Red Arts Capital, a US-based investment firm, has acquired fresh-cut processor Freshway Foods from foodservice supplier US Foods.
The financial terms of the deal were not disclosed.
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Ohio-based Freshway Foods specialises in delivering “customised” fresh-cut processing solutions for retail and foodservice customers.
Freshway Foods, which was acquired by US Foods in 2016, will remain under the leadership of its current president, Devon Beer.
In a statement, Red Arts Capital said Freshway has experienced “significant growth and established a prominent presence within the industry” under Beer.
Commenting on the acquisition, Beer said: “Together, along with the incredible team that we have spent years building internally, I know that we will continue to lead the industry in innovation and service.”
With over $300m in assets under management, Red Arts Capital specialises in supply chain-related and logistics businesses.
Red Arts co-founder, co-CEO and managing partner Nick Antoine said: “Freshway has an incredible history, with origins dating back to 1895. Given Red Arts’ focus on family-owned businesses, we were drawn to the company’s compelling story, as well as their unique place in the market.
“With existing synergies between Freshway’s operating procedures and Red Arts’ experience across the food industry, it made immediate sense for us to join forces and support their growth journey.”
