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Crossgar Foodservice to be bought by listed US firm
Posted on Wednesday, 13 June 2012 10:33
Texas-headquartered food products supplier and retailer Sysco Corporation has signed an agreement to acquire Crossgar Foodservice.
Sysco will buy the Northern Ireland-based firm through its Irish subsidiary Pallas Foods, which it purchased in 2009.
No financial details of the transaction, which is subject to approval by competition authorities in the Republic of Ireland, have been disclosed.
The deal will enable Sysco to increase its presence on the island.
Mike Green, president of Sysco said: "This investment, along with the acquisition of Pallas Foods in 2009 represents our commitment to the Ireland market and provides us additional strategic opportunities.”
Gerald Bell, chairman of Crossgar added: "The transaction provides the business with a number of benefits, namely enhanced distribution and wider product choice for our customers.”
Crossgar is headquartered in Seaforde, near the town of Downpatrick, and according to its website, is one of the leading foodservice suppliers in the island of Ireland.
Its product range totals more than 10,000 items and includes poultry, meat, chilled, frozen, grocery and non-food goods.
Sysco is based in Houston and has been listed on the New York Stock Exchange since 1970.
That same year, the company achieved annual sales of USD 115.00 million, which had grown to USD 39.32 billion by 2011.
This also marked an increase of 5.6 per cent on the USD 37.24 billion recorded in 2010.
It has around 400,000 customers and operates from around 180 locations across the US, Canada and Ireland.
Sysco employs approximately 45,000 people and according to its website, is the global leader in supplying food products to restaurants, healthcare and educational facilities, lodging establishments and other customers who prepare meals away from home.
Pallas Foods is based in County Limerick and employs more than 550 people.
It has over 7,000 customers and offers more than 8,500 products.
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