Bix Produce

Delivers produce to top restaurants and food service providers across the Midwest region.

Transaction Overview

  • Represented Bix Produced Company in its sale to Private Capital Management, Inc.
  • From its founding in 1930, Bix Produce Company has grown to become the leading distributor of fresh fruits and vegetables to restaurants, hotels, country clubs and schools located across the Upper Midwest.
  • The company generates exceptional profit margins owing to its superior sourcing capabilities, advanced pricing strategies, and value-added cutting and packaging operations.
  • The owner wanted to generate full liquidity and retire from the business after closing.

Key Observations

  • Notwithstanding Bix’s strong profit margins, strategic players in the fresh produce industry had the mistaken belief that they could enter the market on a greenfield basis and take significant market share from Bix.
  • After a broad-based auction process, the seller selected PCM based on its attractive offer.  During the diligence process, the parties established a degree of trust that resulted in the seller staying on board as CEO.
Hennepin Partners LLC