In what can only be seen as a positive sign for the re-emerging foodservice industry, a May 20 statement addressing customers, Sysco President/CEO Kevin Hourican said in a May 20 announcement that a pending acquisition of Greco and Sons, an Italian food specialty company, is in the works and represents a move that will “enable Sysco to establish a new strategic Cuisine-Focused Selling platform.”
Already the global leader of multifarious foodservice products and services that include “selling, marketing and distributing food and non-food products to restaurants, healthcare and educational facilities, lodging establishments and other customers around the world,” Sysco will position itself through the acquisition as a leader in Italian specialties.
Going into the new deal, Sysco’s business segment is its “broadline OpCos” that distributes a full line of food products as well as non-food products to “both independent and chain restaurant customers and other ‘away-from-home’ locations such as healthcare and educational facilities.”
It is also known for specialties that include produce, meat and seafood, European imports, guest supply and “supplies on the fly,” and it has an established international network in 90 countries. Also, its wholly owned subsidiary, Sygma, is “a leading foodservice supplier that specializes in serving large, national restaurant chains.”
Acquiring Greco and Sons expands on the already expansive operation, and Hourican explained the agreement, which also includes Bellissimo Foods Company, “a national network of member distributors serving independent pizza and Italian restaurants.”
Hourican said Greco operates “10 distribution centers servicing 22 geographies nationwide, with approximately $800 million in annual revenue. Greco and Sons, founded in 1990, imports and distributes a full line of premium quality food and non-food products, and manufactures value-added specialty meat products. Upon completion of the transaction, Greco and Sons will operate as a standalone division within Sysco, similar to our existing specialty produce and protein businesses.”
He continued, “Together with its family of foodservice companies, Greco proudly offers over 15,000 products and services over 8,000 customers including independent restaurants, pizzerias, hotels, country clubs, quick serve establishments, bars, schools and grocery stores.
“The addition of Greco and Sons will enable Sysco to establish a new strategic Cuisine-Focused Selling platform. The Greco team will bring significant experience, including targeted expertise in the high growth Italian foodservice sector, along with a track record of exceptional customer service and an extensive selection of exclusive premium products. Our combined value proposition will help both of our companies achieve increased growth through a highly differentiated and tailored customer experience.” The Sysco exec said the pending acquisition “is subject to regulatory approval and other customary closing conditions,” and he closed by saying, “We appreciate the opportunity to serve your business and are confident this new partnership will further enhance our ability to deliver success for both our customers and Greco’s through our industry-leading people, products and solutions.”