The Chefs’ Warehouse Acquires Certain Assets of Martin Preferred
October 11 2021 - 8:30AM
The Chefs' Warehouse, Inc. (NASDAQ:CHEF), a premier distributor of
specialty food products in North America, today announced that it
has acquired certain assets of Martin Preferred Foods, based in
Houston, Texas.
“We are very excited to have partnered with
Chris Pappas and The Chefs’ Warehouse team on this deal,” said Jeff
Tapick, CEO of Martin Preferred Foods. “The disposition of these
assets allows Martin Preferred Foods to shift our focus to
manufacturing value-added proteins for foodservice and retail
customers across the nation.”
“It was a pleasure to work with Jeff Tapick and
his team on this deal. They have been great partners throughout
this process,” said Christopher Pappas, Chairman and CEO of
The Chefs' Warehouse, Inc. “This acquisition offers The
Chefs’ Warehouse the opportunity to continue to build upon our
success in the Texas market. We are thrilled to be in a position to
bring the Allen Brothers brand to our local customers in
Texas.”
Since inception in 1985, The Chefs’ Warehouse
has been purveying high-quality, luxury, artisan, local and
specialty products for many of the best chefs in America.
About The Chefs' Warehouse
The Chefs' Warehouse, Inc.
(http://www.chefswarehouse.com) is a premier
distributor of specialty food products in the United States and
Canada focused on serving the specific needs of chefs who own
and/or operate some of the nation's leading menu-driven independent
restaurants, fine dining establishments, country clubs, hotels,
caterers, culinary schools, bakeries, patisseries, chocolatiers,
cruise lines, casinos and specialty food stores. The Chefs'
Warehouse, Inc. carries and distributes more than 55,000 products
to more than 34,000 customer locations throughout the United States
and Canada.
Forward-Looking Statements
Statements in this press release regarding the Company’s
business that are not historical facts are “forward-looking
statements” that involve risks and uncertainties and are based on
current expectations and management estimates; actual results may
differ materially. The risks and uncertainties which could impact
these statements include, but are not limited to the following: our
sensitivity to general economic conditions, including disposable
income levels and changes in consumer discretionary spending; our
ability to expand our operations in our existing markets and to
penetrate new markets through acquisitions; we may not achieve the
benefits expected from our acquisitions, which could adversely
impact our business and operating results; we may have difficulty
managing and facilitating our future growth; conditions beyond our
control could materially affect the cost and/or availability of our
specialty food products or center-of-the-plate products and/or
interrupt our distribution network; our increased distribution of
center-of-the-plate products, like meat, poultry and seafood,
involves increased exposure to price volatility experienced by
those products; our business is a low-margin business and our
profit margins may be sensitive to inflationary and deflationary
pressures; because our foodservice distribution operations are
concentrated in certain culinary markets, we are susceptible to
economic and other developments, including adverse weather
conditions, in these areas; fuel cost volatility may have a
material adverse effect on our business, financial condition or
results of operations; our ability to raise capital in the future
may be limited; we may be unable to obtain debt or other financing,
including financing necessary to execute on our acquisition
strategy, on favorable terms or at all; interest charged on our
outstanding debt may be adversely affected by changes in the method
of determining London Interbank Offered Rate (LIBOR), or the
replacement of LIBOR with an alternative rate; our business
operations and future development could be significantly disrupted
if we lose key members of our management team; and significant
public health epidemics or pandemics,
including COVID-19, may adversely affect our business,
results of operations and financial condition. Any forward-looking
statements are made pursuant to the Private Securities Litigation
Reform Act of 1995 and, as such, speak only as of the date made. A
more detailed description of these and other risk factors is
contained in the Company’s most recent annual report on Form 10-K
filed with the SEC on February 23, 2021 and other reports
filed by the Company with the SEC since that date. The Company is
not undertaking to update any information until required by
applicable laws. Any projections of future results of operations
are based on a number of assumptions, many of which are outside the
Company’s control and should not be construed in any manner as a
guarantee that such results will in fact occur. These projections
are subject to change and could differ materially from final
reported results. The Company may from time to time update these
publicly announced projections, but it is not obligated to do
so.
Contact:Investor RelationsJim Leddy, CFO, (718)
684-8415
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