Alert: Warren Buffett Deal Made Official

FILED MARCH 22, 2010

Dear Client:

Warren Buffett's Berkshire Hathaway issued an official statement today confirming that its subsidiary McLane Company (a grocery distributor) has indeed entered into an agreement to acquire Kahn Ventures, parent company of Empire Distributors, Inc and Empire Distributors of North Carolina, Inc.

According to the statement, things will largely remain the same at Empire. The current executive team will stay intact and Empire will continue to operate out of its existing facilities and in the same markets. The only change to Empire's business "will be new access to enhanced resources, operational best practices and intellectual capital that will provide significant upside and opportunity for increased levels of success for Empire, its suppliers and the brands it distributes."

Even more interesting, Berkshire Hathaway chief Warren Buffett opened the door for future acquisitions of distributors: "We are excited about the opportunity to have Empire become part of our portfolio of outstanding businesses. We expect that the Empire acquisition will provide us with a solid platform for potentially acquiring other similar high quality wholesale distributors."

The acquisition is subject to customary closing conditions, including the termination of the applicable waiting period under the Hart-Scott-Rodino Act.

Until tomorrow, Megan

"A little Madness in the Spring Is wholesome even for the King."
Emily Dickinson

Make yourself heard, your opinions count. Feedback and tipster form:

--------- Sell Day Calendar ----------
Today's Sell Day: 16
Sell days this month: 23
Sell days this month last year: 22
This month ends on a: Wed.
This month last year ended on a: Tues.
YTD sell days Over/Under: -1

Subscribe or check back issues at:
Send news and comments in confidence to:

2010 Wine & Spirits Daily, all rights reserved. May quote with attribution.

Follow me on Twitter

Go back to listing Go to next article Go to previous article


Top Secret News Hotline:

Got wine and spirits news for WSD?

Submit Anonymously
twitter facebook