US Foods Holding Corp Acquires Renzi Foodservice in New York

US Foods Holding Corp., a publicly listed foodservice company based in Illinois, United States, acquired Renzi Foodservice, a foodservice distributor based in New York, United States, on July 7, 2023. The acquisition is expected to support US Foods’ growth into central upstate New York.

Transaction Summary

The Facts of the Acquisition

  • Target: Renzi Foodservice is a foodservice distributor based in Watertown, New York. Through its Watertown distribution center and a fleet of trucks, it services commercial clients and businesses in New York.
  • Acquirer: US Foods Holding Corp is a national foodservice distributor in the United States. It serves over 250,ooo clients through 46 distribution centers across the nation. It is a publicly listed company with 29,000 employees and USD $34.1 billion in revenue.

Our Take on the Acquisition

The acquisition of Renzi (target) will make operations more efficient for US Foods (acquirer) in New York. The target has spent its entire 45-year life servicing New York and has grown substantially as a food distributor. However, US Foods will need to do a lot of work to increase the efficiency of the Renzi distribution center to bring it in line with the efficiency of its own distribution centers 

The Transaction

Date:July 7, 2023
Purpose: To expand operations in New York
Acquirer’s Statement:Dave Flitman, CEO of US Foods Holding Corp.“We look forward to welcoming the Renzi team to US Foods as we continue to deliver on our long-range plan and enhance our position with new and existing customers throughout the region. As one of the most respected family-owned and operated broad-line foodservice distributors in Northern and Central New York, Renzi has built a strong reputation for great customer service and high-quality food from their modern distribution facility in Watertown, New York.”

Target/Seller: Renzi Foodservice

Company Information

Target:Renzi Foodservice
Industry: Food and Beverage Distribution
Type:Private, family owned
Employees:250+ (Self-published on company website)
Locations:Head Office and Distribution Center: 901 Rail Drive, Watertown, New York 13601, United States

Product Information 

Services:Distribution – Sourcing food items from producers and selling to businesses and retail customers
Logistics – Transportation of food items to retail and wholesale buyers
Warehousing – Storage and handling of food items. Packing to meet order size
Market Reach: New York, United States

Financial Information 

Revenue:USD $180 million (Source:
Revenue per Employee:Up to USD $720,000 (i.e., USD $180 million / 250 employees = USD $720,000 – estimated based on the self-published number of employees and revenue from 

Did You Know?

The Northeastern United States is home to 57.6 million Americans, and GDP for the region is USD $5.1 trillion. This makes the states in this region some of the most developed in the Human Development Index, a statistical measure used to compare countries’ development based on health, education, and standard of living. Cities like Boston, New York City, Philadelphia, Washington, D.C., make up 67% of the region’s population. As such, these statistics make the region highly competitive for foodservice and other industries.

Target/Seller Overview: Renzi Foodservice

Renzi Foodservice is a distributor servicing Central, Western, and Northern New York State since 1977. It is one of the largest family-owned companies in Northern and Central New York. Renzi operates a 110,000 square-foot distribution center in Watertown, New York, with dedicated dry, refrigerated, and freezer areas. It uses a fleet of 35 trucks to service commercial clients and businesses. It offers 16,000 SKUs and has over 500 vendors.

Renzi Foodservice’s distribution center in Watertown, New York.
Renzi Foodservice has a fleet of 35 trucks delivering across New York.

Buyer/Acquirer: US Foods Holding Corp.

Company Information

Buyer:US Foods Holding Corp.
Industry: Food and Beverage Distribution
Type:Publicly listed compan
Employees:29,000 (Source: Pitchbook
Locations:Head office: 9399 West Higgins Road, Suite 100, Rosemont, Illinois 60018, United States

Distribution Center #1: 10420 Olive Lane, Anchorage, Alaska 99515

Distribution Center #2: 2850 Selma Highway, Montgomery, Alabama 36108 

Distribution Center #3: 4650 West Buckeye Road, Phoenix, Arizona 85043

Distribution Center #4: 800 Fiber Optic Drive, Little Rock, Arkansas 72117

Distribution Center #5: 1283 Sherborn Street, Suite 102, Corona, California 92879
Distribution Center #6: 15155 Northam Street, La Mirada, California 90638
Distribution Center #7: 300 Lawrence Drive, Livermore, California 94551
Distribution Center #8: 4455 Winters St, McClellan, California 95652
Distribution Center #9: 1201 Park Center Drive, Vista, California 92081

Distribution Center #10: 11955 East Peakview Avenue, Centennial, Colorado 80111
Distribution Center #11: 5820 Piper Drive, Loveland, Colorado 80538

Distribution Center #12: 222 Otrobando Avenue, Norwich, Connecticut 06360

Distribution Center #13: 7598 NW 6th Avenue, Boca Raton, Florida 33487
Distribution Center #14: 5425 S. Williamson Blvd, Port Orange, Florida 32128
Distribution Center #15: 7004 E Hanna Ave., Tampa, Florida 33610

Distribution Center #16: 7950 Spence Road, Fairburn, Georgia 30213
Distribution Center #17: 6685 Crescent Dr. Norcross, Georgia 30071

Distribution Center #18: 800 Supreme Drive, Suite 200, Bensenville, Illinois 60106
Distribution Center #19: One Quality Lane, Streator, Illinois 61364 

Distribution Center #20: 12301 Cumberland Lane, Fishers, Indiana 46038

Distribution Center #21: 3550 Second Avenue, Coralville, Iowa 52241

Distribution Center #22: 4725 NW U.S. Highway 24, Topeka, Kansas 66618
Distribution Center #23: 16805 College Boulevard, Lenexa, Kansas 66219

Distribution Center #24: 7251 River Rd, Marrero, Louisiana 70072

Distribution Center #25: 28001 Napier Road, Wixom, Michigan 48393

Distribution Center #26: 9605 54th. Avenue North, Plymouth, Minnesota 55442

Distribution Center #27: 3939 Underwood Dr., Flowood, Mississippi 39232

Distribution Center #28: 502 S. Carty Street, Salem, Missouri 65560
Distribution Center #29: 8543 Page Avenue, St. Louis, Missouri 63114

Distribution Center #30: 802 Parkway Lane, Billings, Montana 59101 

Distribution Center #31: 3636 West Stolley Park Road, Grand Island, Nebraska 68803
Distribution Center #32: 6315 John J. Pershing Drive, Omaha, Nebraska 68110

Distribution Center #33: 1685 W. Cheyenne Ave., North Las Vegas, Nevada 89032
Distribution Center #34: 850 North Hills Blvd. Reno, Nevada 89506

New Jersey
Distribution Center #35: 2255 High Hill Rd., Bridgeport, New Jersey 08014
Distribution Center #36: 1051 Amboy Avenue, Perth Amboy, New Jersey 08861
Distribution Center #37: 300 Berkeley Drive, Swedesboro, New Jersey 08085

New Mexico
Distribution Center #38: 3700 Prince St. S.E., Albuquerque, New Mexico 87105

New York
Distribution Center #39: 125 Gardenville Parkway West, Buffalo, New York 14224
Distribution Center #40: 755 Pierce Road, Clifton Park, New York 12065

North Carolina
Distribution Center #41: 7801 Statesville Road, Charlotte, North Carolina 28269
Distribution Center #42: 1500 NC Highway 39, Zebulon, North Carolina 27597

North Dakota
Distribution Center #43: 3500 Saratoga Avenue, Bismarck, North Dakota 58501
Distribution Center #44: 4601 32nd Avenue South, Grand Forks, North Dakota 58201

Distribution Center #45: 5445 Spellmire Drive, Cincinnati, Ohio 45246
Distribution Center #46: 8000 Bavaria Road, Twinsburg, Ohio 44087

Distribution Center #47: 10211 N I-35 Service Rd., Oklahoma City, Oklahoma 73131

Distribution Center #48: 350 S. Pacific Hwy., Woodburn, Oregon 97071

Distribution Center #49: 1200 Hoover Avenue, Allentown, Pennsylvania 18109
Distribution Center #50: 134 Shuma Drive, Altoona, Pennsylvania 16601
Distribution Center #51: 1114 Garden Street, Greensburg, Pennsylvania 15601
Distribution Center #52: 13 Rutledge Dr. Pittston, Pennsylvania 18640

South Carolina
Distribution Center #53 800 Food Service Drive, Fort Mill, South Carolina 29715
Distribution Center #54: 120 Longs Pond Road, Lexington, South Carolina 29072

Distribution Center #55: 269 Kings Court, Alcoa, Tennessee 37701
Distribution Center #56: 5900 E. Holmes Road, Suite 101, Memphis, Tennessee 38141

Distribution Center #57: 2150 Firecracker Drive, Buda, Texas 78610
Distribution Center #58: 1992 Forest Lane, Garland, Texas 75042
Distribution Center #59: 111 Alliant Drive Houston, Texas 77032
Distribution Center #60: 915 East 50th Street, Lubbock, Texas 79404

Distribution Center #61: 832 W. Hinckley Drive, Ogden, Utah 84401

Distribution Center #62: 11994 Livingston Road, Manassas, Virginia 20109
Distribution Center #63: 40 Fort Lewis Blvd, Salem, Virginia 24153

Distribution Center #64: 1001 Shuksan Way, Everett, Washington 98203
Distribution Center #65: 2204 70th Ave. East, Suite 100, Fife, Washington 98424
Distribution Center #66: 3520 E. Francis Ave., Spokane, Washington 99217 

West Virginia
Distribution Center #67: 2575 Virginia Ave. Hurricane, West Virginia 25526

Distribution Center #68: W137 N9245 Hwy 145, Menomonee Falls, Wisconsin 53051

Product Information 

Services:Distribution – Sourcing food items from producers and selling to businesses and retail customers
Logistics – Transportation of food items to retail and wholesale buyers
Warehousing – Storage and handling of food items. Packing to meet order size
Market Reach:United States

Financial Information 

Market Cap:USD $10.29 billion (2023)
Revenue:USD $34.1 billion (2022)
Revenue per Employee:USD $1.18 million (i.e., USD $34.1 billion / 29,000 employees = USD $1.18 million – estimated based on the number of employees from Pitchbook and revenue from the company’s financial statements)
EBITDA:USD $988 million (2022)
P/E Ratio:32.93
EV/EBITDA Ratio:13.1x

Buyer/Acquirer Overview: US Foods Holding Corps.

US Foods is a U.S. foodservice distributor. Many of the entities that make up US Foods were founded in the 19th century. US Foods offers more than 350,000 national brand products as well as its exclusive own-brand items, ranging from fresh meats and produce (fresh fruits and vegetables) to prepackaged and frozen goods. The company employs more than 29,000 people in more than 70 locations nationwide and provides foods and related products to more than 250,000 customers. These include independent and multi-unit restaurants, health and hospitality entities, and government and educational institutions.

US Foods’ 205,000-square-foot distribution center in Louisiana, United States.
US Foods delivers across the United States.

Previous Acquisitions by US Foods Holding Corp.

  • Smart Foodservice (2020) – Foodservice distributor serving businesses based in California, United States.
  • F. Christiana (2017) – A distributor of food and food-related products, based in Louisiana, United States.
  • All American Foods (2017) – All American Foods is a distributor of wholesale seafood, meat, and non-foods, based in Rhode Island, United States.
  • Freshway Foods (2016) – A fresh produce processor, packager, and distributor based in Ohio, United States.
  • Food Genius (2016) – A leading foodservice data provider specializing in gathering, preparing, and serving food service menu data and analytics.
  • Dierks Waukesha (2015) – A top foodservice provider for restaurants, based in Wisconsin, United States 
  • Hawkeye Foodservice Distribution (2012) – One of the largest independently owned foodservice distributors, based in Iowa, United States.
  • New City Packing Co (2012) – A supplier of high-quality steaks and fresh-cut portion meats to restaurants across the country.

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