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Sysco to Acquire European Food Distributor Brakes From Bain

By Publications Checkout

Sysco agreed to buy food-service distributor Brakes Group from private equity firm Bain Capital in a $3.1 billion deal, including $2.3 billion in debt, giving the company a bigger foothold in Europe.

Brakes had sales of about $5 billion last year, and the combined company will generate roughly $55 billion, US-based Sysco said in a statement. The acquisition is slated to be completed before the end of Sysco’s fiscal year in July.

Sysco, the largest North American food-service distributor, is looking to Europe for growth after a failed attempt to buy domestic competitor US Foods for $3.5 billion last year. That deal was blocked by a federal judge, who said a merger of the food-distribution giants would probably reduce competition and raise prices for hotels and restaurants.

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Brakes, based in London, has 15,000 employees and operations in the UK, Ireland, France, Spain and other European countries.

US Foods, meanwhile, is seeking to raise about $1 billion in an initial public offering, people familiar with the matter said earlier this month.

News by Bloomberg, edited by Hospitality Ireland

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