In a move expected to strengthen its presence in the Southeast region and provide additional distribution capacity, Performance Food Group has completed the acquisition of Cheney Bros., Inc., an independent broad-line food service distributor in Riviera Beach, Fla. Before the acquisition, Cheney Brothers generated approximately $3.2 billion in annual revenue. The company operates five distribution centers in Florida and North Carolina and employs approximately 3,600 people.
“We are excited to close the acquisition and welcome Cheney’s many talented associates to the PFG family of companies,” said George Holm, PFG chairman and CEO in a statement. “Cheney has built a strong business, and this transaction expands PFG’s platform and geographic reach to help our diverse customer base thrive."
According to a company statement, PFG continues to expect to generate approximately $50 million of annual run-rate cost synergies in the third full fiscal year following the transaction's closing.
