The Bottom Line: NewSpring Invests in I Love Produce
September 11, 2023
NewSpring, a family of private equity strategies, announced today that NewSpring Mezzanine, the Firm’s dedicated mezzanine strategy, has invested subordinated debt and preferred equity in I Love Produce (ILP). Promise Holdings is supporting the transaction as an independent sponsor.
ILP is a processor and distributor of produce throughout the U.S.
Located in West Grove, PA, ILP sources, processes, markets, and distributes many varieties of garlic, ginger, shallots, and other produce products to a diverse base of food and beverage customers across the U.S.
Demand for ILP’s products is consistently strong and shows signs of growth
Both garlic and ginger consumption have experienced consistent growth due to the health benefits of the products as well as the increasing number of consumers interested in cooking with these ingredients.
“At I Love Produce, it’s our passion to provide our customers with the highest quality, best tasting produce the market has to offer. Our dedication to achieving this goal hasn’t wavered over the last 20 years as we continue to grow our network of suppliers, warehouse space, and customer base across the U.S. We’re excited to partner with NewSpring, SharpVue, and Promise Holdings as we embark on this new chapter of growth for our business.”
ILP is run by an experienced management team focused on growth
ILP is owned and operated by founders Jim Provost and Neil Millman, two industry veterans entering their fourth decade in the industry. With 37 additional full-time employees, the company is well positioned for growth under their leadership.
“I Love Produce has built close relationships with its customers by serving as a consistent, reliable provider of extremely high-quality produce over the course of multiple decades. Jim and Neil have done a tremendous job elevating this business into the leader it is today and represent the type of growth-minded executives we seek for partnership. We’re thrilled about our future partnership and working with the team to execute the growth strategy.”
The company is strategically located in close proximity to nearby shipping ports
“We’ve been investing in the food and beverage space for years and have developed the ability to identify a well-established business run by experienced executives that still has plenty of runway for future growth,” said Gordon Liao at Promise Holdings. “We have found all of this and more in I Love Produce and look forward to working with NewSpring, Jim, and Neil to raise this business to new levels of success.”