Sole Source Capital’s portfolio company Worldwide Produce (WWP), a distributor of fresh produce, dairy and specialty foods in California and Nevada, has expanded its product line by creating the Worldwide Grocery Box, an assortment of regionally-sourced produce, dairy, eggs and specialty foods.
The Worldwide Grocery Box product is offered in two versions – a fresh produce box or a fresh produce, dairy and eggs box – and is delivered on-demand by Postmates, a San Francisco-based online delivery service, to customers throughout Los Angeles, enabling shoppers to avoid busy grocery stores and empty shelves.
“WWP is thrilled to extend our seasonal produce, dairy and specialty offerings directly to those in need of fresh food through Postmates’ e-commerce and on-demand delivery app,” said Abbas Ghulam, co-founder and CEO of Worldwide Produce. “WWP is committed to the highest standards of safety in sourcing, handling and storing of all produce, and we are now pleased to provide our customers with a tailored box of fresh foods with the click of a button.”
“The Worldwide Grocery Box provides a creative solution to supplying high-quality, fresh groceries to the elderly, sick and quarantined families during this unprecedented time and is a prime example of how Sole Source looks to help its companies adapt their business models and broaden capabilities in times of crisis,” said David Fredston, managing partner at Sole Source. “We thank our valued employees at WWP for remaining focused on delivering boxes of healthy ingredients to communities across Los Angeles and are pleased to know that we are offering a direct-to-door solution to those who are unable or hesitant to go shopping.”
Sole Source acquired Los Angeles-based WWP in October 2019. The company is one of the largest produce and dairy distributors in Southern California with more than 6,000 SKUs of fresh fruits, vegetables, eggs, dairy, cheese, dry goods, oils, spices, frozen and processed products, flowers and other specialty food products. WWP operates out of two distribution facilities located in Los Angeles (150,000 sq. ft.) and Las Vegas (17,000 sq. ft.) and has a fleet of over 70 delivery vehicles.
Santa Monica-based Sole Source Capital makes control investments in high precision manufacturing, diversified distribution, and industrial service companies that have at least $50 million of revenue and $5 million of EBITDA. Sole Source was founded in 2016 and in November 2018 the firm closed its inaugural funds, SSC Partners I LP and SSC Partners I-A LP, at a combined hard cap of $160 million.
© 2020 Private Equity Professional | March 24, 2020
Source: https://peprofessional.com/2020/03/sole-source-adds-grocery-box/
