Sysco Agrees to Acquire Hawaii-Based HFM FoodService
October 17 2017 - 4:30PM
Sysco Corporation (NYSE:SYY) today announced it has signed a
definitive agreement to acquire HFM FoodService, a Hawaii-based
broadline distributor with approximately $290 million in annual
sales.
HFM FoodService was founded as a flour mill in
1964 and has grown into one of the largest foodservice distributors
in the state of Hawaii, and the only one with operations on all
four major Hawaiian Islands and Guam.
“HFM has been providing quality service to
Hawaii and Guam for over 50 years, and we are excited to welcome
them to the Sysco family of companies,” said Tom Bené, Sysco’s
president and chief operating officer. “A key pillar of Sysco’s
strategy for continued growth and value creation is the continuous
assessment of new market opportunities. Acquiring HFM provides
Sysco with direct access to the growing Hawaiian market and is in
clear alignment with our strategy for disciplined, profitable
growth of the business.”
Sysco expects to retain the executive leadership
team of HFM, as well as all current associates.
“By leveraging the combined skills of Sysco and
HFM, we are better positioned to serve our customers,”
continued Bené. “This partnership provides an opportunity to
broaden our vision to be our customers’ most valued and trusted
business partner.”
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
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About HFM FoodService
HFM FoodService is a leading Pacific region and
statewide wholesale foodservice distributor, and the only broadline
foodservice distributor in the Hawaiian islands offering next day
deliveries from foodgrade distribution centers on all four of the
major Hawaiian Islands, as well as on Guam. HFM offers the finest
quality groceries and supplies to restaurants, schools, hotels and
resorts, as well as other institutions who prepare meals away from
home.
For more information contact:
Neil RussellInvestor ContactT 281-584-1308
Camilla ZuckeroMedia ContactT 281-899-1839
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