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Performance Food Group Announces Acquisition of Cheney Bros.

Acquisition to Strengthen PFG's Position in the Foodservice Industry

Agreement Valued at $21 Billion

RICHMOND, Va. – August 14, 2024 – Performance Food Group Company (PFG) today announced that it has entered into a definitive agreement to acquire Cheney Bros., Inc., a leading foodservice distributor in the United States.

The acquisition, valued at approximately $21 billion, will significantly enhance PFG's reach and capabilities in the foodservice industry. Cheney Bros. operates over 30 distribution centers and serves a diverse customer base, including restaurants, schools, hospitals, and convenience stores.

The transaction is expected to close in the fourth quarter of 2024, subject to customary closing conditions and regulatory approvals. Upon completion, Cheney Bros. will become a wholly owned subsidiary of PFG.

“We are thrilled to announce this transformative acquisition,” said George Holm, Chairman and CEO of PFG. “Cheney Bros. is a highly respected company with a strong brand and a loyal customer base. This acquisition will enable us to further strengthen our position in the foodservice industry and provide even greater value to our customers.”

Cheney Bros. CEO John Carter said, “We are excited to join the PFG family. This partnership will allow us to continue to grow and innovate, while providing our customers with the best possible service and products.”