Frontier Produce Inc.
How we got $11.3M
Based on its 47 employees and its payroll, both reported for PPP in 2020 and brought up to date.
What we know
Signs of a sale Unlikely to sell soon
- In business 31 years (since 1995)
- Founder still runs it after 31 years
- Acquired by FreshEdge (2024)
From public records and the company's website, not a statement that it's for sale.
What they do
Frontier Produce Inc. is a wholesale produce business in Oklahoma that says it serves foodservice customers with fresh produce, local items, eggs, dairy products and more.
From the company's website. Industry: Other Grocery and Related Products Merchant Wholesalers.
Ownership & transactions
- Acquired by FreshEdge · Jul 2024FreshEdge, a Wind Point Partners-backed fresh food distributor, acquired Frontier Produce, an Oklahoma-based produce distributor.Source
Estimated value over time
▲ 55% since 2020Today's estimate scaled by the headcount reported each year and that year's prices. A trend, not a record of past sale values.
Compared with similar businesses nearby
| Business | Est. revenue | Distance |
|---|---|---|
| FRONTIER PRODUCE INC. this business | $52.1M | — |
| BROASTER FOOD SYSTEMS INC Tulsa · 4 employees | $12.9M | 2.5 mi |
| LUCY FOOD AND TORTILLA DISTRIBUTORSHIP INC Tulsa · 1 employees | $1.6M | 2.5 mi |
| LUCY'S FOOD AND TORTILLA DISTRIBUTION Tulsa · 1 employees | $2.8M | 2.5 mi |
| J R & S WHOLESALE, INC. Tulsa · 1 employees | $1.7M | 3.2 mi |
| ALEJANDRO'S TORTILLAS AND FOOD DISTRIBUTION, LLC Tulsa · 4 employees | $4.7M | 4.1 mi |
| BLACK RAIN GLACIER LLC Tulsa · 25 employees | $46.0M | 4.6 mi |
The full calculation
| Employees reported to the SBA | 47 |
| Revenue from headcount (employees × revenue per employee for companies this size) | $60.0M |
| Revenue from PPP payroll (payroll ÷ payroll's share of revenue for companies this size) | $34.8M |
| Estimate: the two combined (geometric mean) | $52.1M |
| EBITDA margin (industry, adjusted for size) | 4% |
| EBITDA = revenue × margin | $2.2M |
Figures are shown toward the upper part of their range rather than at its middle.
Brought up to date assuming revenue has grown 8% a year since 2020, when the PPP figures were reported; included above.
| Estimated value = EBITDA × typical sale multiple | $11.3M |
| Multiple for this size and industry | 5.2× |
| Value range | $6.0M – $15.5M |
| Revenue range | $34.2M – $59.4M |
| EBITDA range | $1.4M – $2.5M |
| Industry (NAICS) | Other Grocery and Related Products Merchant Wholesalers (424490) |
EBITDA margin: from IRS tax returns of S corporations in this industry (2019–2022), adjusted for company size: smaller companies typically run higher margins. EBITDA here is after owners' salaries.
Benchmarks: US Economic Census 2022. PPP loans were sized on 2019–2020 payroll, so figures reflect that period. These are statistical estimates, not reported financials. Full methodology
People & advisors
“In 1995, Mike Hickson and Rob DeWitt started Frontier Produce in Tulsa, Oklahoma with just a couple of trucks and the thirst to improve the industry.”
Advisors
- BankingCrossFirst BankPPP / SBA lender
From the company's own website and public filings (DOL Form 5500, IRS Form 990, SBA). Roles are as stated there and may be out of date.
Banking relationships
| CrossFirst Bank PPP 2020, PPP 2021 | All 299 borrowers → |
From PPP and SBA loan records, which name the bank but not the individual banker.
PPP loans
| Approved | Draw | Amount | Jobs |
|---|---|---|---|
| 4/8/2020 | first | $318K | 47 |
| 1/23/2021 | second | $301K | 37 |
Public records
Matched to this business by name and address from public government data; a match can occasionally be wrong.
About Frontier Produce Inc.
Frontier Produce Inc. is an other grocery and related products merchant wholesalers company in Tulsa, Oklahoma, in business since 1995. It is owned by Mike Hickson (Founder). Its estimated annual revenue is about $52.1M, with roughly $2.2M of EBITDA. It has about 47 employees. Its estimated business value is $11.3M (likely range $6.0M–$15.5M).
Common questions
- Who owns Frontier Produce Inc.?
- Frontier Produce Inc. is owned by Mike Hickson (Founder), according to public sources such as the company's website or filings.
- How much revenue does Frontier Produce Inc. make?
- SeeBITDA estimates Frontier Produce Inc.'s annual revenue at about $52.1M (likely between $34.2M and $59.4M), based on public records such as its PPP loan and retirement-plan filings, brought up to 2026.
- What is Frontier Produce Inc. worth?
- About $11.3M, roughly 5.2× its estimated EBITDA of $2.2M, typical for a other grocery and related products merchant wholesalers company its size. Likely range: $6.0M–$15.5M.
- How many employees does Frontier Produce Inc. have?
- About 47, as reported on its PPP loan.
- When was Frontier Produce Inc. founded?
- Frontier Produce Inc. has been in business since 1995.