Many mergers and acquisitions never live up to their expectations—and some are outright failures.
In 2000, AOL purchased Time Warner for $165 billion, creating a $360 billion company. Just two years later, the combined market cap had dropped to $20 billion. In 1998, Daimler Benz purchased Chrysler for $35 billion, only to sell it nine years later for $7 billion. Even in our own industry, Kraft Heinz has struggled to create sustained value, with its stock price down more than 75% since the merger of these two iconic brands ten years ago.
What went wrong in these cases? Perhaps several things, but often times, poor diligence and unrealistic expectations on the front end, and an inability to build a united culture that everyone can embrace are the root causes of failure.
At Legacy Food Group, we set out to be different. We are in the midst of celebrating our second anniversary — a milestone worth celebrating and reflecting upon. Two years ago, three independent distributors (all multi-generational family businesses) made the bold decision to join hands and form something bigger, with a vision to grow stronger together. So, we thought it appropriate at this time that we ask them to give us their thoughts on the LFG venture, two years in.
For Mike Ciuffo, President of M&V Provisions, joining Legacy was not just a business decision but a leap of trust. “If I had to do it all over again, I would do it in a heartbeat,” he shared. Having watched how private equity firms often strip away the heart of family businesses, Mike admitted there was some trepidation. But, he added, “Steve and his team promised a different mindset—and they’ve been true to their word 100%. By joining this team, I’ve put my business, my employees, and my family in safe hands for long-term success.”
Ed Thomsen, President of Thomsen Foodservice, remembers the weight of the decision for his family. “We let go of the ownership reins of our company and reaped the financial rewards of a lifetime of dedicated toil. It was a great decision,” he reflected. Today, Ed continues to run daily operations, but now with a stronger foundation: “By becoming part of Legacy Food Group, every department—technology, procurement, marketing, transportation, even accounting—has improved dramatically. It is so rewarding to be part of a dynamic, ever-improving culture.”
For Brian Keck, President of Keck’s Food Service, the past two years have proven the value of scale paired with independence. “In a business climate where scale becomes more important each day, the Legacy Food Group model combines the benefits of scale while maintaining the localized, personal service that Keck’s and each LFG division is known for.”
He added that the foundation has never been stronger: “As a founding division and Board Member, I can say with conviction that the principles that differentiate Legacy Food Group remain as strong today as they were on day one. For our team, clients, supplier partners, and UniPro affiliation, it’s largely business as usual—but with positioning for the next 20-plus years that has never been stronger.”
Each of the founding leaders brought their own history, values, and goals to the table. And each has found that the strength of Legacy Food Group lies not in erasing those identities, but in weaving them together into something greater. From Keck’s focus on scale and independence, to Thomsen’s emphasis on strengthening operations, to M&V’s deep-rooted trust in people, the perspectives are diverse yet aligned. And with the latest added divisions of Halsey Foodservice and Best Mexican Foods, Legacy gained the benefit of long-standing regional expertise and additional cultural specialties—further proof that honoring local legacies makes the collective whole that much stronger.
In just two years, Legacy Food Group has proven that thoughtful integration, long-term vision, and commitment to a unifying culture create success—not failure. Each division remains rooted in its local community, while gaining the tools, resources, and shared expertise to thrive in a competitive marketplace. And at all five companies, the people who were leading the businesses before they became members of the LFG family are still at the helm. That’s the way we like it.
Where others have faltered, Legacy Food Group continues to perform well – creating an enduring foundation that grows stronger, smarter, and more united every day.
Written by Steve Push, Executive Chairman.