Foodservice is a force to be reckoned with. Once we hear of acquisitions within the sector, all of our attention is drawn to it like a moth to the flame. We must be careful not to get too close to the heat that is US Foods, for it recently announced that it acquired Smart Foodservice Warehouse Stores for $970 million.
“As we continue to expand our multi-channel strategy, we know customers, particularly independent restaurants, increasingly use cash and carry as a convenient, cost-effective purchasing option,” said US Foods Chairman and Chief Executive Officer Pietro Satriano. “With an established footprint and a consistent record of profitable growth, Smart Foodservice will complement our CHEF’STORE cash and carry model and provide a platform to significantly accelerate our presence in this attractive, growing channel.”
Smart Foodservice operates 70 small-format cash and carry stores across California, Washington, Oregon, Idaho, Nevada, Utah, and Montana that serve small and mid-sized restaurants and other food business customers with a broad assortment of products. Founded in 1955 and headquartered in the greater Portland, Oregon area, Smart Foodservice employs approximately 900 associates.
“The management team at Smart Foodservice very much looks forward to working with the team at US Foods in accelerating our growth in the attractive cash and carry foodservice market,” Derek Jones, President of Smart Foodservice, commented. “US Foods is an ideal partner for Smart Foodservice and we are excited about the synergistic and strategic benefits of the combination.”
Andrew Jhawar, Senior Partner of Apollo and Head of the Consumer & Retail industry group, added, “We are pleased that Smart Foodservice will be able to thrive with a strong complementary partner in US Foods. We would like to thank Derek Jones and all of the employees at Smart Foodservice for their dedication in building a highly differentiated business in the cash and carry industry, and we know the company will be in great hands with its new owners.”
To read the press release in full, click here. As always, keep a tab open for Deli Market News as we cover the latest in acquisitions.