Performance Food Group Company (PFG) to acquire Cheney Bros

Performance Food Group Company (PFG) made an announcement about entering a definitive agreement to acquire Cheney Bros. Inc., a major independent foodservice distributor based in Riviera Beach, Florida, for $2.1 billion in cash. The acquisition is set to strengthen PFG's presence in the Southeast and enhance its distribution capabilities. Cheney Bros., which generates around $3.2 billion in annual revenue, will join PFG’s Foodservice segment, bringing along a team of skilled professionals. This strategic move is expected to broaden PFG's offerings to a diverse and high-quality customer base. PFG, one of the nation’s largest foodservice distributors, aims to leverage this acquisition to further its growth by combining the strengths of both companies for future success.