M&A Deal Summary

PNC Riverarch Capital Acquires Fresh Direct Produce

On August 11, 2021, private equity firm PNC Riverarch Capital acquired distribution company Fresh Direct Produce from HKW

Acquisition Highlights
  • This is PNC Riverarch Capital’s 4th transaction in the Distribution sector.
  • This is PNC Riverarch Capital’s 2nd transaction in Canada.
  • This is PNC Riverarch Capital’s 1st transaction in British Columbia.

M&A Deal Summary

Date 2021-08-11
Target Fresh Direct Produce
Sector Distribution
Buyer(s) PNC Riverarch Capital
Sellers(s) HKW
Deal Type Secondary Buyout

Target

Fresh Direct Produce

Vancouver, British Columbia, Canada
Fresh Direct Produce is a distributor of fresh, ethnic, tropical, organic, and specialty produce. Fresh Direct Produce distributes 1,000+ fruit and vegetable items to the Western Canadian market. Fresh Direct Produce was founded in 2003 and is based in Vancouver, British Columbia.

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Buyer(S) 1

Buyer

PNC Riverarch Capital

Pittsburgh, Pennsylvania, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2011
PE ASSETS 250M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

PNC Riverarch Capital is a middle-market private equity group that invests in privately-held companies headquartered throughout North America. The Group looks to commit $10 to $50 million to help fund recapitalizations, leveraged and management buyouts, corporate divestitures and growth financings. Target sectors include business and industrial services, specialized manufacturing, and value-added distribution. PNC Riverarch was formed in 2011 and is an affiliate of PNC Financial Services Group.


DEAL STATS #
Overall 26 of 35
Sector (Distribution) 4 of 4
Type (Secondary Buyout) 10 of 12
State (British Columbia) 1 of 1
Country (Canada) 2 of 3
Year (2021) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-10-15 Forta

Grove City, Pennsylvania, United States

Forta is a developer of technology that provides solutions to consumer problems. Forta was founded in 1978 and is based in Grove City, Pennsylvania.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-08-17 Painters Supply

Taylor, Michigan, United States

Painters Supply is a distributor of automotive, industrial, and architectural coatings in the United States. PSE serves more than 4,000 customers, including collision repair shops, auto dealerships, fleet operators, and various other commercial and industrial accounts. Painters Supply was established in 1952 and is based in Taylor, Michigan.

Sell -

Seller(S) 1

SELLER

HKW

Indianapolis, Indiana, United States

Investor Investor Investor Investor


Category Private Equity Firm
Founded 1903
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Hammond Kennedy Whitney & Company (HKW) is a private equity firm focused on making control investments in mid-sized, 'market leading' companies generating sales of $5 to $75 million. HKW looks for companies with low risk for technological obsolescence, defined growth strategies, and talented management who want to own equity. Target transaction situations include industry consolidations, corporate divestitures, generational changes in ownership, growth equity, management buy-outs and recapitalizations. HKW prefers North American based opportunities. HKW dates back to 1903, however the Firm transitioned from sole to institutional investors in 2001. The Firm has offices in Indianapolis and New York City.


DEAL STATS #
Overall 34 of 38
Sector (Distribution) 3 of 3
Type (Secondary Buyout) 17 of 19
State (British Columbia) 2 of 2
Country (Canada) 5 of 8
Year (2021) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-20 CIS Secure

Ashburn, Virginia, United States

CIS Secure is a provider of secure communications equipment and computing solutions for a wide range of U.S. government customers. CIS is focused on modifying Commercial-off-the-Shelf (“COTS”) communications and network equipment to support stringent government requirements to protect sensitive and classified information from illicit capture or manipulation. CIS Secure was founded in 1992 and is based in Ashburn, Virginia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-09-22 Protect Plus Industries

Hickory, North Carolina, United States

Protect Plus Industries is a manufacturer and distributor of retail air filters and related products for home HVAC systems. Protect Plus Industries was founded in 2003 and is based in Hickory, North Carolina.

Sell -