HOUSTON — Sysco Corporation (NYSE:SYY) has signed a definitive agreement to acquire Kent Frozen Foods, a successful UK-based foodservice distributor with revenue in the year ended 31st December 2016 of £47 million.
The acquisition, which is conditional upon approval from the Competition and Markets Authority, will see Kent Frozen Foods join Sysco’s other UK businesses, including Brakes, Fresh Direct and M&J Seafood.
“Kent Frozen Foods will complement Sysco’s other UK businesses perfectly,” said Ajoy Karna, Sysco’s senior vice president, International Foodservice Operations – Europe. “Our businesses share many values, including a strong family heritage and customer-led culture and will benefit from complementary strengths in product offering and geography.”
Karna added, “The management team at Kent Frozen Foods has done a fantastic job building their business, which focuses heavily on independent customers, making it a perfect addition to our portfolio of businesses in the UK. We’re delighted that they and their loyal employees will be joining the Sysco family.”
Kent Frozen Foods will continue to operate as an independent entity, but will enjoy the support of the world’s largest foodservice company, Sysco, with the opportunity to capitalise on closer working relationships with Sysco’s other UK and European businesses where appropriate.
Chris Beckley, Kent Frozen Foods CEO, said, “We are thrilled to be joining the Sysco family. For our business, our colleagues and customers, having the added benefit of support from the world’s largest foodservice company presents an exciting and positive time ahead for all of us.”
Kent Frozen Foods is headquartered in Kent, with distribution facilities in Aylesford (Kent) and Witney (Oxfordshire).
About Sysco
Sysco is the global leader in selling, marketing and distributing food products to restaurants, healthcare and educational facilities, lodging establishments and other customers who prepare meals away from home. Its family of products also includes equipment and supplies for the foodservice and hospitality industries. With over 65,000 associates, the company operates approximately 300 distribution facilities worldwide and serves more than 500,000 customer locations. For fiscal 2017 that ended July 1, 2017, the company generated sales of more than $55 billion.
For more information, visit www.sysco.com or connect with Sysco on Facebook at www.facebook.com/SyscoCorporation or Twitter at https://twitter.com/Sysco. For important news and information regarding Sysco, visit the Investor Relations section of the company's Internet home page at www.investors.sysco.com, which Sysco plans to use as a primary channel for publishing key information to its investors, some of which may contain material and previously non-public information. Investors should also follow us at www.twitter.com/SyscoStock and download the Sysco IR App, available on the iTunes App Store and the Google Play Market. In addition, investors should continue to review our news releases and filings with the SEC. It is possible that the information we disclose through any of these channels of distribution could be deemed to be material information.
Source: Sysco