Business
The leading national grower and shipper of microgreens and edible flowers to food service distributors and retailers across the U.S.
Transaction
In 2018, LaSalle purchased a majority interest from the company's founder and owner / operator, who was seeking to diversify his net worth as well find a partner to assist in further scaling the business, while maintaining a significant minority interest.
Opportunity
LaSalle recognized the unique culinary and nutritional value that microgreens and edible flowers presented to restaurants seeking to create healthier, more exciting and differentiated menu items. The company's broad portfolio of specialty items, horticultural experience and unique micro-climate in southern California provided an excellent platform for continued growth.
Growth Strategy
Increased usage of microgreens and edible flowers, offering both a wide range of natural flavors and nutritional benefits, provided runway for substantial further growth in food service from fine dining into more casual restaurant settings and usage beyond fancy entrees into numerous meal, appetizer and beverage (mixology) applications. To meet this demand, a more dynamic go-to-market strategy was implemented to include broadline foodservice distributors (in addition to existing specialty fruit & vegetable distributors), geographic expansion throughout the U.S. and an expansion from foodservice into retail and direct to consumer. Simultaneously, significant corresponding investment was made in expanding greenhouse capacity, automation of production systems, technology and human capital.
As restaurants adapted to COVID and experiential living resumed, the company's growth rapidly accelerated beyond pre-COVID levels. Further growth into retail and numerous inbound inquiries resulted in the company exploring strategic alternatives and completing a sale of the business to an affiliate of Sun Capital Partners in late 2022, resulting in a highly successful outcome for our investors.
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Deal Snapshot
Highly differentiated natural foods company
Unicorn competitive position
Strong organic growth story
Doubled revenue and tripled EBITDA in ~4.5 years
www.freshorigins.com
“LaSalle provided strategic support, marketing knowledge and capital resources that helped us accelerate our growth plan. We greatly valued the partnership and expertise that allowed our management team to execute at a higher level.”
Norma St. Amant
CEO, Fresh Origins |
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