PUNTA GORDA, Fla. — Florida-based food distribution company Cheney Brothers, Inc, is set to be acquired by Performance Food Group (PFG) in a $1.2 billion cash deal.
Cheney Brothers is headquartered in Riviera Beach and has 11 locations, including a more than 427,000 sq. ft. distribution facility in Punta Gorda that employs over 550 people according to Charlotte County Economic Development. According to a press release from PFG, Cheney Brothers generates “approximately $3.2 billion in annual revenue.”
PFG said the company will be acquiring Cheney Brothers in a $2.1 billion cash deal that will “create a stronger presence in the Southeast region and provide additional distribution capacity.”
“On behalf of the 3,600 Cheney Brothers associates, allow me to express our excitement at the prospect of being part of PFG’s organization”, said Byron Russell, Cheney Brothers’ CEO. “I have watched PFG grow into one of the country’s largest foodservice distributors by fostering new business relationships and maintaining a strong company culture. I believe this transaction will bring together two winning organizations and create a significant platform for growth. Together, the companies will build upon each other’s strengths and achieve outstanding success in the years ahead.”
PFG said its board of directors has already approved the acquisition, and it is in the process of getting federal antitrust clearance.
The sale is expected to close in 2025.
