Bain Capital has agreed to sell North America food distributor Brakes Group to Sysco Corporation for about $3.1 billion, Sysco said.
The transaction value includes the repayment of about $2.3 billion of Brakes’ financial debt and represents about 12x its 2015 EBITDA.
Bain initially acquired Brakes in June 2007 for about €1.3 billion ($1.75 billion; £877 million) from Clayton Dubilier & Rice. CD&R saw competing bids at the time from Bain, Blackstone, CVC, Cinven and Sysco, according to reports.
Through this deal, Sysco will expand its presence in the UK and Ireland, and other parts of Europe. The deal is expected to close before July, the company said.
Brakes chief executive Ken McMeikan will continue in his position, as will his management team and the 15,000 employees.
Deutsche Bank Securities acted as financial advisor to Sysco and was also the sole lead arranger and book runner for the deal. Freshfields Bruckhaus Deringer was the legal advisor and Ernst & Young undertook due diligence.
Goldman Sachs was financial advisor for Bain and Brakes Group, while their legal advisor was Baker & McKenzie.