The acquisition will add five distribution facilities to PFG’s portfolio, significantly increasing its capacity in Southeastern states. Cheney Bros. serves a diverse customer base, including restaurants, hotels, country clubs, and institutional groups, making it a valuable asset for PFG’s expansion strategy.
Transaction Details and Expected Closing
The deal has received approval from PFG’s board and is now awaiting federal antitrust clearance and other closing conditions. The transaction is expected to be finalized in 2025. J.P. Morgan is acting as the financial adviser to PFG, while Morgan Stanley & Co. is advising Cheney Bros.
Byron Russell, CEO of Cheney Bros., expressed optimism about the merger, stating, “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.”
PFG to Acquire Cheney Bros for $2.1B : Legal Teams and Advisers
The legal teams behind this major acquisition include prominent names from top law firms. PFG is being advised by a team from Skadden Arps, including M&A partner Micah Kegley, antitrust and competition partner David Wales, and several other specialists in executive compensation, tax, intellectual property, capital markets, and banking.
