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LOS ANGELES -- Smart & Final, Inc. has signed a definitive agreement to sell certain assets of its Stockton, Calif. foodservice direct delivery business to Sysco Corp., North America's largest foodservice company.
The transaction, which is expected to close in September 2003, is subject to completion of Sysco's due diligence and certain other contingencies. Terms of the transaction were not disclosed.
"Coupled with the divestiture of our Florida operations, this transaction further concentrates our focus on our core store operations in the western U.S.," said Ross Roeder, Smart & Final chairman and c.e.o.
"Smart & Final has successfully operated its stores business for more than 130 years. This is where our expertise lies, and this is where we see our best growth opportunities," Roeder said. "Through the divestiture of our foodservice operations, we will have additional resources to strengthen our balance sheet and to focus on the continued development of our two store formats."
The previously announced sale of Smart & Final's Florida foodservice direct delivery business and certain Florida stores to Gordon Food Service also is anticipated to close in September.
Founded in 1871 in downtown Los Angeles, Smart & Final, Inc. operated 228 nonmembership warehouse stores for food and foodservice supplies in California, Oregon, Washington, Arizona, Nevada, Idaho, and northern Mexico at the end of the 2003 second quarter.