The luxury sector is often not far from headlines – last year saw a number of acquisitions of luxury groups, with family businesses leading the way. But this year, the food industry looks to be consolidating operations, starting with an American family-owned food service distribution firm making a purchase.
Gordon Food Service, controlled by the Gordon family, has acquired fellow family-owned Perkins, in an attempt to increase market share in New England.
Massachusetts-based Perkins, which traces its roots back to a paper products distribution company founded in 1915 by Louis Perkins and his cousin Sam Franklin, is today one of the largest food service distributors in the northeast of the US.
“Perkins is a great company with a strong family heritage. Their dedication to high-quality service is an ideal fit with Gordon Food Service’s culture and commitment to exceptional customer service,” said family member Jim Gordon, chief executive of Gordon’s, in a statement.
Financial terms of the acquisition were not disclosed.
The Perkins family will continue to remain involved in company operations after the acquisition is completed, added the release.
“As a family-owned business, it was important to us to find the right partner to help this company move into future,” said Gary Perkins, third-generation chief executive of Perkins.
He added that the close alignment of values, such as “integrity, service, quality and hard work”, helped move the acquisition deal forward.
Founded in 1897 by Isaac Van Westenbrugge as a business delivering eggs and butter, the Gordon family’s involvement began around 1920 when Ben Gordon married Van Westenbrugge’s daughter Ruth.
Since then, the business, which was one of CampdenFB’s top 100 family businesses in North America last year, has been under the Gordon family’s control. It had estimated revenues of around $8.5 billion (€6.5 billion) in 2010.