US Foods Acquires Smart Foodservice Warehouse Stores for $970 Million
Acquisition accelerates growth with independent restaurant customers, driving topline growth.
US Foods Holding Corp. (“US Foods”) today announced that it has entered into a definitive agreement to acquire Smart Foodservice Warehouse Stores (“Smart Foodservice”) from funds managed by affiliates of Apollo Global Management, Inc. (the “Apollo Funds”) for $970 million in cash.
Smart Foodservice operates 70 small-format cash and carry stores across California, Washington, Oregon, Idaho, Nevada, Utah and Montana that serve small and mid-sized restaurants and other food business customers with a broad assortment of products. Founded in 1955 and headquartered in the greater Portland, Oregon area, Smart Foodservice employs approximately 900 associates. Smart Foodservice had 2019 revenues of approximately $1.1 billion and approximately $85 million in Adjusted EBITDA (including standalone cost estimates).