HOUSTON, Oct. 17, 2017 (GLOBE NEWSWIRE) -- Sysco Corporation (NYSE:SYY) today announced it has signed a definitive agreement to acquire HFM FoodService, a Hawaii-based broadline distributor with approximately $290 million in annual sales.
HFM FoodService was founded as a flour mill in 1964 and has grown into one of the largest foodservice distributors in the state of Hawaii, and the only one with operations on all four major Hawaiian Islands and Guam.
“HFM has been providing quality service to Hawaii and Guam for over 50 years, and we are excited to welcome them to the Sysco family of companies,” said Tom Bené, Sysco’s president and chief operating officer. “A key pillar of Sysco’s strategy for continued growth and value creation is the continuous assessment of new market opportunities. Acquiring HFM provides Sysco with direct access to the growing Hawaiian market and is in clear alignment with our strategy for disciplined, profitable growth of the business.”
Sysco expects to retain the executive leadership team of HFM, as well as all current associates.
“By leveraging the combined skills of Sysco and HFM, we are better positioned to serve our customers,” continued Bené. “This partnership provides an opportunity to broaden our vision to be our customers’ most valued and trusted business partner.”
Sysco is the global leader in selling, marketing and distributing food products to restaurants, healthcare and educational facilities, lodging establishments and other customers who prepare meals away from home. Its family of products also includes equipment and supplies for the foodservice and hospitality industries. With over 65,000 associates, the company operates approximately 300 distribution facilities worldwide and serves more than 500,000 customer locations. For fiscal 2017 that ended July 1, 2017, the company generated sales of more than $55 billion.
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About HFM FoodService
HFM FoodService is a leading Pacific region and statewide wholesale foodservice distributor, and the only broadline foodservice distributor in the Hawaiian islands offering next day deliveries from foodgrade distribution centers on all four of the major Hawaiian Islands, as well as on Guam. HFM offers the finest quality groceries and supplies to restaurants, schools, hotels and resorts, as well as other institutions who prepare meals away from home.
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