US Foods Holding Corp. entered into a definitive agreement to acquire Smart Foodservice Warehouse Stores from funds managed by affiliates of Apollo Global Management, Inc. for $970 million.
Smart Foodservice operates 70 small-format cash-and-carry stores that serve small and mid-sized restaurants and other food business customers across California, Washington, Oregon, Idaho, Nevada, Utah, and Montana. Headquartered in Portland, Ore., Smart Foodservice employs approximately 900 associates.
“As we continue to expand our multi-channel strategy, we know customers, particularly independent restaurants, increasingly use cash and carry as a convenient, cost-effective purchasing option,” says US Foods chairman and CEO Pietro Satriano. “With an established footprint and a consistent record of profitable growth, Smart Foodservice will complement our CHEF’STORE cash and carry model and provide a platform to significantly accelerate our presence in this attractive, growing channel.”
“The management team at Smart Foodservice very much looks forward to working with the team at US Foods in accelerating our growth in the attractive cash-and-carry foodservice market,” adds Derek Jones, president of Smart Foodservice, commented. “US Foods is an ideal partner for Smart Foodservice, and we are excited about the synergistic and strategic benefits of the combination.”