IF&P Foods produce
IF&P provides fresh and packaged produce to approximately 7,500 customers throughout the Midwest.
 

INDIANAPOLIS — Private equity firm Rotunda Capital Partners, L.L.C., has acquired IF&P Foods, L.L.C., a supplier of produce to the food service and retail industries. Financial terms of the transaction were not disclosed.

IF&P was formed through the merger of Indianapolis Fruit and Piazza Produce in 1997. The company also includes Garden Cut, Circle City Produce and Papania’s. The company provides fresh and packaged produce varieties, as well as partially prepared meal components, to approximately 7,500 customers throughout the Midwest, including grocery stores, restaurants, schools and food management companies. IF&P operates a fleet of more than 340 refrigerated trucks and five facilities totaling more than 225,000 square feet of warehouse space.

Dan Lipson, Rotunda Capital
Dan Lipson, partner at Rotunda Capital
“We’ve been looking for a platform company in the produce distribution sector for quite some time, and IF&P is an exciting company with tremendous growth prospects,” said Dan Lipson, partner at Rotunda Capital. “Their team has built a leading company in the category, and they are well-positioned to serve their customers’ growing demand for high quality product and services. Combined with our distribution expertise, there’s a great opportunity to expand IF&P’s reach and offerings and provide a new platform for growth.”