Topic: How To Invest

Spinoffs & Takeovers Hotline – Friday, December 15, 2023

Article Excerpt

SYSCO CORP., $73.54, symbol SYY on New York, is a global leader in food distribution. It operates 334 distribution facilities worldwide, serving approximately 725,000 customers. On December 4, 2023, Sysco announced that it completed the acquisition of Edward Don & Company, a leading distributor of foodservice equipment. The purchase price has not yet been disclosed. Chicago-based Edward Don has approximately $1.3 billion in annual revenue. It serves a diversified group of customers, including restaurants, foodservice, and other customers across the U.S., from 1.4 million square feet of distribution facilities. Edward Don has been in business for more than 100 years. Sysco acquired the company from New York-based private equity firm Vestar Capital Partners. Vestar first invested in the company in March 2017. Edward Don will operate as a standalone specialty division within Sysco. In the three months ended September 30, 2023, Sysco’s revenue rose 2.6% to $19.6 billion from $19.1 billion a year earlier. Sales were higher due to a strong showing from its…