M&A Deal Summary

PFG Acquires Cheney Brothers

On August 14, 2024, PFG acquired distribution company Cheney Brothers from CD&R for 2.1B USD

Acquisition Highlights
  • This is PFG’s 4th transaction in the Distribution sector.
  • This is PFG’s 2nd largest (disclosed) transaction.
  • This is PFG’s 8th transaction in the United States.
  • This is PFG’s 1st transaction in Florida.

M&A Deal Summary
Date 2024-08-14
Target Cheney Brothers
Sector Distribution
Buyer(s) PFG
Sellers(s) CD&R
Deal Type Add-on Acquisition
Deal Value 2.1B USD
Advisor(s) Morgan Stanley (Financial)
Davis Polk & Wardwell (Legal)

Target

Cheney Brothers

Riviera Beach, Florida, United States
Cheney Brothers is a family-owned and operated broad line distributor offering over 64,000 stocked items from gourmet to every day. Cheney EXPRESS is open to the public and carries frozen, refrigerated and dry products with carrying out service to your vehicle. Insisting upon top-quality products from nationally recognized manufacturers, Cheney Brothers’ broad inventory consists of more than 50,000 stocked items, from gourmet to every day. Cheney Brothers was formed in 1925 and is based in Riviera Beach, Florida.

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Buyer(S) 1

Buyer

PFG

Richmond, Virginia, United States
Category Company
Founded 1885
Sector Distribution
Employees36,630
Revenue 58.3B USD (2024)
DESCRIPTION

PFG is a distributor of food products and snacks. PFG delivers food and food-related products to more than 130,000 independent and national chain restaurants, quick-service eateries, pizzerias, theaters, schools, hotels, healthcare facilities and other institutions across the United States. PFG was founded in 1885 and is based in Richmond, Virginia.

DEAL STATS #
Overall 8 of 8
Sector (Distribution) 4 of 4
Type (Add-on Acquisition) 8 of 8
State (Florida) 1 of 1
Country (United States) 8 of 8
Year (2024) 1 of 1
Size (of disclosed) 2 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-07-25 OLM Food Solutions

Sioux Falls, South Dakota, United States

OLM is a provider and distributor of food service solutions to the C-store industry, servicing over 1,500 convenience stores as well as co-manufacturing customers across the U.S. and abroad. The company offering includes a diverse portfolio of branded solutions including Hot Stuff Kitchen, pcpizza, Papa Primo’s, Day’N Night Bites, and private label solutions. OLM was formed in 1983 and is based in Sioux Falls, South Dakota.

Buy -

Seller(S) 1

SELLER

CD&R

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1978
PE ASSETS 30.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Clayton, Dubilier & Rice LLC (CD&R) is a large private equity firm that targets non-core divestitures of large corporations, growth equity financings, traditional buyouts, and corporate/family partnerships. CD&R looks for opportunities in North America, Western Europe, and Asia and will consider businesses in a wide range of sectors including consumer/retail, healthcare, industrials, and services. Prospective companies generally lead their respective markets, have stable cash flows, and possess competitive advantages through differentiated products, services, or processes. CD&R was formed in 1978 and has offices in New York City and London.

DEAL STATS #
Overall 45 of 45
Sector (Distribution) 10 of 10
Type (Add-on Acquisition) 15 of 15
State (Florida) 2 of 2
Country (United States) 35 of 35
Year (2024) 2 of 2
Size (of disclosed) 7 of 15
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-08-01 R1 RCM

Murray, Utah, United States

R1 RCM is a provider of services and technology to healthcare providers. The Company helps clients strengthen their financial stability and deliver better care at a more affordable cost to the communities they serve, increasing healthcare access for all. R1 RCM was founded in 2003 and is based in Murray, Utah.

Buy $8.9B
Mergr

Product

Company

Legal