Terms of the transaction, which is subject to successful completion of due diligence and board approval, were not disclosed, Sysco's announcement stated.
Founded as a wholesale grocer in 1840 by Jacob Bunn, Bunn Capitol, considered one of the oldest family-owned broadliners in the United States, is headquartered in Springfield, IL.
Since its founding, five generations of the Bunn family have led Bunn Capitol, which until this acquisition intent has been a member of F.A.B., Inc., Alpharetta, GA. The family grew it into one of the leading food service distribution firms in the region. It was a member of the ID Top 50 until it declined to reveal updated revenues a couple of years ago. The company distributes more than 8,000 fresh, frozen and packaged goods to restaurants, healthcare businesses, clubs and other customer concepts throughout Illinois.
Richard J. Schnieders, Sysco chairman, ceo and president, said, "The acquisition of Bunn Capitol's foodservice assets will strengthen our presence in the central Illinois foodservice market. The company's reputation, customer service commitment and market knowledge mirror our own values and we are excited about the growth opportunities that this will provide."
"This deal makes sense for us and we believe it will be the best for our customers," said Bob Bunn, president of Bunn Capitol. "We've been approached many times regarding the sale of our foodservice business, however in Sysco we've found a company we know will provide the level of service that our customers have come to expect."