Houston-based Sysco Corp. will acquire HFM FoodService, a Hawaii-based foodservice distributor.
The value of the deal was not disclosed, but HFM reports about $290 million in annual sales, according to a press release. Sysco plans to retain HFM’s executive leadership team and all current associates.
Founded as a flour mill in 1964, HFM is the only foodservice distributor with operations on all four major Hawaiian Islands and Guam, per the release.
“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,” Tom Bené, Sysco’s president and COO, said in the release. “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 — the Houston area’s second-largest public company — has made several acquisitions over the past few years. Most recently, the company completed its $3.1 billion acquisition of London-based Brakes Group, a European foodservice distributor, in July 2016. At the same time, Sysco announced a much smaller acquisition of Kennesaw, Georgia-based Supplies on the Fly for an undisclosed amount. That company’s annual revenue was around $105 million.