HOUSTON, July 05, 2016 (GLOBE NEWSWIRE) -- Sysco Corporation (NYSE:SYY) today announced that it has completed the $3.1 billion acquisition of Brakes Group, a leading foodservice distributor in the United Kingdom, France and Sweden, with additional operations in Ireland, Spain, Belgium and Luxembourg.

“We are excited to welcome the Brakes Group into the Sysco family of companies,” said Bill DeLaney, Sysco’s chief executive officer. “This acquisition significantly strengthens Sysco’s position as the world’s leading foodservice distributor and offers attractive opportunities for organic growth and future expansion in European markets. Sysco and Brakes are a natural fit given our shared commitment to putting customers first and the compatibility of our strategies, business models and cultures.”

Headquartered in London, Brakes Group will operate as a wholly-owned subsidiary of Sysco under the leadership of Ken McMeikan, Brakes Group chief executive officer. “We are very excited to combine forces with the world’s top foodservice distributor,” McMeikan said. “We see great opportunity to create value over the long-term by leveraging the combined skills and experience of Sysco and Brakes associates to better serve our customers. Together, we will be better positioned to serve our customers on both sides of the Atlantic.”

Financial Details
In calendar year 2015, Brakes Group’s annual revenue was nearly $5 billion (£3.3 billion), a 6.5 percent increase from the previous fiscal year.

After closing, the combined companies are expected to generate annualized sales of approximately $55 billion. The purchase price of approximately $3.1 billion (£2.3 billion), which includes the refinancing of Brakes Group’s debt, was financed with new debt that Sysco issued in both U.S. dollars and Euro.

Brakes Group Background
Brakes Group was originally established in 1958 by William, Frank and Peter Brake as a poultry supplier to caterers in Great Britain. It is a leading foodservice provider in Europe by revenues, supplying an extensive range of fresh, refrigerated and frozen food products, as well as non-food products and supplies, to more than 50,000 foodservice customers. The group of companies has leading market positions in the U.K., France and Sweden, in addition to a presence in Ireland, Belgium, Spain and Luxembourg. Brakes Group supplies more than 50,000 products, including an extensive portfolio of more than 4,000 own-brand products. The innovative own-brand portfolio is valued by customers, having been developed over more than 55 years to assist professional caterers in producing high-quality meals. All products are delivered through Brakes Group’s industry-leading distribution networks.

Brakes Group companies include: Brakes, Brakes Catering Equipment, Brake France, Country Choice, Davigel, Fresh Direct, Freshfayre, M&J Seafood, Menigo Foodservice, Pauley’s, Wild Harvest and Woodward Foodservice.

About Sysco

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. The company operates 194 distribution facilities serving approximately 425,000 customers. For fiscal year 2015 that ended June 27, 2015, the company generated sales of more than $48 billion. For more information, visit www.sysco.com or connect with Sysco on Facebook atwww.facebook.com/SyscoCorporation or Twitter at https://twitter.com/Sysco. For important news and information regarding Sysco, visit the Investor Relations section of the company’s Internet home page atwww.sysco.com/investors.html, which Sysco plans to use as a primary channel for publishing key information to its investors, some of which may contain material and previously non-public information. Investors should also follow us at www.twitter.com/SyscoStock and download the Sysco IR App, available on the iTunes App Store and the Google Play Market. In addition, investors should continue to review our news releases and filings with the Securities and Exchange Commission. It is possible that the information we disclose through any of these channels of distribution could be deemed to be material information.