Premier distributor of specialty food products, The Chefs’ Warehouse, Inc. (NASDAQ: CHEF) has acquired all the assets of CGC Holdings, Inc. or “Capital Seaboard”. The financial terms of the deal have been kept under wraps.
With over 55,000 products served to more than 34,000 customer locations in the U.S. and Canada, the company’s product portfolio includes artisan charcuterie, specialty cheeses, unique oils and vinegars, truffles, caviar, chocolate and pastry products, among others.
Notably, shares of The Chefs’ Warehouse have gained 33.6% over the past year.
Benefits of the Deal
Based in Maryland, Capital Seaboard is a family-owned and operated wholesale food distribution business, providing fresh seafood and produce to foodservice operations in the Mid-Atlantic region for more than 60 years.
The addition of Capital Seaboard will speed up the Chefs’ Warehouse specialty produce and seafood expansion in the Mid-Atlantic region.
CEO Comments
CEO of The Chefs’ Warehouse, Christopher Pappas, stated, “Our shared focus on quality and uncompromised service makes this a great combination that will benefit our customers throughout the Mid-Atlantic region.”
He further added, “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.”
Analysts Recommendation
According to Analyst Ratings, consensus is a Strong Buy based on 4 Buys and 1 Hold. The Chefs’ Warehouse price target of $39 implies 18.3% upside potential to current levels.
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