Predict your next investment

Private Equity
millcitycapital.com

See what CB Insights has to offer

Investments

4

Portfolio Exits

2

Funds

2

About Mill City Capital

Mill City Capital is a private equity firm that makes control investments in lower middle market companies with enterprise values ranging between $50 million and $150 million. The firm focuses on companies headquartered in the Midwestern United States, with a particular focus on companies located in the Upper Midwestern states of Minnesota, Wisconsin, Iowa, North Dakota, and South Dakota where Mill City Capital's investment team has built a vast network of relationships through a collective 100+ years of doing business in the region.

Mill City Capital Headquarter Location

50 South Sixth Street Suite 1390

Minneapolis, Minnesota, 55402,

United States

612-238-9500

Predict your next investment

The CB Insights tech market intelligence platform analyzes millions of data points on venture capital, startups, patents , partnerships and news mentions to help you see tomorrow's opportunities, today.

Latest Mill City Capital News

Wholesale Produce Supply Acquired by Cross Rapids Capital

Nov 2, 2021

Wholesale Produce Supply Acquired by Cross Rapids Capital Wholesale Produce Supply Acquired by Cross Rapids Capital MINNEAPOLIS — Wholesale Produce Supply LLC (“Wholesale Produce Supply”, “WPS” or the “Company”), a leading fresh produce logistics and inventory management solutions provider, today announced that its parent holding company has been acquired by an investor group, led by Cross Rapids Capital L.P. (“Cross Rapids Capital”). The investor group also includes strategic partner The Baupost Group, among others. Prior to this transaction, the Company was owned by affiliates of Mill City Capital L.P. Founded in 1964, WPS is an integral partner to foodservice distributors, grocery wholesalers, quick-service restaurants, and other clients, as well as to its extensive network of over 300 growers globally. WPS procures and delivers approximately 100 fresh produce commodities and also performs value-added services, such as ripening, grading, fresh-cut, washing, sorting, and packaging for a variety of its products, which reduces its customers’ labor, capital equipment, and infrastructure needs. The Company offers both recurring, daily deliveries as well as just-in-time less-than-truckload deliveries, allowing for flexibility, reduced product spoilage, and enhanced inventory management, which improves its customers’ profitability. As a result, WPS has become one of the largest sources of fresh produce in the Midwestern United States and Central Canada and a one-source, trusted partner to customers. “We are excited to partner with Cross Rapids Capital,” said Mr. Brian Hauge, Chief Executive Officer of Wholesale Produce Supply. “WPS will continue to provide its customers with reliable service and consistently high product quality, as we broaden our geographic reach and continue to expand our offering. The industry knowledge and resources that Cross Rapids Capital brings will allow us to accelerate our growth plan. We are thankful to our customer and supplier partners for their trust as well as to our team members for their service and dedication.” Mr.  Kyle Cruz, Partner at Cross Rapids Capital, added, “With deep admiration and respect for the 57-year history and strong foundation of Wholesale Produce Supply, we are thrilled to partner with management and provide the additional tools and resources to enable the Company’s organic and inorganic growth plans.”   “We appreciate the strong partnership we enjoyed with Brian Hauge and the Wholesale Produce team and wish them the best going forward,” commented Mr. Darren Acheson, Managing Director at Mill City Capital. Hennepin Partners served as financial advisor and Taft Stettinius & Hollister LLP as legal counsel to Wholesale Produce Supply. Mayer Brown LLP and Kirkland & Ellis LLP served as legal counsel to Cross Rapids Capital. Maranon Capital L.P. provided the debt financing for the transaction. About Wholesale Produce Supply LLC Wholesale Produce Supply LLC is a fresh produce logistics and inventory management solutions provider to grocery wholesalers, foodservice distributors, and other customers throughout the Midwestern United States and Central Canada. Through its vast network of over 300 growers globally, WPS sources and aggregates approximately 100 fresh produce commodities. The Company also performs value-added services, such as ripening, grading, fresh-cut, washing, sorting, and packaging and delivers both on a recurring, daily basis as well as on a just-in-time less-than-truckload basis. WPS offers competitive pricing, reliable service, consistency, and flexibility. About Cross Rapids Capital L.P. Cross Rapids Capital L.P. is an operationally-driven investment firm, dedicated to North American middle-market industrial and services companies. We partner with owners and management teams to accelerate companies, and we bring decades of sector, operational, and investing expertise and a hands-on, collaborative approach to empower their business success. About The Baupost Group LLC The Baupost Group is a Boston-based investment manager with a long-term, collaborative approach. Since 1982, the firm has been thoughtfully stewarding and compounding capital on behalf of families, foundations, and endowments, as well as employees who collectively are the firm’s largest client. Today Baupost manages roughly $31 billion. With a broad and flexible charter, and depth of experience across all asset classes and market environments, Baupost is strongly positioned to evaluate and pursue highly complex opportunities, to structure transactions flexibly to meet the requirements of sellers, and to leverage the duration of its capital to be long-term partners with management teams. About Mill City Capital L.P. Based in Minneapolis, MN, Mill City Capital is a private equity firm that makes investments, in partnership with management, in lower middle-market companies with enterprise values ranging from $20 million to $100 million. We focus on companies based in the midwestern United States where the principals of Mill City Capital have significant relationships and experience.

Mill City Capital Investments

4 Investments

Mill City Capital has made 4 investments. Their latest investment was in Command Fishing & Pipe Recovery as part of their Private Equity on December 12, 2014.

CBI Logo

Mill City Capital Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

12/24/2014

Private Equity

Command Fishing & Pipe Recovery

Yes

1

Other Investors

Subscribe to see more

Subscribe to see more

0

Other Investors

Subscribe to see more

Subscribe to see more

0

Other Investors

Subscribe to see more

Subscribe to see more

0

Date

12/24/2014

Round

Private Equity

Other Investors

Other Investors

Other Investors

Company

Command Fishing & Pipe Recovery

Subscribe to see more

Subscribe to see more

Subscribe to see more

Amount

New?

Yes

Subscribe to see more

Subscribe to see more

Subscribe to see more

Co-Investors

Sources

1

0

0

0

Mill City Capital Portfolio Exits

2 Portfolio Exits

Mill City Capital has 2 portfolio exits. Their latest portfolio exit was Wholesale Produce Supply on November 01, 2021.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

11/1/2021

Acq - Fin

3

12/12/2019

Acquired

Subscribe to see more

Subscribe to see more

10

Date

11/1/2021

12/12/2019

Exit

Acq - Fin

Acquired

Companies

Subscribe to see more

Valuation

Acquirer

Subscribe to see more

Sources

3

10

Mill City Capital Acquisitions

6 Acquisitions

Mill City Capital acquired 6 companies. Their latest acquisition was Behrens Manufacturing on December 20, 2016.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

12/20/2016

Debt

$99M

$1.5M

Acq - Fin - II

1

3/6/2014

Subscribe to see more

$99M

Subscribe to see more

10

11/15/2013

Subscribe to see more

$99M

Subscribe to see more

10

12/19/2012

Debt

Subscribe to see more

$99M

Subscribe to see more

10

11/3/2011

Subscribe to see more

$99M

Subscribe to see more

10

Date

12/20/2016

3/6/2014

11/15/2013

12/19/2012

11/3/2011

Investment Stage

Debt

Debt

Companies

Subscribe to see more

Subscribe to see more

Subscribe to see more

Subscribe to see more

Valuation

$99M

$99M

$99M

$99M

$99M

Total Funding

$1.5M

Note

Acq - Fin - II

Subscribe to see more

Subscribe to see more

Subscribe to see more

Subscribe to see more

Sources

1

10

10

10

10

Mill City Capital Fund History

2 Fund Histories

Mill City Capital has 2 funds, including Mill City Fund II LP.

Closing Date

Fund

Fund Type

Status

Amount

Sources

8/15/2014

Mill City Fund II LP

Buyouts & Acquisitions

Open

$87M

1

5/2/2011

Mill City Fund I

Subscribe to see more

Subscribe to see more

$99M

10

Closing Date

8/15/2014

5/2/2011

Fund

Mill City Fund II LP

Mill City Fund I

Fund Type

Buyouts & Acquisitions

Subscribe to see more

Status

Open

Subscribe to see more

Amount

$87M

$99M

Sources

1

10

Mill City Capital Team

4 Team Members

Mill City Capital has 4 team members, including current Managing Director, Darren L Acheson.

Name

Work History

Title

Status

Gary J. Obermiller

Founder

Current

Darren L Acheson

Goldner Hawn

Managing Director

Current

Michael S. Israel

Goldner Hawn

Managing Director

Current

Lisa K. Kro

Goldner Hawn

Managing Director

Current

Name

Gary J. Obermiller

Darren L Acheson

Michael S. Israel

Lisa K. Kro

Work History

Goldner Hawn

Goldner Hawn

Goldner Hawn

Title

Founder

Managing Director

Managing Director

Managing Director

Status

Current

Current

Current

Current

Discover the right solution for your team

The CB Insights tech market intelligence platform analyzes millions of data points on vendors, products, partnerships, and patents to help your team find their next technology solution.

Request a demo

CBI websites generally use certain cookies to enable better interactions with our sites and services. Use of these cookies, which may be stored on your device, permits us to improve and customize your experience. You can read more about your cookie choices at our privacy policy here. By continuing to use this site you are consenting to these choices.