Bain Capital Sells Brakes to Sysco for USD 3.1 Billion
We advised Bain Capital on the sale of the Brakes Group to Sysco Corporation, North America's leading foodservice distributor, for an enterprise value of USD 3.1 billion.
The cross-border deal was the largest private equity exit outside the US in 2016 and involved lawyers from the UK, US, France, Sweden, Spain, Belgium and Luxembourg.
It was noted for its complexity due to the number of minority shareholder interests at different levels within Brakes - we were named Private Equity Team of the Year at the British Legal Awards for our work.
The team, led by London-based partner David Allen and senior associate Susie Davies, was able to harness its knowledge of longstanding client Bain Capital to ensure the deal’s completion within a short timeframe. We previously advised Bain Capital and Brakes on the Fresh Direct and Davigel acquisitions.
We believe that Sysco and Brakes are an excellent fit for one another and that the deal represents an exciting milestone in Brakes Group’s next stage of development.
David Allen, London Head of Private Equity