Evergreen’s financial resources will complement Good Source’s procurement and sales expertise in its niche markets, enabling faster growth and lower costs for Good Source customers.
Good Source sources both closeout and custom food items from food manufacturers and processors, provides distribution solution for these companies’ closeout food supply. Good Source sells its products primarily to the corrections industry, educational institutions and non-profit organizations.
Evergreen said that the transaction will enable Good Source to make additional investments in several areas of the company, including: new product development; increased inventory; cold storage and repack facilities; its Treasure Box program as well as each of the other businesses which have presented growth opportunities for the future. No changes to senior management or employees are expected.
Evergreen Pacific Partners co-founder and managing partner TJ McGill said that the investment in Good Source is in keeping with the fund’s strategic approach.
"We look to invest in companies in traditional industries we can position for future growth. Good Source is well positioned to extend its leadership position and we look forward to helping them achieve their goals," McGill said.
Evergreen Pacific Partners, which manages two private equity funds totaling $700 million, invests in traditional buyouts, management led buyouts, and growth equity investments involving traditional industry, middle-market companies in the Western US and Canada.
