Complex sentence: After MDI bought Institution Food House, Inc., the Lowes chain, MDI, and IFH became divisions of a new company, Alex Lee Inc., formed in 1992 and named for Alex and Lee George, sons of the MDI founder.
Split into simpler sentences: After MDI bought Institution Food House, in 1992, MDI reorganized as a holding company, Alex Lee, Inc., with MDI, IFH and Lowes as subsidiaries. It was named for Alex and Lee George, sons of the MDI founder.