HOUSTON, TX – Sysco has reached an agreement with Pacific Star Foodservice of Mexico through which it will acquire a 50% stake in the company.
"Sysco is excited to partner with Pacific Star because of its reputation for customer service and the success in growing its business in Mexico," shared Kent Humphries, Sysco's Senior Vice President of International Foodservice Operations. "This partnership fits our international expansion strategy and reinforces our leadership position in North America with our operations in the United States and Canada. By combining the strengths of Pacific Star and Sysco, we can better serve customers in the region, continue to grow the business and provide value to our shareholders."
"We are pleased to reach this agreement to become joint partners with Sysco, North America's leader in foodservice distribution," agreed Armando Beltrán, CEO of Pacific Star. "Pacific Star's customers and employees will benefit from the operational expertise, product assortment and immense world-class capabilities that Sysco can offer."
This new partnership represents Sysco's second Latin American investment this year. The company also acquired a 50% ownership stake in Mayca Distribuidores, S.A., a leading foodservice distributor in Costa Rica, according to a press release.
Pacific Star has distribution centers servicing clients in key Mexican cities, including Mexico City, Guadalajara, Monterrey and Tijuana. Its client base consists largely of chain accounts, such as fast food and casual dining restaurants, casinos, theme parks, movie theaters and hotels.
While financial terms pertaining to this deal have not yet been disclosed, Sysco and Pacific Foods have revealed that the two companies will be maintaining the current Pacific Foods management team and employees in the wake of the agreement.
Before this new partnership is able to officially close, the agreement will require approval from Mexico's regulatory officials. Once this is attained, Mexico will join the Bahamas, Canada, Costa Rica, Ireland, Northern Ireland and America in Sysco's worldwide base of operations.
Congratulations on this latest acquisition, Sysco!
