Acquisition of Classic Drinks is part of continued growth strategy.
Cork, Ireland, Jan. 25, 2019 – Pallas Foods, Ireland’s leading food service distributor and a wholly owned subsidiary of Sysco Corporation, today announced the acquisition of specialist wine, spirits and craft beer distributor Classic Drinks. Classic Drinks generated consolidated sales of €42 million in the year to 30 June 2018, and currently employs 47 people.
Commenting, Peter Jackson, CEO of Pallas Foods said: “As an ambitious and growing business, we are excited to be announcing our acquisition of Classic Drinks. The company has a strong track record in supplying quality products to customers across the foodservice and hospitality sectors. This acquisition will significantly improve Pallas’ alcoholic beverage offering throughout Ireland, and further strengthen our position in the foodservice market.
Following the acquisition by Pallas, Classic Drinks will continue to operate independently under the leadership of the current management team. However, we anticipate opportunities to leverage synergies across the Pallas structure that will benefit both businesses.”
Founded in 2004, Classic Drinks is a leading importer of wine from many of the world’s most celebrated vineyards and carries a portfolio of over 1,000 spirit brands. The company specialises in the on-trade and offers bespoke training to this sector.
Steve Dwyer of Classic Drinks said: “Since our founding in 2004, we have created a portfolio of quality and compelling wines in addition to an extensive spirits and craft beer range. Our offering combined with a customer-led culture has helped us to build our national customer base and deliver growth rates in excess of the wider market. We are proud of the business we have developed and are looking forward to continuing our growth story with Pallas Foods and Sysco, the global leader in food service distribution, from our base in Cork. Our employees have been the backbone of what we have achieved in the last 15 years and they will be central to the ongoing story of Classic Drinks within the Sysco family.”
About Pallas Foods
Pallas Foods is the leading food service provider on the island of Ireland and has been part of the Sysco Corporation, the leading global foodservice distribution company since 2009. Serving more than 11,500 customers, Pallas Foods employs over 1,300 people across Ireland and sources over 15,000 food products worldwide with 70% sourced locally across the island of Ireland.
Sysco is the global leader in selling, marketing and distributing food products to restaurants, healthcare and educational facilities, lodging establishments and other customers who prepare meals away from home. Its family of products also includes equipment and supplies for the foodservice and hospitality industries. With over 67,000 associates, the company operates approximately 330 distribution facilities worldwide and serves more than 600,000 customer locations. For fiscal 2018 that ended June 30, 2018, the company generated sales of more than $58 billion.
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