Private equity firm PNC Riverarch Capital has announced that it has acquired leading Canadian fresh fruit and vegetable distributor Fresh Direct Produce (FDP) from another equity firm, HKW.

Headquartered in Vancouver, FDP has six locations across British Columbia, Alberta, and Ontario. The company’s diverse and growing offering of over 5,000 SKUs includes a broad selection of import, specialty, and organic products in addition to a comprehensive conventional produce offering.

FDP sources products from an extensive network of growers in 35 countries across 6 continents, and their value-added services include ripening, grading, processing, machine packaging, and bagging.

“We are thrilled to partner with PNC Riverarch to support FDP through its next chapter of growth,” commented Davis Yung, CEO of FDP. “We were looking for a partner who aligned with our strategic vision and could further accelerate our expansion through continued M&A.

"PNC Riverarch has a successful track record of helping companies like us to execute on both organic and inorganic growth initiatives, as well as the expertise to help us strengthen our operational infrastructure and scalability to support future growth.”

Rob Dolan, managing director with PNC Riverarch, said: “FDP has an incredibly strong customer value proposition based on its product breadth and quality,
extensive sourcing network, and highly reliable, service-oriented approach.

“We have been impressed by Davis and the rest of the management team’s success in consistently growing the company and expanding its offering and geographic reach, and we are excited to partner with them to support the next phase of growth.”