Performance Food Group Announces Acquisition of Cheney Bros.
Acquisition Expands Core Foodservice Distribution Network
Transaction Valued at $2.1 Billion
**RICHMOND, Va.--(BUSINESS WIRE)--** Performance Food Group Company (NYSE: PFGC) announced today that it has entered into an agreement to acquire Cheney Bros., Inc., a leading privately held foodservice distributor in the United States. The acquisition is expected to close in the fourth quarter of 2024, subject to customary closing conditions and regulatory approvals.
Cheney Bros. is a family-owned and operated company with a 140-year history of providing high-quality food and beverage products to restaurants, healthcare facilities, schools, and other foodservice customers. The company has annual sales of approximately $1.3 billion and operates distribution centers in 18 states across the Northeast and Midwest.
The acquisition of Cheney Bros. will significantly expand Performance Food Group's core foodservice distribution network and strengthen its footprint in key growth markets. The combined company will have a total of 165 distribution centers across the United States, serving more than 300,000 foodservice customers.
Performance Food Group expects the acquisition to be accretive to earnings per share in the first full year after closing. The company intends to finance the transaction through a combination of cash on hand and borrowings under its revolving credit facility.
"We are excited to welcome Cheney Bros. to the Performance Food Group family," said George Holm, Chairman and Chief Executive Officer of Performance Food Group. "This acquisition is a strategic fit for our company and will allow us to strengthen our position as a leading foodservice distributor in the United States. We look forward to working with the Cheney Bros. team to continue providing exceptional service to our customers."
**About Performance Food Group**
Performance Food Group is one of the largest foodservice distribution companies in the United States. The company distributes food and beverage products to more than 300,000 restaurants, healthcare facilities, schools, and other foodservice customers.
**About Cheney Bros.**
Cheney Bros. is a privately held foodservice distributor with 18 distribution centers across the Northeast and Midwest. The company has a 140-year history of providing high-quality food and beverage products to restaurants, healthcare facilities, schools, and other foodservice customers.
**Forward-Looking Statements**
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations and assumptions and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated. Such risks and uncertainties include, but are not limited to, the following: the ability to obtain regulatory approvals and satisfy other closing conditions; the ability to successfully integrate the operations of Cheney Bros.; and the impact of the acquisition on Performance Food Group's financial condition and results of operations. Performance Food Group assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable law.
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