Wind Point Partners Acquires FreshEdge

Chicago, Ill., October 4, 2022 – Wind Point Partners (“Wind Point”), a Chicago-based private equity firm, has acquired FreshEdge (“FreshEdge” or the “Company”), a leading distributor of fresh foods. The Company distributes a broad assortment of fresh produce and specialty foods, including fresh cut or value-add solutions, to both foodservice and retail customers throughout the Midwest and Southeast. FreshEdge currently operates 800,000 square feet of warehouse space and a fleet of approximately 830 trucks. 

Wind Point is partnering with current FreshEdge management, led by CEO Steve Grinstead and COO Greg Corsaro, as well as an experienced team of senior leaders whom collectively average nearly 30 years of experience in fresh produce distribution. Mr. Grinstead, Mr. Corsaro and the entire FreshEdge management team will remain with the Company and retain a meaningful ownership stake alongside Wind Point. 

Wind Point will provide capital and strategic support for FreshEdge to accelerate organic growth through investments in fresh cut processing capabilities, expanded warehouse space and enhanced infrastructure, as well as pursue strategic acquisitions to enhance density in the Midwest and Southeast and expand the Company’s geographic footprint. 

Wind Point is complementing FreshEdge’s leadership team with two advisors from the firm’s Executive Advisor Partner (“EAP”) program, a network of highly-aligned industry executives with deep ties to Wind Point. Wind Point EAPs Pat Larmon and Randall Boyd were involved in diligence alongside Wind Point and FreshEdge leadership and will join the Company’s Board of Directors upon closing, with Mr. Larmon serving as Lead Independent Director and Chair. Mr. Larmon and Mr. Boyd bring more than 50 years of collective experience in creating value in C-Suite and Board-level roles across Bunzl Distribution, LSG Skychefs, Guckenheimer Services, and Wind Point portfolio companies Handgards and Pestell Nutrition.

Mr. Grinstead commented, “We are delighted to partner with Wind Point, who has an extensive history of accelerating growth and delivering exceptional value in the food and distribution sectors. With Wind Point’s support, we are excited about growing the platform in existing and new geographies.” 

Mr. Corsaro added, “We believe there is a strong cultural fit between Wind Point and FreshEdge. Their commitment to the team’s strategic vision and investing in the long-term growth of the business will enable us to provide new and broader product offerings to our customers.”

Joe Lawler, Managing Director with Wind Point, noted, “We look forward to working with the FreshEdge team to build upon the platform they have already established. We have great respect for Steve and Greg, and they have developed an outstanding business model that delivers an enduring value proposition resulting in strong, long-term relationships with customers.”

Mr. Larmon stated, “Steve and Greg are exceptional leaders with a strong track record of executing a value creation plan. We look forward to augmenting their terrific experience with the support of Wind Point and a world-class Board to turbocharge growth in this next phase.”

Wind Point is an active investor in the food and distribution sectors, with select prior and current investments including good2grow, Palmex, Tropicale Foods, Stir Foods, Hearthside Food Solutions, Evans Food Group, Handgards and Pestell Nutrition. 

Winston & Strawn LLP served as legal counsel to Wind Point. Greenberg Traurig LLP served as legal counsel and Harris Williams served as financial advisor to FreshEdge and Rotunda Capital Partners.