Sysco To Acquire Fresh Produce Distributor Coastal Companies For Undisclosed Sum

  • Sysco Corp SYY has agreed to acquire The Coastal Companies, a fresh produce distributor and value-added processer, from Continental Grain Company for an undisclosed sum.
  • Upon completing the transaction, Coastal Companies will operate as part of FreshPoint, Sysco's specialty produces business.
  • Sysco expects the deal to create a strong FreshPoint presence in the Mid-Atlantic region, provide significant value-added manufacturing capabilities, and further diversify its produce specialty business.
  • Coastal Companies generates annual revenue of $600 million and comprises three integrated businesses.
  • Sysco held $2.1 billion in cash and equivalents as of October 2, 2021.
  • Price Action: SYY shares traded lower by 0.49% at $69.64 in premarket on the last check Monday.
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