The Chefs’ Warehouse acquires Michael's Finer Meats

Aug. 20, 2012
The Chefs’ Warehouse Inc, a distributor of specialty food products in the United States, has acquired all of the equity securities of Michael’s Finer Meats LLC.

The Chefs’ Warehouse Inc (Nasdaq:CHEF), a distributor of specialty food products in the United States, has acquired all of the equity securities of Michael’s Finer Meats LLC, a specialty protein distributor based in Columbus OH.

Founded by Michael Bloch in 1962, Michael’s distributes a portfolio of custom-cut beef, seafood, and other center-of-the-plate products to restaurants, country clubs, hotels, and casinos in Ohio, Indiana, Illinois, and western Pennsylvania.

The Chefs’ Warehouse services the metropolitan areas of New York, Boston MA, Philadelphia PA, Washington DC, Los Angeles CA, San Francisco CA, Miami FL, Las Vegas NV, 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. “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.”

John Bloch, CEO of Michael’s, said, “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.”

Total purchase price for the business was about $54.3 million (subject to customary post-closing working capital adjustments) and was funded with borrowings under The Chefs’ Warehouse 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 2012 results.

The Chefs’ Warehouse carries and distributes more than 16,700 products to more than 9,800 customer locations throughout the United States.

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