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FOR IMMEDIATE RELEASE CONTACT: John Combest IJ Company 865-970-5419 www.ijcompany.com
Institutional Jobbers Company (IJ Company) announces agreement to sell to Reinhart Foodservice LLC.
Knoxville, Tennessee: September 18, 2008, The IJ Company has agreed to sell its foodservice distribution business to Reinhart Foodservice. The transaction is scheduled to close in October.
IJ ranks as the 10th largest broad-line foodservice distributor in the United States and Reinhart ranks as the 5th largest distributor.
“IJ and Reinhart are a wonderful match both geographically and strategically. This sale is greatly beneficial to IJ’s employees, customers, and suppliers in that it allows for a largely seamless transition and enhances IJ’s competitive position. It also enables IJ to continue intact with little change in our company and I am most of all pleased with this fact. I am also pleased that IJ will continue as part of a leading independent company offering a choice to customers as an alternative to the few national competitors. I feel strongly IJ could not be put in better hands” – Vincent Keller CEO, IJ Company
“Reinhart is thrilled to have IJ join as part of the Reinhart family as our companies together are very complimentary. We have enjoyed a long relationship with IJ in working with them through our key trade associations the Independent Marketing Alliance (IMA), Distribution Market Advantage (DMA), and Markon. As an example, because of our past relations, these similarities allow our private branded items and most of our other item offering to remain the same. Also, IJ as a division of Reinhart, will continue to be lead by IJ President Mike Devoto and his management team.” - Mark Drazkowski CEO, Reinhart
IJ Company was advised by Wachovia Securities.
About IJ Company: Founded in 1946 in Knoxville, Tennessee by Till Keller as one of the very first truly broad-line foodservice distributors. The IJ Company ranks among the top ten largest distributors in the United States. IJ provides over 12,000 food service and related items including produce, dry and frozen groceries, boxed beef and other center-of-the-plate proteins, non-foods and disposables, equipment and supplies, beverages, and janitorial products to restaurants, institutions and other governmental organizations. The distribution area for the company covers more then twenty states in addition to export markets overseas.
About Reinhart: Reinhardt Foodservice based in La Crosse, Wisconsin (a subsidiary of Reyes Holdings LLC) is the fifth largest foodservice distributor in the United States based on sales of over $3 billion.
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