 In June 1989, members of PYA/Monarch management incorporated a new entity, JPF Holdings, Inc. Two weeks later, on July 3, JPF Holdings acquired all the capital stock of the Sara Lee subsidiary, JP Foodservice Distributors Inc, including the mid-Atlantic and northeastern operations of PYA/Monarch Inc.Under the terms of the leveraged buyout, Sara Lee retained ownership of PYA/Monarch, now operating in the southeast, as well as 47 percent of the shares in JP Foodservice.Headed by James L. Miller, who had been executive vice-president of PYA/Monarch's northern division, the new company immediately sold three of its branches – Los Angeles, Little Rock, and Paducah – to Kraft Foodservice.