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The acquisition is based on McLane's strategy of expanding its portfolio of companies in the food and beverage industries. It is subject to customary closing conditions, including the termination of the applicable waiting period under the Hart-Scott-Rodino Act, according to McLane, a subsidiary of Berkshire Hathaway.
MBM will continue to be run in the same manner as it has been for the past 65 years, led by the current executive management team, and operating out of its existing facilities in the same markets. The deal gives MBM access to enhanced resources, operational best practices and intellectual capital that will provide significant upside and opportunity for increased levels of success for MBM, McLane and the customers both companies serve, the company added.
"The Wordsworth family has built one of the finest and most highly respected companies in our industry, and we look forward to providing Jerry Wordsworth and his team our full support to continue MBM's leadership in the market, while positioning ourselves for further growth," said McLane CEO Grady Rosier.
"We are excited to become part of the McLane and Berkshire Hathaway family, which provides an extraordinary base to continue to serve our wonderful customers and expand our business," added MBM CEO Jerry Wordsworth.