Foodservice distributor Sysco Corporation announced this week it has reached an agreement to acquire Brakes Group—a European foodservice distributor with operations in the United Kingdom, Ireland, France, Sweden, Spain, Belgium and Luxembourg—for $3.1 billion. Owned by Bain Capital Private Equity, the transaction includes the repayment of approximately $2.3 billion of Brakes Group’s financial debt.
The deal is subject to customary regulatory review by European Union competition authorities. The companies expect to complete the transaction before the end of Sysco’s fiscal year in July 2016. Brakes Group companies include: Brakes, Brakes Catering Equipment, Brake France, Country Choice, Davigel, Freshfayre, M&J Seafood, Menigo Foodservice, Pauley’s, Wild Harvest and Woodward Foodservice.