Sysco's FreshPoint to Acquire Overton Distributors

HOUSTON - The FreshPoint produce subsidiary of Sysco Corp. (NYSE:SYY), the largest foodservice marketer and distributor in North America, has signed a letter of intent to acquire Overton Distributors Inc., reported the distributorship.

Overton is a full-line fresh fruit and vegetable foodservice distributor with locations in Nashville, TN; Charlotte, NC; and Raleigh, NC. Terms of the acquisition, which is subject to completion of Sysco's due diligence and execution of a definitive agreement, were not disclosed. The transaction is expected to close by Mar. 15.

Headquartered in Nashville, Overton Distributors was founded in 1932. The company supplies foodservice operations throughout Tennessee, North Carolina and South Carolina. John Beasley, who has been majority owner and president of Overton Distributors since 1985, will remain as president with responsibility for the three operations.

Richard J. Schnieders, Sysco's chairman and ceo, said, "This announcement represents the first expansion effort Sysco has made to geographically extend our specialty produce offerings since our acquisition of FreshPoint in 2000. The growth opportunities for the specialty produce market, as well as the synergies that our produce operations have been able to provide to Sysco's traditional broadline operations, make this strategic expansion effort beneficial and value-adding to both Sysco and our customers."

FreshPoint Inc., headquartered in Houston, is the largest specialty produce distributor in North America and is a wholly-owned subsidiary of Sysco.

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