Boca Raton Food Distribution Business Sold to Miami PE Firm: What the Bova Fresh Deal Tells You About South Florida's F&B Market

The Deal That Has Boca Raton's Food Scene Buzzing

Let's talk about a transaction that flew under the radar for most people — but shouldn't have. In June 2025, Bova Fresh, a Boca Raton-based food procurement and distribution company, was acquired by CREO Capital Partners, a Miami-based private equity firm with a sharp focus on food, logistics, and consumer businesses.

This wasn't just another business changing hands. This was a strategic, PE-backed acquisition of a company that had quietly built something remarkable — a network of over 300 supply partners across the Americas and a customer base of more than 250 retail and foodservice accounts across the United States.

That's the kind of infrastructure that makes buyers write checks fast.

What Bova Fresh Actually Built — And Why It Mattered

Founded in 2014 by Bob Wilhelm and Steve San Filippo, Bova Fresh specialized in the procurement and distribution of premium produce — think avocados, strawberries, and high-demand specialty items — to a diverse mix of retail chains and foodservice operators. Based out of Boca Raton, the company operated with a lean team of roughly 17–20 employees while punching well above its weight class in terms of reach and revenue.

So what made this business worth acquiring? A few things. First, the relationships. Building a supply network of 300+ partners across multiple countries takes years and serious operational discipline. Second, the customer stickiness — when you're supplying premium produce to 250+ accounts, those aren't one-time transactions. Those are recurring, relationship-driven revenue streams.

Recurring revenue in food distribution is the holy grail. CREO Capital knew exactly what they were buying.

The Deal Structure: What Smart Sellers Are Doing in 2026

Here's the part of this deal that every business owner in South Florida should pay attention to. The financial terms were not publicly disclosed — which is completely normal for a middle-market PE transaction. But what was disclosed is this: founders Bob Wilhelm and Steve San Filippo retained a minority equity stake in the company and continue to lead day-to-day operations.

This is called a "rollover equity" structure, and it's becoming increasingly common in PE acquisitions. The founders got liquidity at close — meaning they cashed out a significant portion of their equity — while keeping skin in the game for the next phase of growth. If CREO executes on its expansion plans, those founders could see a second, potentially larger payday down the road.

Look, here's what nobody tells you about selling your business: the first check isn't always the biggest one. If you believe in what you've built and you're selling to the right buyer, rolling equity can be one of the smartest financial moves you make.

Why CREO Capital Targeted Boca Raton — And What It Tells You About the Market

CREO Capital Partners isn't a random buyer. They're a Miami-based firm that's been investing in food, logistics, and consumer businesses since 2005, with more than 20 completed transactions across their fund history. They specifically target middle-market companies with revenues between $25 million and $1 billion.

The fact that they came to Boca Raton for this deal tells you something important: South Florida's food and beverage sector is on the radar of serious institutional capital. This isn't a fluke. The region's combination of population growth, tourism infrastructure, and proximity to Latin American supply chains makes it a natural hub for food distribution businesses.

And CREO's plan for Bova Fresh? Integrate it with existing portfolio assets like Yucatan Guacamole, expand into new geographic markets, grow the salesforce, and prioritize high-margin product categories. In other words — they're not just buying a business. They're building a platform.

Platform acquisitions pay premium multiples. If your business could be a platform, you need to know that before you price it.

The Boca Raton Food & Beverage Market Right Now

So what does this deal actually tell you about the broader market in Palm Beach County and South Florida? Quite a bit, actually.

Specialty food and beverage businesses in the Boca Raton area are currently trading at 2.0x to 3.0x Seller's Discretionary Earnings (SDE), according to local brokerage data. For context, that's a meaningful premium over where these businesses were valued just a few years ago. The average deal size in 2026 has been trending between $500,000 and $2,000,000 in enterprise value for service-oriented food businesses — though distribution and manufacturing operations with recurring revenue can command significantly more.

The demand side of the equation is equally strong. Buyers — both individual operators and institutional players like CREO — are actively hunting for quality food and beverage businesses in Fort Lauderdale, Miami, West Palm Beach, and Boca Raton. The challenge? There aren't enough quality listings to meet demand. That's a seller's market, full stop.

When buyers outnumber quality sellers, valuations go up. That's not a theory — that's what's happening right now.

SBA Lending Just Got Friendlier — Here's What Changed

One more tailwind worth mentioning: the SBA lending environment for food and beverage business acquisitions has improved meaningfully in 2026. Lenders are more comfortable with food distribution and specialty food businesses than they were during the rate-spike years of 2023–2024. If you're a buyer looking at a food business in the $500K–$2M range, SBA 7(a) financing is very much on the table — and sellers who understand this can use it as a negotiating tool to attract more qualified buyers.

For sellers, this matters because a larger pool of SBA-eligible buyers means more competition for your business — which means better terms for you. It's not complicated, but a lot of sellers don't think about the financing environment when they're timing their exit.

The Real Talk: What This Means for You

Whether you own a food distribution company, a specialty food manufacturer, a beverage brand, or a multi-location food service operation in South Florida — the Bova Fresh deal is a case study in what's possible when you build the right business and sell it at the right time.

The founders built real infrastructure. They cultivated real relationships. They created recurring revenue. And when the right buyer showed up, they structured a deal that gave them liquidity today and upside tomorrow. That's not luck. That's strategy.

The Bottom Line

The South Florida food and beverage market is firing on all cylinders in 2026. PE firms are writing checks, strategic buyers are circling, and valuations are holding strong. If you've been thinking about selling your food or beverage business — or even just getting a sense of what it's worth — now is the time to have that conversation.

At Sun Biz Broker, we specialize in connecting South Florida food and beverage business owners with the right buyers at the right price. Whether you're in Boca Raton, Fort Lauderdale, Miami, or anywhere in between, we know this market inside and out. Visit sunbizbroker.com or reach out today to get a confidential valuation and find out exactly what your business is worth in today's market.