July 1, 1997 in Nation/World

Jp Foodservice To Buy Rykoff-Sexton

From Staff Reports

JP Foodservice Inc. said it will buy Rykoff-Sexton Inc. for about $1.4 billion in stock and debt, creating the second-largest food wholesaler in the U.S.

JP Foodservice, which is acquiring a company twice its size in sales, said it will have annual revenue of about $5.2 billion after the purchase, with more than 130,000 restaurants, hotels and institutional buyers as customers.

The purchase will extend JP Foodservice’s reach into the western U.S. and into manufacturing.

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