Dive Brief:
- US Foods has filed paperwork for its initial public offering with the SEC, though no pricing details were included.
- The IPO is potentially valued around $100 million, and the sole underwriter for the offering is KKR.
- US Foods is one of two national foodservice companies in the U.S. and the second-largest with about a 9% market share as of 2014. Net sales for 2015 hit $23.1 billion, and revenue and adjusted gross profit were up year over year.
Dive Insight:
US Foods has been determined to shrug off its failed merger attempt with national foodservice distributor Sysco last year. A federal judge issued a preliminary injunction to block the merger following a lawsuit filed by the FTC, as the deal was feared to create imbalance among competition, particularly in local markets.
Not long after Sysco abandoned the deal, US Foods relaunched with a new campaign that highlighted innovations. In December, US Foods announced plans to acquire Wisconsin distributor Dierks Waukesha, which would enable US Foods to better serve its Upper Midwest customers.