L’Entrepôt des Chefs acquires certain assets of Martin
RIDGEFIELD, Connecticut, October 11, 2021 (GLOBE NEWSWIRE) – The Chefs’ Warehouse, Inc. (NASDAQ: CHEF), a leading distributor of specialty food products in North America, today announced the acquisition of certain assets of Martin Preferred Foods, based in Houston, Texas.
“We are very pleased to have partnered with Chris Pappas and the team at The Chefs’ Warehouse on this agreement,” said Jeff Tapick, CEO of Martin Preferred Foods. “The divestiture of these assets allows Martin Preferred Foods to focus on manufacturing value-added protein for foodservice and retail customers across the country. “
“It was a pleasure working with Jeff Tapick and his team on this matter. They have been excellent partners throughout this process, ”said Christopher Pappas, President and CEO of The Chefs ‘Warehouse, Inc.“ This acquisition provides The Chefs’ Warehouse with the opportunity to continue to build on our success in the Texas market. We are excited to be able to bring the Allen Brothers brand to our local customers in Texas.
Since its inception in 1985, The Chefs’ Warehouse has provided high quality, luxury, artisanal, local and specialty products to many of America’s best chefs.
About the Chef’s Warehouse
L’Entrepôt des Chefs, Inc. (http://www.chefswarehouse.com) is a leading distributor of specialty food products in the United States and Canada focused on meeting the specific needs of chefs who own and / or operate some of the leading independent restaurants, fine dining establishments, country clubs, hotels, caterers focused on the menu of the country, culinary schools, bakeries, pastry shops, chocolate makers, cruise lines, casinos and specialty food stores. The Chefs’ Warehouse, Inc. transports and distributes over 55,000 products to over 34,000 customer locations across the United States and Canada.
Statements in this press release regarding the business of the Company that are not historical facts are “forward-looking statements” that involve risks and uncertainties and are based on current expectations and estimates of management; actual results may differ materially. Risks and uncertainties that could affect these statements include, but are not limited to: our sensitivity to general economic conditions, including levels of disposable income and changes in discretionary consumer spending; our ability to expand our operations into our existing markets and enter new markets through acquisitions; we may not obtain the expected benefits of our acquisitions, which could have a negative impact on 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 our center-of-the-plate products and / or interrupt our distribution network; our increased distribution of products at the center of the plate, such as meat, poultry and seafood, implies increased exposure to the price volatility experienced by these products; our business is a low margin business and our profit margins may be sensitive to inflationary and deflationary pressures; Since our foodservice distribution business is focused on certain culinary markets, we are sensitive to economic and other developments, including adverse weather conditions, in those regions; the volatility of fuel costs 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 our acquisition strategy, on favorable terms or not at all; interest charged on our outstanding debt may be adversely affected by changes in the method of determining the London Interbank Offered Rate (LIBOR), or the replacement of LIBOR by another 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. All forward-looking statements are made in accordance with the Private Securities Litigation Reform Act of 1995 and, as such, speak only as of the date of their publication. 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 in other reports filed by the Company. with the SEC since that date. The Company does not undertake to update any information until the applicable laws require it. Any projection of future operating results is based on a number of assumptions, many of which are beyond the control of the Company and should in no way be interpreted as a guarantee that such results will actually occur. These projections are subject to change and could differ materially from the final published results. The Company may from time to time update these publicly announced projections, but is not obligated to do so.
Jim Leddy, Chief Financial Officer, (718) 684-8415