HOUSTON -- SYSCO Corp. signed of a letter of intent to acquire the foodservice assets of Bunn Capitol Co. Terms of the transaction, which is subject to successful completion of SYSCO's due diligence and board approval, were not disclosed.
Founded as a wholesale grocer in 1840 by Jacob Bunn, Bunn Capitol is headquartered in Springfield, Ill. Since its founding, five generations of the Bunn family have led Bunn Capitol. The company distributes more than 8,000 fresh, frozen and packaged goods to restaurants, healthcare businesses, clubs and other [image-nocss] customer concepts throughout Illinois.
Richard J. Schnieders, chairman, CEO and president of SYSCO, said, The acquisition of Bunn Capitol's foodservice assets will strengthen our presence in the central Illinois foodservice market. The company's reputation, customer service commitment and market knowledge mirror our own values, and we are excited about the growth opportunities that this will provide.
This deal makes sense for us and we believe it will be the best for our customers, said Bob Bunn, president of Bunn Capitol. We've been approached many times regarding the sale of our foodservice business; however, in SYSCO we've found a company we know will provide the level of service that our customers have come to expect.
Houston-based SYSCO is a 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. For calendar year 2005, the company generated $31.4 billion in sales.
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