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Sysco Announces Acquisitions In Quebec, Ireland

Stocks in this article: SYY

HOUSTON, Oct. 22, 2012 (GLOBE NEWSWIRE) -- Sysco Corporation (NYSE:SYY) announced today that it has agreed to acquire the assets of Distagro, the foodservice division for Montreal, Quebec-based grocery retailer Metro Richelieu Inc., marking the second international acquisition in the past several weeks for North America's leading foodservice distributor.

Sysco also closed on the purchase of the foodservice distribution arm of Ireland-based produce company Keelings Foods on October 3. While the specific financial terms of the two acquisitions were not disclosed, the combined annual sales of the entities approach $400 million.

"These acquisitions demonstrate Sysco's commitment to pursue quality organizations that will help us better serve our customers, improve our service footprint, grow our business and achieve our goal of increasing sales by one-half percent to 1 percent annually through acquisitions," said Chris Kreidler, Sysco's executive vice president and chief financial officer. "To date, in fiscal year 2013, Sysco has agreed to acquire businesses that, in the aggregate, exceed $500 million in annual sales."

Distagro to Add to Sysco's Growing Quebec Presence

The acquisition of Distagro's foodservice division, which is subject to the usual conditions including Canadian regulatory approval, is designed to complement Sysco's growing presence in the competitive Quebec market. Distagro supplies food products to customers with operations in Quebec and Eastern Canada. Additionally, within the past 13 months in Quebec, Sysco has acquired Frank and Dino, a Montreal broadline specializing in Italian imports; Viandes St. Laurent, a Montreal meat processor and distributor; and En Gros Pierre, a Montreal seafood company.

 "We are excited that Distagro's foodservice team will be joining the Sysco Canada family," said Joel Grade, Sysco's senior vice president of Foodservice Operations (North). "The Distagro team has a great service reputation, and we believe we can leverage our companies' strengths to further serve our collective customers in the competitive Quebec market and to position our business for future growth."

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