Dallas-based foodservice equipment and supplies dealership is wrapping up operations.
The equity partners of PrimeSource sold the majority of the assets of the Dallas-based foodservice equipment and supplies dealership to Unified Food Purchasing Co-op and their strategic partners the Wasserstrom Company (UFPC Smallwares Connection) and Franke Re-Supply Systems (UFPC International Equipment Connection). UFPC is the exclusive supply chain management organization for Yum! Brands and five national chain restaurant concepts: A&W, KFC, Long John Silver's, Pizza Hut and Taco Bell. The terms of the deal were not disclosed.
"The equity partners had held PrimeSource for quite some time and this exit strategy came about at the right time for them," said Darren Anderson, PrimeSource's outgoing president.
At this point, PrimeSource is going through the wrap-up process, which includes satisfying accounts payable and receivable and closing other aspects of the business. "We are very pleased with the support we have received from our acquisition partners and our vendor partners," Anderson said. "We at PrimeSource have enjoyed a good relationship with all of our vendors over the years and wish them the best moving forward."
In 2010, PrimeSource reported annual revenues of $73 million dollars, according to FE&S' Distribution Giants Study. According to FE&S estimates, PrimeSource's 2011 revenues remained consistent with the previous year, placing it 18th on the magazine's list of the top 100 foodservice equipment and supplies dealers.