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Foodservice distributor Sysco Corp. (NYSE:SYY), Houston, TX, has agreed to acquire European foodservice distributor Brakes Group for $3.1 billion.
London-based Brakes Group, with 2015 sales of $5 billion, is owned by Bain Capital Private Equity and has operations in the United Kingdom, Ireland, France, Sweden, Spain, Belgium and Luxembourg.
The acquisition expands Sysco’s footprint in the UK and Ireland and further into Europe and positions the company for potential future expansion in these markets.
“We look forward to welcoming Brakes Group, its 15,000 employees, and Ken McMeikan and his highly respected leadership team to the Sysco family of companies,” said Bill DeLaney, Sysco's CEO.