PNC Riverarch Capital Acquires Fresh Direct Produce

PNC Riverarch Capital (“PNC Riverarch”) is pleased to announce that it has acquired Fresh Direct Produce from HKW. Fresh Direct Produce (“FDP” or the “Company”) is a leading distributor of fresh fruits and vegetables across Canada.

Headquartered in Vancouver, FDP is one of the leading fresh produce distributors in Canada, with 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.”

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

“We were also particularly impressed by FDP’s track record of consolidating the Canadian fresh produce market, and believe substantial opportunity remains in this respect,” added Brian Blake, director with PNC Riverarch. “FDP’s unmatched sourcing expertise and extensive customer relationships throughout Canada can provide transformational opportunities for companies that join the FDP platform.”

The transaction for PNC Riverarch was led by Rob Dolan, managing director; Mike Rost, managing director; Brian Blake, director; and Charlie Trouba, senior associate, all of whom will represent PNC Riverarch on the Board of Directors. Debt financing for the transaction was provided by MidCap Financial, BMO Sponsor Finance, and HSBC Bank Canada. Truist Securities served as financial advisor to FDP on the transaction.

PNC Riverarch is a middle-market private equity firm which invests in privately held companies in North America and Europe. The firm seeks well positioned companies where it can invest in support of leveraged and management buyouts, corporate divestitures, and growth financings. The firm is based in Pittsburgh, Pennsylvania. For more information, please visit