Food distribution giant Sysco Corp. (NYSE:SYY) has acquired North Star Seafood, a seafood distributor to customers in Florida with $128 million in annual sales.
Terms of the deal were not disclosed. North Star of Pompano Beach, Florida, provides fresh and frozen seafood to wholesalers, retailers, cruise ship lines and exporters in Florida. Houston-based Sysco markets and distributes food to restaurants, healthcare and educational facilities, hotels and other customers, as well as selling equipment and supplies to foodservice and hospitality businesses.
Sysco has been in acquisition mode since its 2013 proposed purchase of competitor U.S. Foods for $3.5 billion was blocked by a federal judge in 2015. When proposed, the merged businesses would have had combined annual sales of $65 billion.
In May 2015, Sysco bought Tannis Trading Inc. of Ottawa, Ontario, a food distributor with $118 million in annual revenue. In September 2015, Guest Supply—a Sysco subsidiary—purchased Gilchrist & Soames of Plainfield, Indiana, from Swander Pace Capital—a middle market private equity firm. Gilchrist & Soames supplies soap, lotion, shampoo and room accessories, including ice buckets, to hotels and spas. Earlier in February, Sysco agreed to purchase London-based Brakes Group, a food distributor to European customers, from the Bain Capital private equity firm for $3.1 billion.