Sysco buying Hawaii-based foodservice distributor
Major North American food distributor Sysco Corporation has confirmed it plans to buy HFM FoodService, one of the largest broadline distributors in the state of Hawaii. Sysco signed a definitive agreement to acquire the Pacific region wholesaler on 17 October.
Founded as a flour mill in 1964, HFM FoodService has grown to generate more than USD 290 million (EUR 246 million) in sales annually, and is now the only Hawaiian broadline food-distributing operation with a presence on all four major Hawaiian Islands and Guam. The company’s legacy and consistent growth attracted Sysco to acquire the company, according to Tom Bené, Sysco’s president and chief operating officer.
“HFM has been providing quality service to Hawaii and Guam for over 50 years, and we are excited to welcome them to the Sysco family of companies,” Bené said. “A key pillar of Sysco’s strategy for continued growth and value creation is the continuous assessment of new market opportunities. Acquiring HFM provides Sysco with direct access to the growing Hawaiian market and is in clear alignment with our strategy for disciplined, profitable growth of the business.”
HFM’s executive leadership team as well as all of the company’s current associates are expected to retain their jobs, Bené said.
“By leveraging the combined skills of Sysco and HFM, we are better positioned to serve our customers,” he said. “This partnership provides an opportunity to broaden our vision to be our customers’ most valued and trusted business partner.”