Sysco's FreshPoint Acquires BIX Produce For Undisclosed Sum

Sysco Corp SYY said its specialty produce company, FreshPoint, has agreed to acquire BIX Produce, a specialty and fresh cut distributor based in Minnesota. The financial details of the transaction were not disclosed.

Founded in 1930, BIX Produce primarily services a broad range of restaurant and other foodservice customers in Minnesota, Wisconsin, the Dakotas, Illinois and Iowa.

The acquisition expands FreshPoint's geographic footprint, strengthens specialty produce offerings, including fresh cut and grab-and-go items, and also add a 200,000 sq. ft. production and warehouse facility to its operations.

FreshPoint plans to retain all BIX Produce colleagues, and the current management team will remain in place. 

"As we continue to invest in our specialty businesses, BIX Produce is an outstanding addition to our family of companies, reinforcing our Recipe for Growth strategy and helping our customers succeed through industry-leading people, products and solutions," said Executive Vice President, US Foodservice Operations Greg Bertrand.

Sysco held $854.5 million in cash and equivalents as of April 1, 2023.

Price Action: SYY shares are trading lower by 0.04% at $72.42 on the last check Monday.