Transaction overview

On June 27, 2023, Latina Boulevard Foods, LLC acquired C&R Food Services Inc., a broadline food distributor based in Central New York. The acquisition expands Latina Boulevard's presence in this market and enhances its product offerings to meet the needs of C&R’s customer base. While financial details were not disclosed, the transaction closed on June 27th with both companies’ management teams involved in the negotiation process.

Deal structure and financing

The exact structure and financing terms for the acquisition of C&R Food Services Inc. have not been made public by Latina Boulevard Foods or The Anderson Group, LLC. Given the nature of private equity-backed acquisitions and the lack of disclosed financials, it is likely that a combination of debt and equity was used to fund the deal. The lead banks involved in arranging financing remain undisclosed.

Strategic context

The acquisition of C&R Food Services Inc. represents an important strategic move for Latina Boulevard Foods as it seeks to extend its market reach and product portfolio beyond Western New York into Central New York. This expansion aligns with Latina’s long-standing goal of providing a diverse range of food products to various customer segments, including casual dining establishments, independent pizzerias, institutional buyers, and retailers.

For C&R Food Services Inc., the sale provides an opportunity for Brian and Rachael Heywood to leverage The Anderson Group's expertise in growing businesses through strategic investments. By joining forces with Latina Boulevard Foods, C&R can benefit from expanded resources and a broader product catalog, thereby enhancing its market position and customer service offerings.

Regulatory path

As of June 27th, no information has been made public regarding regulatory reviews or filings for the acquisition of C&R Food Services Inc. Given that this transaction involves food distribution operations in New York State, it is possible that the deal would have required notifications to state regulators but may not trigger federal antitrust review unless there are significant market overlaps or competitive concerns identified by relevant authorities.