Keiter Advisors Announces the Sale of Waugh Foods
Posted on January 31, 2019
January 31, 2019
Keiter Advisors (KA) announces the sale of Waugh Foods, Inc., located in East Peoria, Illinois. Waugh is a broadline distributor focusing on the independent restaurant and healthcare segments. The company was acquired by Sysco.
Waugh was started in 1948 by Joe Waugh, Sr., who later became a well-known industry figure. Since then, the company has grown to be the largest family owned distributor in central Illinois and is currently managed by Rick Look, Joe Waugh, Jr. and Tim Waugh.
Rick Look, Waugh’s president, said, “Selling a business is never an easy task, especially when a decades-old, family owned company is being acquired by a large, global corporation. Bill Beattie and Matt Austin of Keiter Advisors were with us every step of the way, guiding us through the entire process. We could not have successfully completed this transaction without Bill and Matt’s dedication, commitment, and knowledge.”
The acquisition gives Sysco additional inroads into the independent restaurant segment in that part of the state. Waugh’s operations will be folded into Sysco’s Lincoln, Illinois facility after an appropriate transition period.
KA served as the financial advisor to Waugh Foods in this transaction. This is KA’s 37th transaction in the foodservice distribution industry.
About Keiter Advisors
Keiter Advisors has the only investment banking group focusing exclusively on the foodservice distribution industry. The group has:
- Assisted owners at over 120 distributors in 35 states resolve their business challenges
- Completed more than 90 valuations for broadline, produce, protein and specialty companies
- Consulted with 20 + family owned or closely held businesses on strategic issues
- Completed transactions with Sysco, US Foods, PFG, Gordon, Reinhart, Ben E. Keith, and 17 “super regional” and independent companies
- Represented 10 distributors in the acquisition of other foodservice, protein or equipment businesses
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