The Xceed Foodservice Group (Xceed) has been formed by San Francisco Equity Partners’ (SFEP) investment in the food brokerage companies Sales Concepts and Donovan Food Brokerage.
Sales Concepts and Donovan owners Darin Pounds, Josh Carnell and Jack Donovan have retained equity stakes and will become the executive leadership team for the Xceed platform.
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Financial terms of the deals have not been disclosed.
Sales Concepts and Donovan cover states in the southeastern US and the upper Midwest respectively.
Xceed was formed to invest in and partner with independent brokerage companies focused on the foodservice ecosystem.
The US foodservice industry is a $1tn market consisting of restaurants, school districts, hospital systems and other venues where food is consumed away from the home.
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By GlobalDataVia its partner brokerages, Xceed will offer sales and marketing services to food suppliers looking to expand their business in the complex and localised networks of the segment.
The platform will also link with further regional foodservice brokerages in complementary markets.
Xceed CEO Darin Pounds said: “We formed Xceed to provide a differentiated level of service and results to our clients and other stakeholders on a larger scale.
“Our partner brokerages will continue to deliver the benefits of local expertise and regional focus to their clients, and through our partnership, will deliver access to an expanded set of relationships, markets and resources.”
Each partner brokerage will retain its brand identity, management team and personnel, ensuring operational autonomy within its regional market.
Partner brokerages will continue to deliver the knowledge of the local market, access and customer engagement that are essential for growth in the foodservice space and will stand to benefit from the sharing of resources, best practices and access to new markets facilitated by the Xceed platform.
SFEP partner David Mannix said: “We are excited to partner with the Xceed team to build a platform addressing underserved segments of the food manufacturing and foodservice operations space.”
Xceed chief operating officer Jack Donovan said: “The SFEP team shares our vision of building a foodservice brokerage of scale that enables client growth through demand generation at the operator level.
“Their experience building founder-driven businesses in the consumer value chain will be instrumental to us as we continue to develop Xceed’s footprint and services.”
