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Sysco Corporation and US Foods reached a merger agreement. (Photo: Stock File)

Sysco and US Foods merge to create 'world-class foodservice company'

  (UNITED STATES, 12/10/2013)

Sysco Corporation and US Foods have reached a USD 8.2 billion-deal to merge, creating a world-class foodservice company. The transaction is expected to generate  annual synergies of at least USD 600 million after three to four years, primarily stemming from supply chain efficiencies, merchandising activities, and overlapping general and administrative functions.

Bill DeLaney, Sysco president and chief executive officer, will lead the combined company, which will continue to be named Sysco and headquartered in Houston, Texas. At closing, Sysco will have estimated annual sales of approximately USD 65 billion and generate operating cash flows of approximately USD 2 billion.

Sysco will pay approximately USD 3.5 billion for the equity of US Foods, comprising USD 3 billion of Sysco common stock and USD 500 million of cash.

As part of the transaction, Sysco will also assume or refinance US Foods' net debt, which is currently approximately USD 4.7 billion, bringing the total enterprise value to USD 8.2 billion.

After completion of the transaction, the equity holders of US Foods will own approximately 87 million shares, or roughly 13 per cent of Sysco.

"As we continue on our transformational journey at Sysco, this transaction will position us to significantly accelerate our progress in achieving the vision we have for our company: to be our customers' most valued and trusted business partner," said Bill DeLaney, Sysco president and chief executive officer. "Sysco and US Foods have highly complementary core strengths including a broad product portfolio and passionate food people deeply committed to customer service, quality-assured products and safety."

John Lederer, president and chief executive officer of US Foods, stated, "Combining and maximizing the significant strengths of two outstanding companies is certain to be of tremendous advantage in supporting our customers as they tackle the challenges of today's demanding environment."

The transaction, which is expected to close in the third quarter of calendar year 2014, is subject to customary closing conditions and regulatory approvals, including antitrust approval.

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. For Fiscal Year 2013 that ended on 29 June, 2013, the company generated record sales of more than USD 44 billion.

US Foods is one of America's great food companies and leading distributors. With approximately USD 22 billion in annual revenue, the company offers more than 350,000 products, including high-quality, exclusive brands.


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Address: 1390 Enclave Parkway
City: Houston
State/ZIP: Texas (TX 77077)
Country: United States
Phone: +1 281 584 1390
Fax: +1 281 584 1737
E-Mail: [email protected]
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