Sun Capital Partners has completed the acquisition of Fresh Origins (or the "Company"), a market-leading grower and shipper of Microgreens and Edible Flowers for food service and retail customers across the United States. Terms of the private transaction were not disclosed.
Founded in 1996, Fresh Origins pioneered the Microgreens category and is known for having the widest product variety, exceptional quality and consistency, and the most rigorous food safety standards in the industry. The Company offers over 600 varieties of Microgreens, Petite® Greens, Edible Flowers, Shoots, Tiny Veggies™, and other Specialty items, serving over 350 food service distributors, restaurants, and retailers across the United States. Fresh Origins' San Marcos, California headquarters is ideal for natural sunlight growing with average annual temperatures between 50 and 85 degrees Fahrenheit and over 250 days of sunshine. The Company's operations have over 2.4 million square feet of growing capacity across more than 45 greenhouses on 123 total acres.
Microgreens and Edible Flowers are small, edible versions of vegetables, herbs, and flowers that are harvested 1-2 weeks into the growing cycle. Seed to ship is typically 10 to 14 days. Microgreens and Edible Flowers are utilized by chefs and consumers to elevate the visual appearance of prepared dishes while also enhancing the flavor profile and materially improving nutritional density.
"We are excited about the opportunity to work closely with Fresh Origins' CEO, Norma St. Amant, to continue to grow and enhance the business," said Marc Leder, Co-CEO of Sun Capital. "Norma and Company management have built a great organization, and we look forward to supporting the Company with our operational resources and extensive food industry expertise to help Fresh Origins expand its leadership position in the growing Microgreens and Edible Flowers market."
"We are pleased to welcome Sun Capital as our new partner to help us capitalize on growth opportunities in our rapidly expanding market," said St. Amant. "Sun's experience, industry expertise, and resources will allow us to enhance our brand and continue to fulfill our commitment to delivering high-quality products, market-leading innovation, and world-class service to our valued customers."
"Fresh Origins is a leading specialty produce business in a rapidly growing, highly fragmented industry with tangible growth and performance improvement opportunities," said Jonathan Jackson, Principal at Sun Capital. "We are excited to partner with Norma and the Fresh Origins leadership team to accelerate growth through continued food service penetration and retail adoption, as well as capitalize on performance improvement opportunities, including facility automation and systems implementation."
Sun Capital has extensive experience partnering with industry-leading food businesses through current and prior investments, including Creekstone Farms Premium Beef, Del Monte Canada, Elan Nutrition, Fearman's Pork, Harry's Fresh Foods, Fresh-Pak, Northland Cranberries, Sunrise Growers-Frozsun Foods, and Timothy's Coffees of the World. Fresh Origins was advised on the transaction by Houlihan Lokey (advisory), FORVIS (financial), and Sidley Austin (legal). Sun Capital was advised on the transaction by EY (financial), EY-Parthenon (commercial), and Kirkland & Ellis (legal).
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Sun Capital Partners