New York-based SOFCO is a specialty distributor of janitorial/sanitary, industrial packaging and paper products, as well as non-food foodservice supplies, in the Northeast. The buyer is a wholly owned subsidiary of Bunzl plc, the international distribution and outsourcing group. SOFCO had 2004 sales of approximately $175 million.
The transaction is subject to customary closing conditions and regulatory approvals including competition authority clearance, and is expected to close in the third quarter of this year.
"The sale of the SOFCO division falls in line with our ongoing efforts to focus our energies on our core foodservice distribution business," said Lawrence Benjamin, ceo of the second largest foodservice distributorship. "We believe that SOFCO's potential as a specialty distributor can better be realized under an owner such as Bunzl. We are confident that this buyer is committed to pursue the further improvement and development of SOFCO and its associates."