Sysco Corporation announced it has signed a definitive agreement to acquire HFM FoodService
OREANDA-NEWS. October 18, 2017. 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 Ben?, 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.
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.
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