Performance Food Group Company (NYSE: PFGC), Richmond-based food and foodservice distributor, has agreed to acquire Cheney Bros Inc. for $2.1 billion.
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Cheney Bros. has $3.2 billion in annual revenue.
The acquisition brings five broadline distribution facilities across four southeastern states to the Performance Food Group’s portfolio of more than 150 locations.
Other benefits of the acquisition for Performance Food Group include:
- Complementary operating models
- Opportunity to expand Performance Food Group’s private brand
“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 Chairman & CEO.
