Performance Food Group Company’s acquisition of Cheney Brothers is set to significantly boost the growth and expansion of the foodservice distribution giant. With Davis Polk advising Cheney Bros., Inc. on the $2.1 billion deal, both companies are looking forward to the anticipated benefits and synergies that will result from this strategic move.
Cheney Brothers: A Family-Owned Success Story
Cheney Brothers, a prominent foodservice distributor in the Southeast, has been a mainstay in the industry since its inception in 1925. Owned by the Cheney family and Clayton Dubilier & Rice, Cheney Brothers has established itself as a leader with annual sales exceeding $3 billion. What started as a small, family-owned operation in Florida has now grown into a global distribution powerhouse, boasting over 1.5 million square feet of distribution space.
The acquisition by Performance Food Group Company marks a significant milestone for Cheney Brothers, as it opens up new opportunities for growth and expansion. By joining forces with PFG, Cheney Brothers can leverage the resources and expertise of a larger organization to further enhance its market presence and customer reach.
Performance Food Group: A Leader in Food Distribution
Performance Food Group Company, headquartered in Richmond, Virginia, is a behemoth in the food and foodservice distribution industry. With over 150 locations across North America, including independent and chain restaurants, businesses, schools, healthcare facilities, and more, PFG has solidified its position as a top player in the market.
The acquisition of Cheney Brothers aligns with PFG’s strategic vision to expand its footprint and enhance its offerings to customers. By integrating Cheney Brothers’ capabilities and network into its own operations, PFG can strengthen its competitive edge and deliver even greater value to its diverse customer base.
Davis Polk: Guiding the Acquisition Process
Davis Polk, a leading law firm, is playing a pivotal role in advising Cheney Bros., Inc. on the acquisition by Performance Food Group Company. With a team of seasoned professionals, including partner Louis Goldberg, counsel Albert Zhu, and associates Tully Moyer and Rahul Srivastava, Davis Polk is ensuring a smooth and successful transaction process.
In addition to the core legal aspects of the deal, Davis Polk is also providing executive compensation advice through partner Adam Kaminsky and associates Kerri Thompson and Emily Y. Su. Tax advice is being handled by partner Kara L. Mungovan, while intellectual property guidance is being provided by partner Frank J. Azzopardi. Antitrust and competition advice is overseen by partner Ronan P. Harty, highlighting the comprehensive support that Davis Polk is offering throughout the acquisition process.
The collaboration between Cheney Brothers, Performance Food Group, and Davis Polk underscores the strategic foresight and expertise that each party brings to the table. With a shared commitment to excellence and innovation, this partnership is poised to drive significant growth and success in the foodservice distribution industry.
As the transaction progresses through the necessary regulatory approvals and closing conditions, all stakeholders are optimistic about the future prospects and opportunities that lie ahead. The combined strengths of Cheney Brothers and Performance Food Group Company are expected to create a powerhouse in the market, delivering unparalleled value and service to customers across the region and beyond.
In conclusion, the acquisition of Cheney Brothers by Performance Food Group Company represents a strategic move that will not only benefit both companies but also elevate the standards of excellence in the foodservice distribution industry. With the support and guidance of Davis Polk, this transformative deal is set to pave the way for greater growth, innovation, and success in the years to come.