M&A Deal Summary

PNC Erieview Capital, Ridgemont Equity Partners and Yukon Partners Acquire Worldwide Produce

On February 9, 2023, mezzanine finance firm PNC Erieview Capital, private equity firm Ridgemont Equity Partners and mezzanine finance firm Yukon Partners acquired distribution company Worldwide Produce from Sole Source Capital

Acquisition Highlights
  • This is PNC Erieview Capital’s 5th, Ridgemont Equity Partners’ 12th and Yukon Partners’ 1st transaction in the Distribution sector.
  • This is PNC Erieview Capital’s 35th, Ridgemont Equity Partners’ 117th and Yukon Partners’ 50th transaction in the United States.
  • This is PNC Erieview Capital’s 3rd, Ridgemont Equity Partners’ 9th and Yukon Partners’ 7th transaction in California.

M&A Deal Summary
Date 2023-02-09
Target Worldwide Produce
Sector Distribution
Buyer(s) PNC Erieview Capital
Ridgemont Equity Partners
Yukon Partners
Sellers(s) Sole Source Capital
Deal Type Secondary Buyout

Target

Worldwide Produce

Los Angeles, California, United States
Worldwide Produce is a distributor of fresh fruits, vegetables, dairy products, and specialty foods to independent and chain restaurants across the Western United States. Worldwide Produce operates two distribution facilities located in Los Angeles, CA, and Las Vegas, NV. Worldwide Produce was founded in 1989 and is based in Los Angeles, California.

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Buyer(S) 3

Buyer

PNC Erieview Capital

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 1979
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

PNC Erieview Capital is a provider equity and junior capital to middle-market companies throughout the US and Canada. The Firm looks to support private equity sponsor-led buyouts and recapitalizations, non-sponsored buyouts, family office buyouts, and growth equity needs. PNC Erieview typically works with profitable companies (EBITDA greater than $5 million) valued from $20 to $250 million. Areas of interest include distribution, consumer products, healthcare, manufacturing, and services. The Firm was originally known as National City Equity Partners and was established in 1979. PNC Erieview Capital is based in Cleveland, Ohio.

DEAL STATS #
Overall 35 of 39
Sector (Distribution) 5 of 6
Type (Secondary Buyout) 7 of 7
State (California) 3 of 3
Country (United States) 35 of 39
Year (2023) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-01-05 RoadOne IntermodaLogistics

Randolph, Massachusetts, United States

RoadOne IntermodaLogistics is a provider of intermodal transportation solutions for domestic and international shippers. RoadOne IntermodaLogistics was founded in 1996 and is based in Randolph, Massachusetts.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-04-25 Atlas Clinical Research

Durham, North Carolina, United States

Atlas Clinical Research specializes in infectious disease, CNS, gastroenterology, cardiovascular, metabolic, and general medicine and plans to expand across the United States to reach a broad and diverse population of waiting patients. Atlas Clinical Research is based in Durham, North Carolina.

Buy -
Buyer

Ridgemont Equity Partners

Charlotte, North Carolina, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1993
PE ASSETS 7.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Ridgemont Equity Partners is an independent private equity firm specializing in middle-market buy-outs, corporate divestitures, recapitalizations and growth capital investments. The Firm targets to invest in companies located in North America, preferably in US and Canada. REP looks to invest up to $500 million in companies with EBIDTA of $5 - $50 million. The Firm seeks to hold both majority and minority equity interest in portfolio companies. Specific areas of interest include basin industries and services, energy, healthcare, telecommunications, media and technology. Ridgemont Equity Partners is a spun-off of Banc of America Capital Investors (BACI). Ridgemont Equity Partners was formed in August 2010 and is based in Charlotte, North Carolina.

DEAL STATS #
Overall 131 of 133
Sector (Distribution) 12 of 12
Type (Secondary Buyout) 24 of 24
State (California) 9 of 9
Country (United States) 117 of 118
Year (2023) 2 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-01-05 RoadOne IntermodaLogistics

Randolph, Massachusetts, United States

RoadOne IntermodaLogistics is a provider of intermodal transportation solutions for domestic and international shippers. RoadOne IntermodaLogistics was founded in 1996 and is based in Randolph, Massachusetts.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-02-16 Whistler Pipeline

United States

Whistler Pipeline is an core energy infrastructure system connecting the Permian Basin’s growing natural gas supply to LNG, Mexico, and Gulf Coast demand. Whistler Pipeline is based in United States.

Sell -
Buyer

Yukon Partners

Minneapolis, Minnesota, United States

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 2008
PE ASSETS 640M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Yukon Partners is a mezzanine finance firm that works with private equity sponsors to fund a variety of investment situations. Yukon looks to invest $10 to $40 million to support buyouts, recapitalizations, take privates, and refinancings. Sectors of interest include automotive, building products, business services, consumer products, food/beverages, healthcare products/services, industrial manufacturing, niche manufacturing, and transportation/logistics. Prospective companies generally have revenues of $30 to $500 million and are profitable with EBITDA of $5 to $50 million. Yukon Partners was formed in 2008 and is based in Minneapolis, Minnesota.

DEAL STATS #
Overall 51 of 54
Sector (Distribution) 1 of 1
Type (Secondary Buyout) 17 of 18
State (California) 7 of 8
Country (United States) 50 of 53
Year (2023) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-02-09 Viking Fence

Austin, Texas, United States

Viking Fence is a provider of fence rentals, sanitation rentals, fence installations, and complementary building products and services to commercial and residential markets throughout Texas. Viking Fence was founded in 1972 and is based in Austin, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-01-16 Market Performance Group

Princeton Junction, New Jersey, United States

Market Performance Group (MPG) is an omnichannel commerce agency providing strategy and consulting services. MPG offers end-to-end omnichannel capabilities and integrated solutions for a wide range of strategy and commercialization needs, including strategy & business consulting, omnichannel strategy & services, business analytics & insights, consumer marketing & retail activation, order to cash/3 PL, and FleXforce. The company provides short- or long-term, plug-and-play support for marketing, sales strategy, and other capability areas. Market Performance Group was formed in 2002 and is headquartered in Holmdel, New Jersey.

Buy -

Seller(S) 1

SELLER

Sole Source Capital

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2016
PE ASSETS 160M USD
Size Small
Type Sector Agnostic
DESCRIPTION

Sole Source Capital is a private investment group focused on taking control positions in established companies with sustainable competitive advantages. The Firm looks to commit up to $75 million per transaction and will consider a variety of investment situations including management buyouts, divestitures, and special situations. Sectors of interest include manufacturing, distribution, automation, environmental services, motion control equipment, oil/gas exploration, energy services, refining/midstream, agriculture, mining services, logistics, metal services, manufacturing, and specialty chemicals. Sole Source Capital was formed in 2016 and is headquartered in Dallas, Texas.

DEAL STATS #
Overall 3 of 3
Sector (Distribution) 2 of 2
Type (Secondary Buyout) 2 of 2
State (California) 2 of 2
Country (United States) 3 of 3
Year (2023) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-10-17 Westwood Laboratories

Azusa, California, United States

Westwood Laboratories is a full-service contract manufacturer of consumer staple products specializing in the beauty, personal care, pet and OTC drug markets. Westwood Laboratories was founded in 1948 and is based in Azusa, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-03-06 Lee Fish USA

El Segundo, California, United States

Lee Fish USA is a premium importer and value-added distributor of fresh and frozen seafood to the North American market. The Company specializes in premium, branded seafood sourced from New Zealand, Australia and Japan among others. Lee Fish USA was founded in 2001 and is based in El Segundo, California.

Buy -
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