Reyes Holdings, parent company of Reyes Beverage Group, has sold its Reinhart Foodservice company to Food Group for $2 billion in an all-cash deal according to an article in the Wall Street Journal.
This is a notable transaction as Reyes Beverage group continues to aggressively expand its beer distribution business. Reyes has been on a spending spree lately and this deal will free up cash to continue the march.
Reyes purchased the Constellation brands from a handful of distributors in Souther California for an estimated $320 million last fall. They also purchased Central Coast Distributors in Central California earlier this year for an estimated $74 million and rumor has been swirling that Reyes is about to acquire DBI Beverage in Northern California