Cibus Fresh Acquired by Leading Midwest Produce and Specialty Foods Distributors

Press Release | August 28, 2018

IF&P Foods’ Indianapolis Fruit and Piazza Produce acquire Cibus Fresh to accelerate growth of gourmet grab-and-go offerings

PRESS RELEASE

INDIANAPOLIS (Aug. 28, 2018) – IF&P Foods LLC’s Indianapolis Fruit and Piazza Produce announce the acquisition of Cibus Fresh, an Indiana-based foodservice company specializing in high quality made-to-order packaged convenience foods.

The acquisition will accelerate the growth of Indianapolis Fruit and Piazza Produce by expanding its convenient grab-and-go offerings to include chef curated sandwiches, wraps, flatbreads, salads, snack packs and parfaits cups. It will also provide an 11,000-square-foot state-of-the-art FDA and USDA inspected kitchen facility certified with the Federal Grant of Inspection to ensure optimum food safety and regulation.

With an unprecedented rise in demand for grab-and-go foods in every sector, the produce and specialty foods distributors expect to make an immediate impact.

“By combining Cibus Fresh’s unique approach to fresh convenient foods with our extensive expertise in produce and specialty foods distribution, we’re primed to exceed our customers’ expectations with new offerings, quality and speed of delivery,” said Greg Corsaro, president and CEO of IF&P Foods.

Family-run businesses Indianapolis Fruit and Piazza Produce merged in 1997 to form IF&P Foods. Indianapolis Fruit distributes to individual grocers and grocery chains, while Piazza Produce distributes to foodservice establishments. Both distribution partners deliver an extensive offering of produce and specialty items with a focus on fresh, including organic, local and culturally specific product segments.

Through the acquisition with Cibus Fresh, more than 60 new food varieties will be added to IF&P Foods’ already robust product lines, with new inventive creations on the horizon.

“We’re thrilled to become a part of the IF&P Foods family,” said Kurt Layer, cofounder of Cibus Fresh. “Having access to more resources means we can get even more creative in the design and delivery of our culinary creations. Together we can advance the convenience food industry in ways we could never do alone.”

All Cibus Fresh employees will remain with the company including its cofounders Kurt Layer and Bill Pitrelli.

IF&P Foods has been operating in the Indianapolis area since 1946. Rotunda Capital Partners, a private equity firm focused on lower middle-market and family-owned holdings, acquired a majority stake in IF&P in 2017.

To learn more about Indianapolis Fruit, visit indyfruit.com. For more about Piazza Produce, visit piazzaproduce.com. To view a current list of the Cibus Fresh offerings see here.

About IF&P Foods, Inc.
IF&P Foods was formed in 1997 through the merger of Indianapolis Fruit (founded 1947) and Piazza Produce (founded 1970), two leading produce distribution companies with a combined 118 years of experience serving the grocery and foodservice industries. Garden Cut, a fresh cut processing company, and leading food service produce distributors, Circle City Produce and Papania Produce, complete the IF&P group of companies. The company has grown to include a fleet of over 340 refrigerated trucks servicing over 14 states in the Midwest and beyond from five facilities totaling over 225,000-square-feet of warehouse space. Today, IF&P is a category leader in providing both the food service and retail industries with fruit, vegetables, dairy, floral and specialty products. Rotunda Capital Partners, a private equity firm focused on lower middle-market and family-owned holdings, acquired a majority stake in IF&P in August of 2017.

About Cibus Fresh, LLC
Founded by food industry veterans Kurt Layer and Bill Pitrelli, Cibus Fresh was formed in 2017 to bring high quality foods to the convenience food market. Operations boast a state-of-the art, quality-controlled kitchen certified by the Federal Grant of Inspection (USDA) whereby every product is tracked from the beginning of its lifecycle to its departure from the facility to provide optimum safety and freshness.

About Rotunda Capital
Rotunda Capital Partners is a private equity firm that invests equity capital in established and profitable lower middle-market companies. As an independent deal sponsor, Rotunda Capital raises and invests the capital of its principals, institutions, family offices and high net worth individuals on a deal-by-deal basis. The firm uses a rigorous approach to identify market-leading companies with identifiable growth opportunities and capable management teams in targeted sectors, including distribution, logistics, financial services, and business services. Rotunda Capital partners with industry-leading operating executives to grow each portfolio company. Since 2009, Rotunda Capital has completed 10 platform investments and realized three exits. The partners of Rotunda Capital actively provide guidance and draw on deep industry and financial relationships to contribute to the successful execution of Rotunda’s companies’ strategic plans. For more, visit www.rotundacapital.com.