1. The Top U.S. & Canadian Equipment & Supplies Dealers & Distributors 2017

2. Top Dealers & Distributors—Overview & Trends
This year we continue our analysis of the leading dealers and distributors of foodservice equipment and supplies in the U.S. and Canada.
We first look at our annual ranking of FER Top Dealers, dealers that verify their volume with a CPA’s or independent accountant’s signature.
We then detail our ranking of all leading dealers, regardless of whether they verify, our FER 100 Dealers list.
We analyze and rank leading Canadian dealers.
We expand again our listings of broadline distributors to include estimates of E&S sales for companies such as Amazon, Staples and Costco.
And we continue our extensive analysis of the volume and configurations of dealer buying groups.

3. Top Dealers & Distributors—Overview & Trends
Consolidation unlike anything we’ve seen drove another year of remarkable growth in 2016 for the leading U.S. E&S dealers.
In the seventh year of FER’s Top Dealer Report, 57 dealers verified 2016 sales of $7.525 billion, an increase of 15.7% for the same dealers
In 2015, 58 dealers verified 2016 sales of $6.653 billion, up 13.5%.
The only year of faster Top Dealer growth was 2013 when 52 dealers had sales of $5.165 billion, up 16.1%, as TriMark and Strategic Equipment merged.
Major U.S. dealers, as represented by the Top Dealers, continue to grow significantly faster than the general E&S market.
There is no question this market is consolidating rapidly, but there are other factors, including internet sales, behind the remarkable growth.

4. FER Top Dealer Sales

5. FER Top Dealer Growth Rates Vs. E&S Market 2010-2016

6. Top Dealers—Overview & Trends
A very significant percentage of Top Dealer growth in 2016 came from TriMark USA and Clark Associates alone.
TriMark, boosted by its June 2016 acquisitions of R.W. Smith and Adams Burch, and strong organic growth, grew 30%, adding $348 million in sales.
Clark, with its remarkable internet presence but diversified approach to the market, added nearly $274 million in sales, a 43.3% gain.
In 2016, Clark leap-frogged Wasserstrom and Edward Don to become the second largest dealer in the country with $906 million in total volume.
TriMark and Clark’s combined growth of more than $621 million in revenue accounted for more than 60% of the growth of the Top Dealers last year.
But even with these two removed, the remaining 55 dealers grew 8.5%, almost double our estimate of 4.3% growth for the E&S market as a whole in 2016.
Second sentence…grew combined or combined grew? I assumed the latter. Also, fix spacing between sales and 14.2%

7. Top Dealers—Overview & Trends
Thanks in part to TriMark and Clark, the Top 10 grew 18.2% and the Top 19, a third of our 57 Top dealers, were up 16.9%.
But Top Dealers ranked 20 to 38 grew combined sales 10.5%, while those ranked 39 to 57 saw sales grow 4.5%, still ahead of the overall market.
Acquisitions helped boost revenues at other Top 10 dealers, including Boelter, which bought Premier and grew 18%, and Bargreen Ellison, which acquired Restaurant Source in Denver, up 14.3%.
Top 25 dealers Chef’s Toys and Sam Tell Cos. also benefited from acquisitions.
Many other dealers saw quite spectacular growth.
KaTom, also a strong internet play, posted a $28 million sales increase to $94.5 million, a 43.2% gain.
Amundson Commercial Kitchens in Oklahoma City saw a 64% sales gain.

8. Top Dealers—Overview & Trends
Other dealers with significant gains included Rapids, up 37.7%, Bezac Equipment, up 31%; and Myers Restaurant Supply, up nearly 28%.
What’s driving all this growth is lots of private equity money, generational issues, and the increasing nationalization of E&S distribution.
Chains, the internet and big bid work make the market more national.
This can be seen in the Top 10 or Top 25 but these factors are affecting dealers in all niches and markets.
Beyond M&A, many dealers are seeing strong organic growth and also benefiting from a strong spec market.
Almost half of our 57 Top Dealers had double-digit growth in 2016.

9. FER 2017 Top Dealers: 1-17 Rank Company Name Headquarters Location
2016 Revenue
2015 Revenue
% Change 1
TriMark USA
South Attleboro, Mass.
$1,513,000,000
$1,165,000,000
29.9% 2
Clark Associates
Lancaster, Pa.
$906,000,000
$632,450,000
43.3% 3
Edward Don
Woodridge, Ill.
$848,850,000
$789,789,000
7.5% 4
Wasserstrom
Colombus, Ohio
$652,000,000
$640,000,000
1.9% 5
Boelter Companies, The
Waukesha, Wis.
$361,105,000
$306,000,000
18.0% 6
Singer Equipment
Elverson, Pa.
$294,083,443
$267,518,681
9.9% 7
Bargreen Ellingson
Tacoma, Wash.
$255,000,000
$223,000,000
14.3% 8
Hockenbergs
Omaha, Neb.
$194,688,513
$185,293,305
5.1% 9
Hubert Co.
Harrison, Ohio
$177,600,000
$179,100,000
-0.8% 10
Stafford Smith
Kalamazoo, Mich.
$160,980,000
$149,340,000
7.8% 11
Mission Restaurant Supply
San Antonio, Tex.
$132,500,000
$112,400,000
17.9% 12
Central Restaurant Products
Indianapolis, Ind.
$131,000,000
$116,040,000
12.9% 13
Duray/Baring/J.F. Duncan Industries**
Downey, Calif.
$121,000,000
$110,000,000
10.0% 14
Johnson-Lancaster and Associates
Clearwater, Fla.
$116,000,000
$106,500,000
8.9% 15
Ace Mart Restaurant Supply
$114,641,896
$111,298,061
3.0% 16
C&T Design Equipment Co.
$107,747,885
$121,209,704
-11.1% 17
QualServ Solutions
Fort Smith, Ark.
$100,767,000
$87,942,000
14.6%

10. FER 2017 Top Dealers: 18-34 Rank Company City 2016 Revenue
% Change 18
Action Sales
Monterey Park, Calif.
$90,313,000
$76,978,000
17.3% 19
Hotel and Restaurant Supply
Meridian, Miss.
$85,332,191
$82,622,124
3.3% 20
Chefs Toys
Fountain Valley, Calif.
$79,114,679
$69,555,291
13.7% 21
Sam Tell Cos., The
Farmingdale, N.Y.
$76,715,218
$69,728,405
10.0% 22
Tundra Restaurant Supply
Boulder, Colo.
$69,434,000
$65,815,000
5.5% 23
Aydelott Equipment Inc.
Centerville, Ohio
$62,900,000
$54,400,000
15.6% 24
Atlanta Fixture & Sales
Atlanta, Ga.
$57,954,000
$52,808,000
9.7% 25
Mobile Fixture and Equipment
Mobile, Ala.
$56,099,424
$51,579,492
8.8% 26
Kittredge Equipment
Agawam, Mass.
$48,296,079
$47,276,690
2.2% 27
Myers Restaurant Supply
Santa Rosa, Calif.
$47,292,790
$37,026,794
27.7% 28
Beltram Foodservice Group
Tampa, Fla.
$46,654,000
$49,089,000
-5.0% 29
W. West Equipment & Furnishings
Denver, Colo.
$38,371,244
$33,313,291
15.2% 30
Curtis Restaurant Equipment
Springfield, Ore.
$34,643,000
$31,404,000
10.3% 31
State Restaurant Equipment
Las Vegas, Nev.
$33,259,449
$33,231,400
0.1% 32
Birmingham Restaurant Supply (BRESCO)
Birmingham, Ala.
$31,803,820
$28,865,341
10.2% 33
Manning Brothers Food Service Equipment
Athens, Ga.
$31,000,000
$25,000,000
24.0% 34
Rapids Contract and Design
Marion, Iowa
$29,600,000
$21,500,000
37.7%

11. FER 2017 Top Dealers: 35-51 Rank Company Headquarters City
2016 Revenue
2015 Revenue
% Change 35
Boston Showcase
Newton, Mass.
$28,700,000
$28,500,000
0.7% 36
B&J Peerless
Kansas City, Kan.
$27,613,492
$23,617,019
16.9% 37
Burkett Restaurant Equipment
Perrysburg, Ohio
$27,199,660
$25,504,114
6.6% 38
Avanti
Costa Mesa, Calif.
$25,902,625
$23,433,166
10.5% 39
Amundson Commercial Kitchens
Oklahoma City, Okla.
$25,259,000
$15,400,000
64.0% 40
United Restaurant Equipment
Raleigh, N.C.
$24,347,721
$23,936,835
1.7% 41
Culinex (Plexus Co.)
Fargo, N.D.
$23,500,000
$21,100,000
11.4% 42
B&G Restaurant Supply
Pittsfield, Mass.
$22,466,062
$19,621,120
14.5% 43
Warehouse Restaurant Supply
Waterbury, Conn.
$21,300,000
$24,600,000
-13.4% 44
Thompson & Little Inc.
Fayetteville, N.C.
$21,289,606
$19,105,790 45
L&M Foodservice
Bullhead City, Ariz.
$19,771,700
$19,587,600
0.9% 46
Bintz Restaurant Supply
Salt Lake City, Utah
$18,743,651
$16,463,317
13.9% 47
Oswalt Restaurant Supply
$18,400,000
$19,970,000
-7.9% 48
Breckenridge Kitchen Equipment and Design
Huron, Ohio
$18,130,558
$18,823,665
-3.7% 49
E. Friedman Associates
Brooklyn, N.Y.
$17,000,000
$16,000,000
6.3% 50
Curtis Restaurant Supply
Tulsa, Okla.
$16,493,000
$13,539,000
21.8% 51
Atlas Restaurant Supply
South Bend, Ind.
$16,150,000
$14,250,000
13.3%

12. FER 2016 Top Dealers: 52-57 Rank Company Headquarters City
2015 Revenue
2014 Revenue
% Change 52
Dean Supply Co.
Cleveland, Ohio
$16,100,000
$15,200,000
5.9% 53
Bezac Equipment
Youngstown, Ohio
$15,321,885
$11,699,067
31.0% 54
Alto-Hartley Inc.
Alexandria, Va.
$14,247,692
$16,457,630
-13.4% 55
FRS
Charleston, S.C.
$13,631,200
$13,294,000
2.5% 56
United Restaurant Supply
Colorado Springs, Colo.
$12,344,785
$12,404,827
-0.5% 57
Hiawatha Chef Supply
Escanaba, Mich.
$1,901,275
$1,723,262
10.3%

13. FER 100 Large Dealers Ranked
On the slides that follow, we rank all dealers regardless of verification status.
All who verified or reported are ranked, regardless of volume. Then we added other larger dealers, who either reported without verifying or were estimated.
Their combined 2016 sales volume: $9.063 billion, up from $7.885 billion in 2015, a 14.9% increase, up from 2015’s 11.1% gain for the FER Top 100.
In comparison, FE&S Distribution Giants grew 16 sales to $9.008 billion, up 14.8%.
Among fast-growing dealers who reported or were estimated are bid specialist Lace Foodservice, up 82%; chain specialist EVI, up 50%; Douglas Equipment with a 40% gain; Kirby Restaurant Supply, up 39%; and Smith & Greene, which grew 35%.
A dealer to keep an eye on: BHS Foodservice Solutions, formerly Buffalo Hotel Supply, up 25%, thanks in part to the acquisition of Innovative Restaurant Supply in In April this year, it purchased H. Weiss Co of Armonk, N.Y.

14. FER 100 Dealers Ranked, 1-15 Rank Company Headquarters City 2016 2015
TriMark USA
South Attleboro, Mass.
$1,513,000,000
$1,165,000,000 2
Clark Associates
Lancaster, Pa.
$906,000,000
$632,450,000 3
Edward Don
Woodridge, Ill.
$848,850,000
$789,789,000 4
Wasserstrom
Colombus, Ohio
$652,000,000
$640,000,000 5
Boelter Companies, The
Waukesha, Wis.
$361,105,000
$306,000,000 6
Singer Equipment
Elverson, Penn.
$294,083,443
$267,518,681 7
Bargreen Ellingson
Tacoma, Wash.
$255,000,000
$223,000,000 8
Hockenbergs
Omaha, Neb.
$194,688,513
$185,293,305 9
Hubert Co.
Harrison, Ohio
$177,600,000
$179,100,000 10
Stafford Smith
Kalamazoo, Mich.
$160,980,000
$149,340,000 11
Mission Restaurant Supply
San Antonio, Tex.
$132,500,000
$112,400,000 12
Central Restaurant Products
Indianapolis, Ind.
$131,000,000
$116,040,000 13
Duray/Baring/J.F. Duncan Industries**
Downey, Calif.
$121,000,000
$110,000,000 14
Johnson-Lancaster and Associates
Clearwater, Fla.
$116,000,000
$106,500,000 15
Ace Mart Restaurant Supply
$114,641,896
$111,298,061

15. FER 100 Dealers Ranked, 16-30 Rank Company Headquarters City 2016 2015
C&T Design Equipment Co.
Indianapolis, Ind.
$107,747,885
$121,209,704 17
QualServ Solutions
Fort Smith, Ark.
$100,767,000
$87,942,000 18
Concept Services*
Austin, Texas
$95,000,000
$90,000,000 19
KaTom Restaurant Supply
Kodak, Tenn.
$94,533,612
$66,015,931 20
Action Sales
Monterey Park, Calif.
$90,313,000
$76,978,000 21
Hotel and Restaurant Supply
Meridian, Miss.
$85,332,191
$82,622,124 22
Chefs Toys
Fountain Valley, Calif.
$79,114,679
$69,555,291 23
Smith & Greene**
Kent, Wash.
$78,500,000
$58,200,000 24
Sam Tell Cos., The
Farmingdale, N.Y.
$76,715,218
$69,728,405 25
East Bay Restaurant Supply*
Oakland, Calif.
$74,000,000
$70,000,000 26
Tundra Restaurant Supply
Boulder, Colo.
$69,434,000
$65,815,000 27
Restaurant Equippers*
Columbus, Ohio
$68,000,000
$65,000,000 28
Aydelott Equipment Inc.
Centerville, Ohio
$62,900,000
$54,400,000 29
General Hotel and Restaurant Supply*
Miami Lakes, Fla.
$61,000,000
$59,000,000 30
Atlanta Fixture & Sales
Atlanta, Ga.
$57,954,000
$52,808,000

16. FER 100 Dealers Ranked, 31-45 Rank Company Headquarters City 2016 2015
Mobile Fixture and Equipment
Mobile, Ala.
$56,099,424
$51,579,492 32
Culinary Depot**
Monsey, N.Y.
$56,000,000
$41,000,000 33
Great Lakes Hotel Supply**
Detroit
$54,800,000
$53,500,000 34
Kittredge Equipment
Agawam, Mass.
$48,296,079
$47,276,690 35
Myers Restaurant Supply
Santa Rosa, Calif.
$47,292,790
$37,026,794 36
Beltram Foodservice Group
Tampa, Fla.
$46,654,000
$49,089,000 37
Best Restaurant Equipment & Design*V
Columbus, Ohio
$45,000,000 38
Arizona Restaurant Supply*
Tucson, Ariz.
$42,000,000 39
Fortier, Inc.
Conway, Ark.
$41,630,000
$37,800,000 40
Kirby Restaurant Supply**
Longview, Texas
$40,000,000
$28,700,000 41
Classic Restaurant Supply*
Hartford, Conn.
$39,500,000
$32,650,000 42
EVI*
Glenelg, Md.
$39,000,000
$26,000,000 43
W. West Equipment & Furnishings
Denver, Colo.
$38,371,244
$33,313,291 44
Ford Hotel Supply*V
St. Louis
$36,000,000
$31,000,000 45
Kamran*
Santa Barbara, Calif.
$35,000,000

17. FER 100 Dealers Ranked, 46-60 Rank Company Headquarters City 2016 2015
Ashland Equipment**
Belcamp, Md.
$35,000,000
$26,220,000 47
National Restaurant Supply*
El Paso, Texas
$33,000,000 48
ZESCO Products*
Indianapolis
$33,500,000 49
Curtis Restaurant Equipment
Springfield, Ore.
$34,643,000
$31,404,000 50
State Restaurant Equipment
Las Vegas, Nev.
$33,259,449
$33,231,400 51
BHS Foodservice Solutions*V
Buffalo, N.Y.
$26,500,000 52
ACityDiscount Restaurant Equipment**
Norcross, Ga.
$32,700,000
$29,280,000 53
Birmingham Restaurant Supply (BRESCO)
Birmingham, Ala.
$31,803,820
$28,865,341 54
Manning Brothers Food Service Equipment
Athens, Ga.
$31,000,000
$25,000,000 55
Dykes Restaurant Supply**
Huntsville, Ala.
$30,500,000
$26,200,000 56
Rapids Contract and Design
Marion, Iowa
$29,600,000
$21,500,000 57
Boston Showcase
Newton, Mass.
$28,700,000
$28,500,000 58
Alack Refrigeration*V
Hammond, La.
$27,000,000 59
H. Weiss Co.**
Armonk, N.Y.
$28,000,000
$29,000,000 60
B&J Peerless
Kansas City, Kan.
$27,613,492
$23,617,019

18. FER 100 Dealers Ranked, 61-75 Rank Company Headquarters City 2016 2015
Burkett Restaurant Equipment
Perrysburg, Ohio
$27,199,660
$25,504,114 62
Avanti
Costa Mesa, Calif.
$25,902,625
$23,433,166 63
Amundson Commercial Kitchens
Oklahoma City, Okla.
$25,259,000
$15,400,000 64
Douglas Equipment*
Bluefield, W. Va.
$24,500,000
$17,500,000 65
United Restaurant Equipment
Raleigh, N.C.
$24,347,721
$23,936,835 66
RESCO Restaurant & Store Equipment
Salt Lake City
$24,000,000
$22,000,000 67
Culinex (Plexus Co.)
Fargo, N.D.
$23,500,000
$21,100,000 68
Calico Industries*
Annapolis Junction, Md.
$23,000,000
$25,000,000 69
Trendco Supply*V
Batavia, Ohio
$22,650,000
$23,100,000 70
B&G Restaurant Supply
Pittsfield, Mass.
$22,466,062
$19,621,120 71
Cook's Direct**
Warrenville, Ill.
$22,090,000
$17,920,000 72
International Restaurant Distributors*
Apoka, Fla.
$21,000,000 73
Warehouse Restaurant Supply
Waterbury, Conn.
$21,300,000
$24,600,000 74
Thompson & Little Inc.
Fayetteville, N.C.
$21,289,606
$19,105,790 75
Restaurant Equipment World**
Orlando, Fla.
$20,200,000
$19,800,000

19. FER 100 Dealers Ranked, 76-90 Rank Company Headquarters City 2016 2015
L&M Foodservice*
Bullhead City, Ariz.
$19,771,700
$19,587,600 77
Bintz Restaurant Supply
Salt Lake City, Utah
$18,743,651
$16,463,317 78
Oswalt Restaurant Supply
Oklahoma City, Okla.
$18,400,000
$19,970,000 79
Breckenridge Kitchen Equipment and Design
Huron, Ohio
$18,130,558
$18,823,665 80
Lonestar Restaurant Supply**
Austin, Texas
$18,000,000
$18,500,000 81
Lace Foodservice*
Miami, Fla.
$17,880,000
$9,820,000 82
Crest Foodservice Equipment**V
Virginia Beach, Va.
$17,390,868
$16,000,000 83
Bar Boy Products*
Farmingdale, N.Y.
$17,200,000
$16,300,000 84
E. Friedman Associates
Brooklyn, N.Y.
$17,000,000 85
Jean's Restaurant Supply*
Corpus Christe, Texas 86
Gold Star Products**
Oak Park, Mich.
$16,500,000 88
Curtis Restaurant Supply
Tulsa, Okla.
$16,493,000
$13,539,000 89
Atlas Restaurant Supply
South Bend, Ind.
$16,150,000
$14,250,000 90
Dean Supply Co.
Cleveland, Ohio
$16,100,000
$15,200,000

20. FER 100 Dealers Ranked, 91-100 Rank Company Headquarters City 2015
2014 91
Bezac Equipment
Youngstown, Ohio
$15,321,885
$11,699,067 92
Ballantine Equipment*
Greenville, S.C.
$15,100,000
$14,150,000 93
Serv-U*
Champaign, Ill.
$15,000,000 94
Economy Restaurant Equipment**
San Marcos, Calif.
$14,900,000
$14,750,000 95
Budget Restaurant Supply*
Houston, Texas
$14,700,000
$12,800,000 96
Harbour Food Service Equipment**
Chelsea, Mass.
$14,650,000
$13,250,000 97
Alto-Hartley Inc.
Alexandria, Va.
$14,247,692
$16,457,630 98
FRS
Charleston, S.C.
$13,631,200
$13,294,000 99
United Restaurant Supply
Colorado Springs, Colo.
$12,344,785
$12,404,827
100
Hiawatha Chef Supply
Escanaba, Mich.
$1,901,275
$1,723,262
V Dealer verified volume. * Volume estimated by Foodservice Equipment Reports. **Volume reported by dealer, but not verified.
Other dealers with more than $12.5 million in sales in 2016:
Eastern Bakers Supply: $14.7
Curran-Taylor: $14.4
DePalo & Sons: $14.0
NOLA Restaurant Supply & Design: $13.5
Hotel Supply Warehouse: $12.7

21. Canadian Dealers & Broadline Distributors
The Canadian distribution market was also roiled last year by a big merger.
Blue Point Capital Partners bought market leader Hendrix late year and put it together with number two dealer Russell, which it already owned.
The combined company had volume of more than $250 million Canadian in 2016, and, according to CEO Larry Vander Barren, 25% market share.
Early this year, Blue Point also acquired Quebec parts and service provider Guitech Services.
Growth of most other Canadian dealers was moderate though Doyen Cuisine of Quebec City posted 8.5% verified growth.
One interesting factor in Canadian E&S distribution: no prominent internet player, though Nella Group has the Zabuco internet brand.

22. Canadian Dealers & Broadline Distributors
In the broadline world Sysco bought out Instawares, in which it was an investor, in early July We put Instawares sales in Sysco volume.
Instawares has been powering Sysco’s “Supplies on the Fly” internet activities, though the Sysco branches still sell lots of supplies and light equipment.
We discovered we have been underestimating Sysco’s E&S sales.
E&S sales growth at most other U.S.-based broadliners has been moderate.
Note that Gordon Food Service is a major player in the Canadian E&S market, through its ownership of dealers Trimen and United Restaurant Supplies.
Amazon continues to dabble in E&S, through that dabbling adds up to estimated sales of about $100 million.
Staples and Costco also continue to grow in the category.

23. Leading Canadian Dealers
Company
Headquarters City
2016
2015
Hendrix Restaurant Equipment & Supplies V
Brockville, Ont.
$136,959,220
$111,842,532
Russell Food Equipment V
Vancouver
$115,913,546
$113,851,971
Nella Group*
Toronto
$73,700,000
$70,850,000
Trimen/United Restaurant Supplies/GFS*
Toronto/Brampton, Ont.
$70,900,000
$68,500,000
Tzanet Inc.*
Montreal
$45,240,000
$43,500,000
Doyen Cuisine V
Quebec City
$41,000,000
$37,800,000
Pacific Restaurant Supply*
$29,600,000
$29,000,000
Despres Laporte*
$24,480,000
$24,000,000
Geneal Restaurant Supplies*
Calgary, Alb.
S.T.O.P. Restaurant Supply*
Kitchener, Ont.
$23,460,000
$23,000,000
Hotel Equipment Supply*
Edmonton, Alb.
$21,000,000
Big Erics *
Dartmouth, N.S.
$18,360,000
$18,000,000
Williams Food Equipment V
Windsor, Ont.
$12,000,000
$12,500,000
Atelier du Chef**
$11,000,000
$10,400,000
All volumes Canadian $.
V Dealer verified volume. * Volume estimated by Foodservice Equipment Reports. **Volume reported by dealer, but not verified.

24. Broadliners & Internet/Wholesale Distributors
Company
Headquarters City
2016
2015
Sysco Corp.*
Houston
$688,000,000
$520,000,000
Jetro Holdings/Restaurant Depot*
College Point, N.Y.
$385,000,000
$355,000,000
US Foods*
Rosemont, Ill.
$375,000,000
$370,000,000
Gordon Food Service*
Grand Rapids, Mich.
$159,500,000
$155,000,000
Performance Food Group*
Richmond, Va.
$128,900,000
$127,000,000
Reinhart FoodService*
La Crosse, Wis.
$65,000,000
Food Services of America
Scottsdale, Ariz.
N/A
Other Leading E&S Distributors
Amazon*
Seattle
$100,000,000
$85,000,000
Staples*
Framingham, Mass.
$75,000,000
Costco Wholesale*
Issaquah, Wash.
$73,000,000
$70,000,000
*Durable E&S Volume estimated by Foodservice Equipment Reports

25. FE&S “Giants” Dealers: Quartile Analysis
$Millions
Quartile
2016
2015
Chg.
15 vs.14
Percent
2014
2013
2012
Top 25
$6,906
$5,917
16.7%
76.7%
$5,273
$4,788
$4,070
Second 25
$1,098
$1,009
8.9%
12.2%
$996
$923
$894
Third 25
$613
$557
10.1%
6.8%
$576
$560
$507
Fourth 25
$391
$362
7.8%
4.3%
$375
$355
$333
Total
Source: FE&S
C 2017
$9,008
$7,845
14.8%
100%
$7,219
$6,626
$5,804
Should dollar signs be consistent and show in all columns? And 923 in the 2013 column is off center

26. FE&S “Giants” Quartile Share, 2016

27. FE&S Dealer “Giants”

28. FE&S Giants Product Sales Breakdowns

29. Dealer Buying Group Sales, FE&S Giants
% Change
NEXGEN
$4,202
$3,654
15.0%
CPG
$1,826
$1,474
23.9%
IFED
$1,057
$951
11.2%
SEFA
$1,319
$1,194
10.5%
PRIDE
$156
$158
-0.9%
NAFED
$415
$370
12.2%
All Other
$115
$111
3.9%
Total
$9,008
$7,845
14.8%

30. Dealer Buying Group Share 2015, FE&S Giants

31. Dealer Buying Group Share 2016, FE&S Giants

32. Dealer Buying Group Overlap, ABC FE&S Giants

33. Dealer Buying Group Analysis
Our traditional analysis of dealer buying groups relies on data from FE&S Giants.
But this undercounts volume from many of the groups, as their members are not in Top 100, either because they are too small or are broadliners.
What follows is our estimates of total group 2016 sales.
NexGen will grow in 17 thanks to TriMark acquisitions of Adams-Burch and R.W. Smith.
CPG benefits from the strong growth of Clark.
PRIDE righted its ship in 2016 and have added Top Dealers Tundra and Bezac as members.
Excell and NISSCO, while continuing to operate independently, are now “allied.”

34. Dealer Buying Group Analysis

35. Consolidation, Other Issues
Dealer merger and acquisitions reached historic levels last year. Remarkably, it was mostly big dealers picking up other big dealers
TriMark added Adams-Burch and R.W. Smith, but they were hardly the only dealer making strategic buys.
Boelter bought Premier, Bargreen Ellingson bought Restaurant Source, Sam Tell picked up Premium, John Lancaster and Shert “partnered.”
In Canada, Blue Point Capital merged the number one and two dealers to create Russell Hendrix.
There have already been big deals so far in 2017: TriMark bought Hockenbergs, BHS bought H.Weiss Co., and B&J Peerless and Beltram merged.
The number of equipment distributors continues to decline.
Chain Store Guide lists 613 equipment dealers in its 2016 Directory of Foodservice Distributors vs. 634 in 16, 644 in 15, 666 in 14 and 687 in 13.

36. Recent Dealer/Distributor M&A Activity, Including Parts and Service
Deals in 2014 : Bargreen Ellingson bought Knapp Supply & Equipment; Hockenbergs bought Grand Restaurant Equipment & Design; Warburg Pincus bought TriMark USA from Audax; The Boelter Cos. bought Robert Gill & Co.; Lorraine Capital bought Buffalo Hotel Supply. On the parts and service side: Parts Town was acquired by Summit Partners; Heritage Food Service Group bought Canada’s Key Food Equipment Services; Diversified Food Service Supply bought Restaurant Parts & More.

37. Recent Dealer/Distributor M&A Activity, Including Parts and Service
Deals in 2015 : The Boelter Cos. bought Direct South; TriMark USA combined Century Concepts with Strategic Equipment; Horizon Bradco bought Burke Food Equipment; Curtis Restaurant Equipment (Ore.) sold to an ESOP; the Sysco Corp.-U.S. Foods merger was called off. On the parts and service side: Diversified Food Service Supply (AllPoints, FMP, Tundra, etc.) was sold by KRG Capital Partners to Mountain Capital; Heritage Food Service Group was sold by the Jordon Co. to Windjammer Capital; Diversified FSS/FMP bought Duraparts; Diversified bought D.S.I Parts; Heritage Food Service Group bought Choquette CKS; Tech 24 bought the Service Solutions Group from Franke Foodservice.

38. Recent Dealer/Distributor M&A Activity, Including Parts and Service
Deals in 2016 : Chef’s Toys bought design-dealer Michael Blackman Assoc.; BHS Foodservice Solutions bought Innovative Restaurant Supply; Sysco Corp. bought Brakes Group (U.K.) and exercised an option and bought Instawares Holdings/Supplies on the Fly; Sam Tell Cos. bought Premium Supply; TriMark USA bought Adams-Burch and R.W. Smith; Bargreen Ellingson bought the Restaurant Source; Boelter bought Premier Restaurant Equipment; Best Restaurant Equipment sold to an ESOP; Hendrix Hotel & Foodservice Equipment and Russell Foodservice Equipment in Canada merged; Johnson Lancaster and Shert Food Service Equipment “partnered”. On the parts side: Parts Town acquired Whaley Foodservice Repairs. Then Berkshire Partners (not Berkshire-Hathaway) invested in Parts Town while Summit Partners maintained stake; DFSI acquired Lundco Supply and merged it with All Points.

39. Recent Dealer/Distributor M&A Activity
Deals in 2017 so far: Richard’s Restaurant Supply acquired the Loubat Equipment name; TriMark acquired Hockenbergs; Edward Don & Co. sold a stake to private equity company Vestar Capital Partners; Franke Foodservice acquired fabricator Sertek; BHS Foodservice Solutions bought H. Weiss Co.; Blue Point acquired Guitech Services and merged it with Russell Hendrix; Great Lakes West purchased Kessenich’s Ltd.

40. Credits & Acknowledgements
All base data from FE&S Distribution Giants, April 2017 and previous years, copyright FE&S, 2017.
Quartile and buying group analyses courtesy of John Muldowney, Clarity Marketing.