Pallas Foods, a Co Limerick-based food distributor has been sold for an undisclosed fee to international food company Sysco Corporation.
Pallas was owned and run by the Geary family and had annual revenues of €155 million last year and employed 500 people. Its revenues and workforce have increased sharply in recent years.
The company supplies and distributes raw and pre-prepared foods to a range of catering outlets and has eight operating depots in the Republic and Northern Ireland. It supplies both markets.
“By joining Sysco, we have opened up access to a large number of quality assured products for our customers,” said Tim Geary, Pallas Foods director and founder.
“This alignment positions our company for long-term growth. We look forward to strengthening our position as the industry leader in Ireland.”
Sysco Corporation is a global distributor of food to restaurants, schools and colleges and hospitals and nursing homes. In the year to the end of June 2008 it had sales of over $37 billion.
According to the most recent Company’s Registration Office filing, for the year ending September 30th 2007, Pallas foods earned pretax profits of €2.08 million on a turnover of €116 million, up from €84.3 million in 2006 and more than double the turnover of €61.2 million in 2005.
In 2007 stage the company employed 386 people in a year when the size of its workforce grew by almost 90 people.
At the end of September 2007 wages and other staff costs were €14.9 million.
The directors of the company include Mr Geary and three of his four sons. All senior executives of Pallas are said to have signed long-term employment contracts with Sysco.
A spokeswoman for Pallas said the takeover would have no impact on staff.
Ken Spitler, Sysco’s vice chairman said the acquisition would allow Sysco explore international growth “with a well-regarded team that provides the high-quality service standards that Sysco customers are accustomed to.”
