Performance Food Group Co. (PFG) announced Wednesday that it has agreed to acquire Cheney Bros. Inc., a prominent food service distributor in the Southeast, for $2.1 billion in cash. The acquisition, led by Skadden Arps Slate Meagher & Flom LLP for PFG and Davis Polk & Wardwell LLP for Cheney Bros., marks a significant expansion for PFG in the U.S. food distribution market.
Cheney Bros., a family-owned business backed by private equity firm Clayton Dubilier & Rice, is one of the leading food service distributors in the Southeast, with annual sales exceeding $3 billion. The deal is poised to enhance PFG’s distribution capabilities, particularly in the Southeastern U.S., where Cheney Bros. operates.
PFG to Acquire Cheney Bros for $2.1B : Strategic Expansion in the Southeast
“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,” said George Holm, PFG’s chair and CEO. He emphasized that the acquisition of Cheney Bros. will help PFG reach new heights, building on Cheney’s strong presence in the region.
