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."
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