Sysco to Buy U.K.-Based Brakes Group for $3.1 Billion, Including Debt
SEAFOODNEWS.COM [The Wall Street Journal] - by Anne Steele - February 22, 2016
Sysco Corp, the largest U.S. food distributor, said it will buy London-based food distributor Brakes Group from Bain Capital Private Equity in a transaction valued at about $3.1 billion to strengthen its presence in Europe.
The deal, which is expected to immediately add to earnings, includes the repayment of about $2.3 billion of Brakes' debt, Sysco said in a statement.
The deal comes eight months after Sysco dropped its 18-month long pursuit of smaller rival US Foods after the Federal Trade Commission won a lawsuit to block the $3.5 billion deal.
Sysco had bid for Brakes in 2007, when Bain bought it for about 1.3 billion pounds ($1.83 billion), but walked away at an early stage...
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