Sysco Enters Into Partnership With Mayca Distribuidores of Costa Rica
HOUSTON and HEREDIA, Costa Rica, May 13, 2014 (GLOBE NEWSWIRE) -- Sysco
Corporation (NYSE:SYY), North America's leading foodservice distributor, today
announced that it has reached an agreement to purchase 50 percent of Mayca
Distribuidores S.A ("Mayca") of Costa Rica and Mayca's three other affiliates
for an undisclosed price. According to the terms of the agreement, Sysco will
own one-half of the stock in privately held Mayca.
Mayca, which has been in business since 1995, is a leading food distributor
across Costa Rica. In addition to its distribution business, Mayca has a
retail cash-and-carry affiliate with seven locations, a cold-storage company
and a truck-leasing company.
At year-end 2013, Mayca had 405 employees, all of whom – including the
management team – will remain in place at the closing of the transaction.
"This is a great day for the employees and customers of Mayca, as we become
joint partners with Sysco, which is considered the global industry leader in
foodservice distribution," said Jose Maroto, president and CEO of Mayca. "Most
important, our customers will further benefit from the breadth of Sysco's
product assortment, capabilities and years of professional expertise."
"We are excited to be partnering with the Mayca family of businesses, as they
are well respected across Costa Rica for their focus on customer service and
their success," said Kent Humphries, Sysco's senior vice
president-International Foodservice Operations. "With this being our first
strategic investment in Central America, we also will be looking to the Mayca
leadership team to help Sysco better understand the marketplace. We believe
that we can combine the strengths of Mayca and Sysco to better serve customers
in the region, to grow the business and to provide value to our shareholders."
Sysco's partnership with Mayca requires a regulatory review by Costa Rica
government authorities, after which the transaction will be closed. Upon
completion of the review and closing of the transaction, this will mark the
fifth country outside the United States where Sysco will have a foodservice
distribution company. The others are Canada, Ireland, Northern Ireland and the
Bahamas. Additionally,Syscohassubsidiariesthatserve customers in more
than 90 countries throughout the world.
Sysco is the global 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 operates 193 distribution facilities
serving approximately 425,000 customers. For Fiscal Year 2013 that ended June
29, 2013, the company generated sales of more than $44 billion. For more
information, visit www.sysco.com or connect with Sysco on Facebook at
www.facebook.com/SyscoCorporation or Twitter at www.twitter.com/Sysco.
CONTACT: For more information:
Vice President, Corporate Communications
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