US based specialty food distributor The Chefs’ Warehouse has completed the acquisition of Del Monte Capitol Meat and its affiliated companies for an initial price of $185.5m.
The initial price of this purchase also includes the initial net working capital adjustment and Chefs' Warehouse will pay $123.9m in cash for this deal, Food Business News reported.
The company will pay additional contingent consideration which is expected to total approximately $25.5m.
The Chefs' Warehouse chairman and CEO Chris Pappas was quoted by Food Business News as saying: "We are extremely excited to complete this acquisition and welcome Del Monte's very experienced management team and a group of dedicated associates to the Chefs' Warehouse family.
"The combination of Del Monte, Allen Brothers, and Michael's brings us closer to achieving our goal of being a national specialty ?protein supplier."
Established in 1926, Del Monte currently offers beef, pork, lamb, veal, poultry and seafood products to Northern California. The company is expected to generate around $200m to $225.m in annualised net sales this year.
The product portfolio of Chefs' Warehouse includes approximately 31,800 stock-keeping units comprising specialty food products, such as artisan charcuterie, specialty cheeses, unique oils and vinegars, truffles, caviar, chocolate, and pastry products.
Image: Del Monte provides beef, pork, lamb, veal, poultry and seafood products to Northern California. Photo: courtesy of Apolonia/ freedigitalphotos.net.
