Sysco Corporation (NYSE:SYY) today announced that it has signed an agreement to acquire Crossgar Foodservice, a leading privately owned foodservice supplier headquartered in Co Down, Northern Ireland, through its subsidiary, Pallas Foods based in Newcastle West, Co Limerick. Financial details of the transaction, which is subject to Competition Authority approval in the Republic of Ireland, were not disclosed.
The acquisition will expand Sysco's presence on the island of Ireland. Sysco acquired Pallas Foods in 2009. Both Crossgar Foodservice and Pallas Foods will retain their existing brand identities, and management teams at the two companies will remain in place.
Crossgar Foodservice has four facilities in Northern Ireland. The company's product range includes poultry, meat, chilled, frozen, grocery and non-food items, which is sold throughout the island of Ireland and Great Britain.
Mike Green, Executive Vice President and Group President for Sysco, said: "Crossgar Foodservice is a strong company with excellent customer relationships. This investment, along with the acquisition of Pallas Foods in 2009 represents our commitment to the Ireland market and provides us additional strategic opportunities. We look forward to welcoming Crossgar Foodservice to Sysco."
Gerald Bell, Chairman of Crossgar Foodservice, said: "We are very pleased to join the Sysco family and to work with Pallas Foods to strengthen Sysco's operations across Ireland. The transaction provides the business with a number of benefits, namely enhanced distribution and wider product choice for our customers. We look forward to providing the same great service to our customers and showing them an even broader line of quality-assured foodservice products."
Tim Geary, Chairman of Pallas Foods, said: "We have had a great experience with Sysco, and we look forward to working with Crossgar and positioning this investment for further growth in the years ahead."