US Foods to Acquire Renzi Foodservice

Acquisition Expected to Support Company’s Growth in Attractive Midstate New York Region

ROSEMONT, Ill., May 19, 2023–(BUSINESS WIRE)–US Foods Holding Corp. (NYSE: USFD), one of America’s leading foodservice distributors, today announced that it has agreed to acquire Renzi Foodservice, a general-purpose distributor located in Watertown, New York. The acquisition, which is the first for the company since April 2020 and the first under CEO Dave Flitmans, will allow US Foods to further expand its reach in central New York State, where the company does not does not have a distribution center.

Family-owned for two generations, Renzi Foodservice has annual sales of over $180 million and serves more than 2,300 independent restaurants, healthcare facilities, schools, government organizations, convenience stores and other customers. Renzi Foodservice will continue to operate in the 110,000 square foot facility where it operates today.

“We look forward to welcoming the Renzi team to US Foods as we continue to execute on our long-term plan and strengthen our position with new and existing customers throughout the region,” Flitman said. “As one of the most respected, family-operated foodservice distributors in upstate and central New York, Renzi has built a solid reputation for excellent customer service and high-quality foods at from its modern distribution facility in Watertown, New York.”

“We are proud to join US Foods because our businesses have many similarities, the most important of which is a passion for bringing value to customers to help them succeed and a commitment to helping associates grow and thrive” , said Jude Renzi, CEO of Renzi. Food service. “We look forward to US Foods investing in our business and expanding access to new, innovative products and business solutions to help our customers continue to grow their businesses profitably. The entire Renzi family thanks all of our valued employees and customers who have supported us throughout our 46 years.”

The story continues

Pending regulatory approval, the acquisition is expected to close in the third quarter of 2023. Terms of the transaction were not disclosed.

About American Foods

With a promise to help customers succeed, US Foods is one of America’s leading food companies and leading foodservice distributors, partnering with approximately 250,000 restaurants and foodservice operators to help their businesses succeed. With 70 full-line locations and more than 85 cash and carry stores, US Foods and its 29,000 associates provide customers with a broad, innovative food offering and a full suite of e-commerce, technology and business solutions. US Foods is headquartered in Rosemont, Illinois. Visit www.usfoods.com to learn more.

Forward-looking statements

Statements contained in this press release that are not historical in nature are “forward-looking statements” within the meaning of the federal securities laws. These statements often include words such as “believe”, “expect”, “project”, “anticipate”, “intend”, “plan”, “outlook”, “estimate”, “target”. , “seek”, “want”, “”, “should”, “should”, “could”, “forecast”, “mission”, “effort”, “more”, “goal”, or similar expressions (although all forward-looking statements do not contain these words) and are based on various assumptions and our experience in the industry, as well as historical trends, current conditions and expected future developments. However, you should understand that these statements are not guarantees of performance or results and that there are a number of important risks, uncertainties and other factors that could cause our actual results to differ materially from those expressed in forward-looking statements, including, among others: economic factors affecting consumer confidence and discretionary spending and reducing consumption of food prepared outside the home; cost inflation/deflation and commodity volatility; competition; reliance on third-party suppliers and disruption of product supply or increased product costs; changes in our relationships with customers and group purchasing organizations; our ability to increase or maintain the highest margin portions of our business; the realization of the expected benefits of cost reduction initiatives; increases in fuel costs; changes in consumer eating habits; cost and pricing structures; the impact of climate change or related legal, regulatory or market measures; impairment charges for goodwill, indefinite-lived intangible assets or other long-lived assets; the impact of government regulations; product recalls and product liability claims; our reputation in the industry; labor relations and rising labor costs and continued access to a skilled and diverse workforce; indebtedness and restrictions under agreements governing our indebtedness; interest rate increases; the replacement of the London Interbank Offered Rate by another reference rate; disruption of existing technologies and implementation of new technologies; cybersecurity incidents and other technological disruptions; risks associated with intellectual property, including potential infringement; the effective integration of acquired businesses, including the Renzi Foodservice business; misalignment of shareholder interests; potential costs associated with shareholder activism; changes in tax laws and regulations and settlement of tax disputes; certain provisions of our governing documents; risks to the health and safety of our associates and associated losses; adverse judgments or settlements resulting from litigation; extreme weather conditions, natural disasters and other catastrophic events; and the management of pension benefits and pension obligations. For a detailed discussion of these risks, uncertainties and other factors that could cause our results to differ materially from those anticipated or expressed in the forward-looking statements, see the section titled “Risk Factors” in our Annual Report on Form 10-K. for the fiscal year ended December 31, 2022 filed with the Securities and Exchange Commission (“SEC”) on February 17, 2023. Additional risks and uncertainties are discussed from time to time in the current, quarterly and annual reports filed by the Company with the SEC, which are available on the SEC’s website at www.sec.gov and on the Company’s Investor Relations page at www.ir.usfoods.com. Additionally, we operate in a highly competitive and rapidly changing environment; new risks and uncertainties may arise from time to time, and it is not possible to foresee all risks or identify all uncertainties. The forward-looking statements contained in this press release speak only as of the date of this press release and are based on information and estimates currently available to us. We undertake no obligation to update or revise any forward-looking statements, except as required by law.

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