TORONTO, CANADA - Sysco Canada has agreed to acquire Ottawa-based broadline foodservice distributor Tannis Trading, Inc..
The cost of the acquisition was not disclosed, but Tannis Trading’s most recent financial report valued the company’s revenue at approximately C$118 million ($99 million). The transaction's completion is also still subject to review by Canadian regulatory agencies.
"Tannis has a 75-year history of providing quality service to customers in Ottawa, Canada's fourth-largest metropolitan market, and the surrounding areas," said Randy White, President of Sysco Canada. "This acquisition demonstrates Sysco's commitment to better serve our customers, improve our service footprint, grow our business and achieve our goal of increasing sales in Canada."
Founded in 1940 by a family of Lebanese immigrants, Tannis has been growing rapidly in the past few years with multiple acquisitions. Tannis now encompass all aspects of the food service industry, including fine dining and family restaurants, multi-unit chains and fast food operations, hospitals and institutions, convenience stores, and seasonal recreational facilities.
Upon completion of the transaction, Tannis’ Ottawa distribution facility will remain in place, along with the existing employees and management team, according to a press release.
Sysco most recently has attempted a merger with US Foods, and as we have previously reported, the FTC is currently in pursuit of legal action that would block the merger on the grounds of antitrust law violations, stating that the two companies are too large in the foodservice industry to be united.
Stay tuned to AndNowUKnow for all the updates on the growing company.
