Minnesota) 4 of 4
Country (United States) 51 of 52
Year (2023) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-04-03 ECM Industries

New Berlin, Wisconsin, United States

ECM Industries is a manufacturer and supplier of electrical products for construction, maintenance, lighting, irrigation, landscape supply, and gas utility markets. ECM Industries is based in New Berlin, Wisconsin.

Sell $1.1B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-11-19 McIntosh Group

New York, New York, United States

McIntosh Group is a developer of high-performance audio equipment controlling McIntosh, Audio Research, Sonus Faber and Wadia brands. McIntosh Group is based in New York, New York.

Sell -
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