MIAMI--(BUSINESS WIRE)--Patrick M. Worsham, a key player in ProspEquity Partners’ 2017 due diligence and 2018 acquisition of Tierra Nueva Fine Cocoa, and who played a pivotal role as EVP and CFO in its swift ascension as The Whole Coffee Company into prominence as a global leader in the coffee technology CPG space, will be taking over similar fiscal and executive managerial roles with other ProspEquity Partners’ portfolio companies.
In making the announcement, Christopher D. Ramonetti, Founder and Managing Partner of ProspEquity Partners (PEP), and Chairman of the Board of The Whole Coffee Company, said Worsham’s unmatched professional expertise applied in a wide range of critical senior executive roles at The Whole Coffee Company have helped the firm to achieve its initial objectives, and his talents will now be applied to assure success at other PEP acquisitions.
“Pat absolutely excelled in every stage of pre- and post-acquisition of Tierra Nueva and its transformation into the coffee technology powerhouse it is today,” said Ramonetti. “The financial, operational, organizational and manufacturing challenges early on were immense, and Pat was laser-focused on protecting the investment and preemptively identifying and mitigating the risks associated with a turn around. He performed tirelessly as the backbone of operations as we hired and developed the new executive leadership team, and played a critical role in building the structure of a sustainable business that can appropriately scale over the coming years. He will be absolutely invaluable as we develop other portfolio companies, specifically in the CPG space.”
David G. Burke, CEO of The Whole Coffee Company, whom Worsham helped bring aboard in 2018, said Worsham had been a leader in developing the “winning culture” at Tierra Nueva that made possible current and future successes at The Whole Coffee Company.
“Rarely have I experienced someone so dedicated to their personal and professional values and principles as Pat, and his example helped quickly to engender trust critical to success in an acquisition. We should all admire and emulate his example,” said Burke. “His ability to set and uphold a high bar of professionalism in the face of a turnaround will be essential in PEP’s portfolio development. We couldn’t have done it without him, and Pat has my profound appreciation. He is exactly who we needed to get where we are today.”
ABOUT PROSPEQUITY PARTNERS
ProspEquity Partners (PEP) is a Tampa, Fla.-based private equity firm building shareowner value through conscious capitalism and a dedication to people and local communities. The partnership between PEP’s world-class operational executive expertise and ecosystem of strategic partners and advisors and The Whole Coffee Company’s industry-leading coffee product development team is launching a coffee revolution that will rapidly scale The Whole Coffee Company’s worldwide market penetration.
“Our use of 100 percent of the coffee bean in The Whole Coffee Company’s Edible Coffee® consumer products, along with our continuing focus on new breakthroughs in the science of coffee bean research and development, are sound and socially responsible applications of a precious global commodity,” said Christopher D. Ramonetti, Chairman of the Board of The Whole Coffee Company and Founder and Managing Partner of ProspEquity Partners. “Whole bean means the environmentally-friendly process can reduce coffee raw material costs by more than 30 percent, and create significantly less waste – results unprecedented in the coffee industry.” The Whole Coffee Company’s Wall-to-Wall in Grocery™ concept covers the six primary aisles in the grocery store, including frozen foods, salty snacks, ready-to-drink beverages, cookies, coffee and confectionery products. Given these expansive opportunities, the largest and second largest ice cream manufacturers in the world have moved into the test phase with The Whole Coffee Company.