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Foodservice distributor Sysco Corp. (NYSE: SYY), Houston, TX, has agreed to buy 50 percent of Pacific Star Foodservice, a foodservice distributor in Mexico whose majority equity shareholder is privately-owned Arancia, S.A. de C.V. Financial terms were not disclosed.
Pacific Star has distribution centers servicing customers in Mexico City, Guadalajara, Monterrey and Tijuana. It primarily services chain accounts, including fast food and casual dining restaurants, casinos, theme parks, movie theaters and hotels throughout Mexico.
Pacific Star is Sysco's second Latin America market investment in 2014. In June, Sysco acquired a 50 percent ownership stake in Mayca Distribuidores, S.A., a foodservice distributor in Costa Rica.
As of October 2014, Pacific Star had 534 employees. All, including the management team, will remain in place at the closing of the transaction.
"This partnership fits our international expansion strategy and reinforces our leadership position in North America with our operations in the United States and Canada," said Kent Humphries, Sysco's senior vice president-International Foodservice Operations. "By combining the strengths of Pacific Star and Sysco, we can better serve customers in the region, continue to grow the business and provide value to our shareholders."