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Performance Food Group Company announces agreement to acquire Cheney Bros
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Thursday, 22 August, 2024, 14 : 00 PM [IST]
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Virginia, USA
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Performance Food Group Company, announced that it has entered into a definitive agreement with Cheney Bros. Inc., a leading independent broadline foodservice distributor based in Riviera Beach, Florida and owned by the Cheney family and Clayton Dubilier & Rice, pursuant to which PFG will acquire Cheney Brothers for $2.1 billion in cash. The acquisition will create a stronger presence in the Southeast region and provide additional distribution capacity. It generates approximately $3.2 billion in annual revenue.
George Holm, chairman & CEO, Performance Food Group Company, said, “Cheney Brothers will be an outstanding addition to our Foodservice segment, and we are excited to welcome their many talented associates to the PFG family of companies. This acquisition will expand and enhance our offerings to a high-quality and diverse customer base. We have long admired the success of Cheney Brothers in the Southeastern US and believe that the combination of our organisations will push the business to new heights. We are excited for what the future holds for the newest addition to PFG.”
Byron Russell, CEO, Cheney Brothers, said, “On behalf of the 3,600 Cheney Brothers associates, allow me to express our excitement at the prospect of being part of PFG’s organisation. I have watched PFG grow into one of the country’s largest foodservice distributors by fostering new business relationships and maintaining a strong company culture. I believe this transaction will bring together two winning organizations and create a significant platform for growth. Together, the companies will build upon each other’s strengths and achieve outstanding success in the years ahead.”
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