Two companies owned by Warren Buffett's Berkshire Hathaway Inc. will acquire the Nashville-based Horizon Wine & Spirits, the state's largest distributor of alcoholic beverages, the companies said Thursday.
McLane Co. of Temple, Texas, and its subsidiary, Atlanta-based Empire Distributors, will take over Horizon, which also has operations in Chattanooga.
The move expands McLane and Empire's alcoholic-beverage distribution business into Tennessee.
Tommy Bernard, chief executive of Horizon and son of its co-founder, Harold "Jobe" Bernard, will remain in charge of Horizon after the sale.
Horizon began operations in Nashville in 1947 as B&G Wholesalers, Inc., and in 1961 it purchased Lookout Beverage in Chattanooga.
Earlier this year, McLane, a $30 billion food service supply company, acquired Empire and made its first move into distributing alcoholic beverages. It will now have those operations in Georgia, North Carolina and Tennessee.
"McLane and Empire are very excited about our agreement to acquire Horizon and enter the Tennessee market," said David Kahn, Empire's president, in a statement. "Tommy Bernard has built one of the finest and most highly respected companies in our industry."
Bernard did not return calls Thursday seeking further comment about the sale, which McLane said "is subject to customary closing conditions." No date was immediately given for the deal to become final.Share Investor Blog - Stockmarket & Business commentary
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