Acquisition would up Sysco's Vegas ante
Feb 22, 2006 9:59 AM, from staff and wire reports
Sysco Corp has signed a non-binding term sheet to acquire Desert Meats & Provisions Inc, an independent specialty meat distributor in the Las Vegas and southern Nevada foodservice markets. Terms of the transaction, which is subject to completion of Sysco's due diligence, were not disclosed.
Desert Meats & Provisions operates from a 25,000-square-foot, USDA-inspected processing and distribution facility in Las Vegas, distributing more than 1,200 products, including fresh and frozen specialty and variety meats, aged beef, pork, lamb, veal, poultry, and processed meat. The company's customers include more than 200 Las Vegas mega-resorts, hotel-casinos, and "white tablecloth" restaurants. For its fiscal year ended Dec 31, 2005, the company generated sales of about $55 million.
Larry J Accardi, executive vice-president of contract sales and president of specialty distribution companies at Sysco, said the newly acquired company will report within Sysco's specialty companies segment through Tim Hussman, chief executive officer and president of Newport Meat Co, a Sysco subsidiary in Irvine CA.
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