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Richmond’s Performance Food Group buying one of South Florida’s largest private companies
August 28, 2024
Richmond’s Performance Food Group Co. (NYSE: PFGC) will acquire Riviera Beach, Florida’s Cheney Brothers, one of the largest private companies in South Florida, for $2.1 billion in cash.
The food distributor was founded by the Cheney family in 1925 and is now being sold by the family, along with private equity firm Clayton Dubilier & Rice. It has 1.5 million square feet of distribution space and about 3,600 employees.
Cheney Brothers ranked No. 5 on the Business Journal list of Top Private Companies in South Florida with more than $3 billion in revenue.
Cheney Brothers recently generated $3.2 billion in revenue, said PFG, which posted $58.3 billion in revenue for the fiscal year ended June 29.
“This acquisition will expand and enhance our offerings to a high-quality and diverse customer base,” George Holm, chairman and CEO of PFG, said in a statement. “We have long admired the success of Cheney Brothers in the Southeastern U.S. and believe that the combination of our organizations will push the business to new heights.”
