August 29, 2024
Translink Corporate Finance in the United States advised IWC Food Service (IWC), a broadline distributor based in Cookeville, Tennessee, on the sale to food service distributor, US Foods Holding Corp. (US Foods).
The transaction, part of US Foods’ tuck-in acquisition strategy, will enable the company to expand its reach into central Tennessee, where the company does not currently have a distribution center.
With more than $200 million in annual revenue, family-owned IWC serves 2,700-plus independent restaurants, which account for more than half of its business, as well as other customers. IWC will continue to operate in the 160,000-square-foot facility where it currently conducts business and will also continue service at the local Cookeville Cash-and-Carry store.
Dave Flitman, CEO of Rosemont, Illinois-based US Foods. “We are excited to welcome the dedicated IWC Food Service associates to US Foods as we continue to strategically grow the US Foods footprint and help new and existing customers throughout the region. With a heritage of putting innovation, quality and integrity at the forefront of their commitment to their customers, IWC Food Service has maintained a superior reputation throughout the central Tennessee region, and we look forward to investing in the continued growth of the business after close.”
Bob Mackie, IWC President, added, “This is an exciting day for IWC Food Service, and we look forward to combining the strengths of our two companies to continue bringing our valued customers the service, solutions and tools they need to help them thrive and succeed. We are honoured to be joining US Foods and welcome their continued investment in IWC Food Service and the dedicated and inspired associates who successfully support our business each day. Our father, Jimmy W. Mackie, founder and CEO emeritus, started this company more than 60 years ago with the understanding that operating as a company comprised of people you can depend on would drive our continued success, and he is as proud as we are to reach this milestone.”
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Translink Corporate Finance is a world leader in cross-border mid-market M&A advisory services, specialising in transactions ranging from €10M to €250M. Established in 1972, with over five decades of experience, we get the deal done. We are a trusted global group with over 400 experts worldwide, and a proven track record with long-standing clients and deep sector specific knowledge. At Translink Corporate Finance, we are easy to approach, and our core ethos revolves around the pursuit of sustainable value creation for our clients – whose best interests always come first.
Dinan is the partner firm of Translink Corporate Finance in the United States. It is a leading diversified financial services company with over 35 years of advisory and merchant banking experience dedicated to middle-market transactions.
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