Sysco Corporation BB #:105962, the leading global foodservice distribution company, today announced it has acquired J. Kings Food Service Professionals BB #:136062, a New York broadline distributor with approximately $150 million in annual sales.
J. Kings Food Service Professionals, headquartered in Holtsville, New York, was founded by John King more than 45 years ago. Today, the company has grown to one of the leading independent broadline distributors in the New York area, also servicing customers in Connecticut and New Jersey. The majority of the company’s customers are independent restaurant operators, but the company also serves institutional, retail and multi-unit customers.
“J. Kings is a well-respected, New York area broadline distributor, and we are happy to welcome them into the Sysco family of businesses,” said Greg Bertrand, Sysco’s executive vice president, U.S. foodservice operations. “As Sysco continues to focus on M & A as part of our strategic growth plan, we believe J. Kings, with its strong local presence, combined with Sysco’s scale and depth, will provide our customers with even more of what they need to be successful in the competitive New York area market.”
J. Kings’ executives will continue to manage the business, including J. Kings’ founder and chief customer officer, John King.
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. With over 69,000 associates, the company operates approximately 332 distribution facilities worldwide and serves more than 650,000 customer locations. For fiscal 2019 that ended June 29, 2019, the company generated sales of more than $60 billion.
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Statements made in this press release that look forward in time or that express management’s beliefs, expectations or hopes are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements reflect the views of management at the time such statements are made and are subject to a number of risks, uncertainties, estimates, and assumptions that may cause actual results to differ materially from current expectations, including but not limited to the possibility that certain assumptions with respect to J. Kings Food Service Professionals or the transaction could prove to be inaccurate; the failure to receive, delays in the receipt of, or unacceptable or burdensome conditions imposed in connection with, all required regulatory approvals and the satisfaction of the closing conditions to the transaction; the potential failure to retain key employees as a result of the proposed transaction or during integration of the businesses and disruptions resulting from the proposed transaction, making it more difficult to maintain business relationships; the effect of the announcement of the transaction on our customers, vendors, lenders, operating results and businesses generally; and the general risks associated with our business, including the risks of interruption of supplies due to lack of long-term contracts, severe weather, crop conditions, work stoppages, intense competition, technology disruptions, dependence on large, long-term regional and national customers, inflation risks, the impact of fuel prices, adverse publicity, labor issues, political or financial instability, trade restrictions, tariffs, currency exchange rates, transport capacity and costs and other factors relating to foreign trade, any or all of which could delay our receipt of product or increase our input costs. For a discussion of additional factors impacting Sysco’s business, see our Annual Report on Form 10-K for the year ended June 30, 2018, as filed with the SEC, and our subsequent filings with the SEC, including our Quarterly Report on Form 10-Q for the third quarter of fiscal 2019. We do not undertake to update our forward-looking statements, except as required by applicable law.
For more information contact: Camilla Zuckero, Media and Investor Relations Contact, Zuckero.firstname.lastname@example.org