May 23, 2023
Panama Banana Joins FreshEdge
Combination further expands FreshEdge’s presence in the Midwest
Chicago, Ill. – FreshEdge, a super-regional distributor of
fresh food solutions backed by Wind Point Partners (“Wind Point”), acquired Panama
Banana (“Panama”), a wholesaler and distributor of fine produce in the Chicago
International Produce Market. For nearly a century, Panama has built a solid
reputation as one of Chicago’s leading distributors of fine produce by serving
customers with the same focus: a passion for freshness, quality and ease of
doing business that is second to none. Panama is housed in a state-of-the-art
facility that offers ripening rooms, cold coolers, climate-controlled docks,
produce packaging and repacking and logistical support.
The
acquisition enhances FreshEdge’s presence in the Midwest, particularly Chicago,
and provides additional warehousing capacity and value-added ripening services to
better serve its combined retail and foodservice customers. Panama joins a
growing family of brands that includes Piazza Produce & Specialty Foods,
Indianapolis Fruit, Get Fresh Produce, City Produce, McCartney Produce,
Monteverde’s, Valley Produce, Vine Line, Garden Cut, CIBUS Fresh, Papania’s and
Testa Produce.
“We are
thrilled to welcome Todd and Deke Pappas and their team to the FreshEdge
family,” noted Steve Grinstead, CEO of FreshEdge. “With their same commitment
to customer service, Panama will be a great addition to our growing group of
customer-obsessed distributors.”
“We proudly
welcome Panama to FreshEdge,” said Greg Corsaro, President and COO of
FreshEdge. “The addition of Panama not only enhances our family, but our
pursuit to be the preeminent family of best-in-class fresh food companies.”
“Our Panama
team is thrilled to join FreshEdge,” said Todd Pappas, President of Panama.
“This is the next step in increasing our footprint, serving customers with
expanded offerings and growing for our future.”
“We are
excited about this great opportunity,” stated Deke Pappas, COO of Panama. “We
look forward to continuing to provide the same unmatched level of service to
our customers and are happy to share that Nick Florek will continue his
leadership as VP/General Manager.”
Joe Lawler,
Managing Director with Wind Point Partners, added, “Continuing to expand
FreshEdge’s service offerings within our core footprint is critical to our
value creation plan. The addition of Panama’s capacity and capabilities is
exciting for our combined customers and employees. We look forward to continuing to support the M&A
effort alongside management.”
Wind Point Partners acquired FreshEdge in October 2022 in partnership with CEO Steve Grinstead and President & COO, Greg Corsaro, two veterans in the fresh produce distribution space. This acquisition represents the second acquisition under Wind Point’s ownership, following the addition of Testa Produce in May 2023. FreshEdge’s acquisition strategy will continue to focus on acquiring fresh food distribution companies with high quality produce and specialty food products along with exceptional service and a strong brand reputation. Geographically, FreshEdge is focused on both new and existing geographies, including the Midwest, Southeast and Southwest U.S.