InsideFood Message Board
Sign up Calendar
 
 
 


Reply
  Author   Comment  
Qualityfood

Newbie
Registered:
Posts: 2
Reply with quote  #1 
Long Island must be buzzing about this deal. Very few large independents left in NY, especially Long Island.
0
Foodservicedriver20

Member
Registered:
Posts: 38
Reply with quote  #2 
They way SYSCO has be buying lately. I wouldn’t be surprised if they try to go after USF again
1
formerdsr

Member
Registered:
Posts: 72
Reply with quote  #3 
Independents of any size should be getting nervous. USF, Sysco and PFG are all on the hunt.

0
apples2apples

Junior Member
Registered:
Posts: 11
Reply with quote  #4 
Hard to stop the grinding wheels of greed 
0
outthere

Member
Registered:
Posts: 63
Reply with quote  #5 
Quote:
Originally Posted by apples2apples
Hard to stop the grinding wheels of greed 


Word is the owner was ready to sell and enjoy life
0
formerdsr

Member
Registered:
Posts: 72
Reply with quote  #6 
I think if one of the Big Boys backs up the Brinks truck, almost any distributor would sell if the price was right. I worked for an independent that was purchased by a bigger company. The third generation of the owners wasn't really interested in keeping things going.
0
commoditiesguy

Senior Member I
Registered:
Posts: 204
Reply with quote  #7 
That's the risk you run when working for an "independent".

I am not knocking them in any way, but in the end, they are just family-owned businesses; some just bigger than others.
And when the opportunity comes along to sell and do more with your life than just run a distribution company, especially things like spend time with your family, only a fool wouldn't jump at that chance.


0
Investigator

Avatar / Picture

Prophet/Sage
Registered:
Posts: 1,402
Reply with quote  #8 
Quote:
Originally Posted by formerdsr
I think if one of the Big Boys backs up the Brinks truck, almost any distributor would sell if the price was right. I worked for an independent that was purchased by a bigger company. The third generation of the owners wasn't really interested in keeping things going.


The "big boys" were a creation of Wall Street. 2013 Bloomberg article on who's financing the proposed USF buyout. It's Goldman Sachs the Wall Street firm that first conceived Sysco in 1969. Gustave Levy the late president of Goldman came up with this brainchild called Sysco.

From Bloomberg 2013

December 10, 2013, 1:38 PM EST

Sysco Corp., a distributor of food to restaurants, obtained a financing commitment of $4.75 billion from Goldman Sachs Group Inc. to back its purchase of US Foods.

Goldman is providing the debt in the form of a 364-day senior unsecured bridge loan facility, Houston-based Sysco said today in a regulatory filing. Bridge facilities are short-term loans that usually mature in one year and are often used as backstops to bond offerings or longer-dated bank borrowings.

T
1
Investigator

Avatar / Picture

Prophet/Sage
Registered:
Posts: 1,402
Reply with quote  #9 
Quote:
Originally Posted by commoditiesguy
That's the risk you run when working for an "independent".

I am not knocking them in any way, but in the end, they are just family-owned businesses; some just bigger than others.
And when the opportunity comes along to sell and do more with your life than just run a distribution company, especially things like spend time with your family, only a fool wouldn't jump at that chance.




if the year were 1985 your comments might be considered "insightful" but given we have had over 30 years of Wall Street's rapacious appetite for consolidation on all sides of the food and food distribution business, none of this is news anymore.
1
Previous Topic | Next Topic
Print
Reply

Easily create a Forum Website with Website Toolbox.