Performance Food Group ( (PFGC) ) has issued an update.
Performance Food Group Company (PFG) has completed the acquisition of Cheney Bros., Inc., a leading independent foodservice distributor, thereby strengthening its presence in the Southeastern U.S. and expanding its distribution capabilities. The $2.095 billion cash deal is expected to yield significant financial benefits, including about $50 million in annual cost synergies by the third year post-closing. Cheney Brothers, which generates around $3.2 billion in annual revenue, brings five distribution centers and a large employee base to PFG. This strategic move is set to boost PFG’s revenue growth and EBITDA margins, with the acquisition being accretive to PFG’s adjusted earnings per share by the end of the first full fiscal year.
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