RIDGEFIELD, Conn., Aug. 13, 2012 (GLOBE NEWSWIRE) -- The Chefs' Warehouse, Inc. (Nasdaq:CHEF), a premier distributor of specialty food products in the United States, today announced that it has acquired all of the equity securities of Michael's Finer Meats, LLC, an approximately $80 million annual revenue specialty protein distributor located in Columbus, OH. Founded by Michael Bloch in 1962, Michael's distributes an extensive portfolio of custom cut beef, seafood and other center-of-the-plate products to many of the leading restaurants, country clubs, hotels and casinos in Ohio, Indiana, Illinois and western Pennsylvania.
The Chefs' Warehouse services customers in the metropolitan areas of New York, Boston, Philadelphia, Washington DC, Los Angeles, San Francisco, Miami, Las Vegas and Portland, OR. The acquisition of Michael's marks the fourth acquisition for The Chefs' Warehouse in just over a year.
"We are excited to have Michael's join the Chefs' Warehouse family," said Chris Pappas, chairman and chief executive officer of The Chefs' Warehouse, Inc. "We eagerly look forward to building upon Michael's history of superior products and customer service as we expand our company to the Midwest region. Michael's will complement our existing product offerings and significantly enhance our capabilities in center-of-the-plate categories.""Joining The Chefs' Warehouse team is an exciting opportunity for Michael's," said John Bloch, CEO of Michael's. "With our similar customer base, the addition of The Chefs' Warehouse's breadth and depth of products will allow us to continue to grow as we seek to become the premier provider of specialty foods in the Midwest." The total purchase price for the business was approximately $54.3 million (subject to customary post-closing working capital adjustments) and was funded with borrowings under the Company's existing revolving credit facility. The Company expects Michael's to contribute approximately $0.06 to $0.08 annually to diluted earnings per share once fully integrated, however based on the timing of the acquisition and shorter term integration costs, the acquired business is not expected to contribute significantly to the Company's 2012 results.