HKW Portfolio Company Fresh Direct Produce Acquires Islands West
INDIANAPOLIS--(BUSINESS WIRE)--Sep 12, 2019--
HKW, a middle-market private equity firm focused on growth-oriented companies, today announced that its portfolio company, Fresh Direct Produce, Ltd. (“Fresh Direct Produce”), has acquired Islands West Manufacturing, Ltd. (“Islands West”). Financial terms of the transaction were not disclosed.
Founded in 1995 and headquartered in Victoria, British Columbia, Islands West is a family-owned wholesaler of produce, processed fruits, dried spices, and fresh-cut vegetables. Fresh Direct Produce, based in Vancouver, British Columbia, is a distributor of more than 1,000 domestic and imported organic fruit and vegetable items.
“This acquisition meets several key objectives for Fresh Direct Produce, offering our customers a range of complementary new products, a wider and more efficient distribution network, and a state-of-the-art processing facility, adding capacity and improving operations,” said Davis Yung, President, CEO, and co-founder of Fresh Direct Produce. “With a strong leadership team already in place, Islands West immediately provides the fresh-cut capabilities our customers want, while at the same time expanding our overall product offering and geographic reach.”
“We are very pleased to partner with an organization that has the talent and capabilities of Islands West. The expanded range of products, in particular, the offering of fresh-cut vegetables, allows for significant cross-selling opportunities,” said Kent Robinson, HKW Partner and Chairman of the Board for Fresh Direct Produce. “HKW’s emphasis on health and wellness remains a key area of focus; this add-on strengthens our commitment to that sector.”
About Fresh Direct Produce
Fresh Direct Produce is one of Western Canada’s premier fresh produce importers, wholesalers, and marketers with three distribution centers, two in Vancouver and one in Calgary. Sourcing and importing over 1,000 conventional and organic fruit and vegetable items from 35 countries, Fresh Direct Produce’s commitment to growth and development allows them to attract and align with the best growers, customers, and talents in the industry. Fresh Direct Produce has been named one of Canada’s Best Managed Companies for eight consecutive years. To learn more about Fresh Direct Produce, visit freshdirectproduce.com.
HKW is a private equity firm investing in growth-oriented companies with talented management teams in the US and Canada. HKW targets small to mid-size companies in the Business Services and Health & Wellness sectors. Since 1982, HKW has sponsored 60 platform transactions of lower middle-market companies throughout North America, as well as 66 add-on acquisitions. For more information on HKW, please visit hkwinc.com.
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PUB: 09/12/2019 06:00 AM/DISC: 09/12/2019 06:01 AM