Sysco Buys E-Commerce Platform Supplies on the Fly
July 01 2016 - 6:21PM
Dow Jones News
By Josh Beckerman
Sysco Corp. said Friday that it bought Supplies on the Fly, an
e-commerce platform that provides restaurant products to customers
of the food-distribution company.
Financial terms weren't disclosed.
Sysco and Instawares Holding LLC agreed to develop the Supplies
on the Fly platform in 2009. Sysco, with $48.7 billion of sales in
the year ended June 27, 2015, said Supplies on the Fly has annual
revenue of $105 million.
The deal represents the latest acquisition made by Sysco, a year
after the company's $3.5 billion deal for US Foods Inc. fell apart
because of regulatory roadblocks.
In February, Sysco agreed to buy U.K.-based food distributor
Brakes Group for $800 million. It will also assume $2.3 billion of
debt in the deal, which is expected to close this month.
In September, Sysco bought Gilchrist & Soames, which
provides soap and other items for hotels and spas. In February, it
acquired North Star Seafood.
In February, Sysco said it would cut 1,200 jobs, or 2% of its
workforce, over a 15-month period. Sysco's profit for the third
quarter ended March 26 rose 23% as volume improved in the U.S. and
the company made progress in managing expenses.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
July 01, 2016 18:06 ET (22:06 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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