Sysco subsidiary to acquire Royalty Foods
May 23, 2005 9:16 AM, from staff and wire reports
Sysco Corp, the Houston TX-based foodservice marketer and distributor, announced that its Sysco/Buckhead Beef distribution subsidiary has signed an asset purchase agreement to acquire Royalty Foods Inc, a specialty meat distributor based in Orlando FL. Terms of the transaction, which is expected to be completed May 29, were not disclosed.
Founded in 1983 by Robert G Meeks and Benjamin Guzzone, Royalty Foods employs 170 associates and operates from a 65,000-square-foot steak cutting and distribution facility. The company is a Certified Angus Beef distributor and supplies center of the plate, frozen, and dry foods to foodservice operations throughout the southeastern United States. In 2004, Royalty Foods generated sales of about $75 million.
Meeks will remain president and chief executive officer of Royalty Foods.
