Yes, Cheney Brothers Inc., a significant family-owned food distribution company, agreed to sell its holdings to Performance Food Group Co.
The Acquisition Details
The agreement involves a substantial transaction that impacts the food distribution landscape, particularly in the Southeast. This strategic move for both companies marks a significant development in the industry.
Key Aspects of the Sale:
- Buyer: The acquiring entity is Performance Food Group Co., a company based in Richmond, Virginia.
- Seller: The company being sold is Cheney Brothers Inc., known for its extensive operations and long-standing presence in food distribution.
- Sale Price: The total value of the agreement for the sale of Cheney Brothers' holdings was $2.1 billion.
Cheney Brothers' Operations:
Before the sale agreement, Cheney Brothers Inc. managed a robust network of facilities and operations crucial to its food distribution services. This included:
- A substantial 427,000-square-foot distribution complex located in Punta Gorda, Florida.
- Additional distribution centers and various enterprises strategically positioned across the Southeast region.
This sale represents a major shift for the family-owned company, transitioning its ownership and operations to a new corporate structure under Performance Food Group Co.
