Performance Food Group has agreed to acquire Cheney Bros, a foodservice distributor owned by the Cheney family and Clayton Dubilier & Rice, for $2.1 billion in cash. The transaction, announced Aug. 14, is expected to close in 2025. Richmond, Virginia-based Performance Food was advised by Skadden, Arps, Slate, Meagher & Flom. The team includes partners Micah Kegley and David Wales. Cheney Bros. was represented by Davis Polk & Wardwell. Clayton, Dubilier & Rice was counseled by a Debevoise & Plimpton team led by M&A partners Spencer Gilbert and Kevin Schmidt.
Food, Beverage & Tobacco
August 14, 2024, 11:55 AM