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SYSCO Corp. has announced plans to purchase the foodservice division of Bunn Capitol. Terms of the transaction, which is subject to successful completion of SYSCO's due diligence and board approval, were not disclosed.
Since its founding as a wholesale grocer in 1840, five generations of the Bunn family have led Springfield, Ill.-based Bunn Capitol to grow into one of the premier foodservice distribution firms in the region. The company distributes more than 8,000 fresh, frozen and packaged goods to restaurants, healthcare businesses, clubs and other customer concepts throughout Illinois.
"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," Richard J. Schnieders, chairman, chief executive officer and president of SYSCO, said in a written statement.
Bunn Capitol president Bob Bunn added, "This deal makes sense for us and we believe it will be the best for our customers. 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.''
SYSCO, headquartered in Houston, 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. The company generated $31.4 billion in sales for calendar year 2005.