Rykoff-Sexton Agrees to Buy L.A. Company
Rykoff-Sexton said Tuesday that it has signed a letter of intent to acquire privately held Interstate Restaurant Supply, a Los Angeles-based food service and manufacturing company. Terms were not disclosed.
Interstate Restaurant Supply, founded in 1929, has annual sales of more than $100 million. Its current management, headed by President Stephen Horowitz, will continue to oversee the company, which will become part of S. E. Rykoff & Co., a division of Los Angeles-based Rykoff-Sexton. The company makes and distributes food and related products for restaurants and institutions nationwide.
The parent company, formerly known as S. E. Rykoff & Co., changed its name to Rykoff-Sexton soon after it bought John Sexton & Co. from Beatrice Foods in December, 1983. Rykoff-Sexton had sales of $852.95 million in the fiscal year ended April 27.
“Interstate Restaurant Supply Co.’s diversified customer base and sales mix of approximately 62% food items and 38% non-food products and services complements our existing operations,” Roger W. Coleman, president and chief executive of Rykoff-Sexton, said in a statement. “Likewise, their experienced and well-trained personnel and warehouse facilities will enhance our operations.”
The sale, which is subject to a definitive agreement and approval by various groups, is expected to be completed in the next 60 days, Rykoff-Sexton said.
