Santa Monica private equity firm Sole Source Capital has acquired Individual FoodService, a Bell, Calif.-based food distributor.
Sole Source plans to form a partnership between Individual FoodService and its already owned South Gate-based Trade Supplies, to create one of the largest non-perishable foodservice distributors and packaging solution providers in California, according to a Sole Source prepared statement.
Terms of the transaction were not disclosed.
“(The company’s) increased scale is expected to enhance its position in the growing restaurant takeout and digital delivery space, which is one of the fastest growing segments within the $300 billion foodservice distribution market,” according to the statement.
Individual FoodService CEO Steve Supowitz will lead the combined entity, which will remain headquartered in Bell.
Jeremy Shapiro, the current CEO of Trade Supplies, will serve as president of the combined entity and report to Supowitz. Shapiro will spearhead the integration of the two companies, assume managerial duties, and oversee business development to further expand the customer base in the western United States.
The combined company will distribute eco-friendly and custom-branded packaging, paper and plastic disposables, unique catering items, food products, janitorial supplies, healthcare facility products and other foodservice smallwares and equipment to its more than 5,000 weekly customers.
The customers include fast casual, family-owned and major chain restaurants, food processors, caterers, bakeries, schools, large public venues, hospitals, healthcare facilities and foodservice distributors.
IFS, which had been owned and operated by the Supowitz family for 90 years, has more than 600,000 square feet of distribution centers in the region.
Trade Supplies, a distributor of nonperishable foodservice disposable items, was acquired by Sole Source earlier in 2018.
Finance reporter Pat Maio can be reached at email@example.com or (323) 556-8329.
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