Specialty food firm The Chefs'Warehouse has acquired Michael's Finer Meats,a supplier of meat and seafood for$54.3m,as a part of its strategy to expand into Midwestern US.
Michael's Finer Meats,based in Ohio,US,supplies a range of custom cut beef,seafood and other meat to restaurants,country clubs,hotels and casinos in Ohio,Indiana,Illinois and western Pennsylvania.
The Chefs'Warehouse chairman and chief executive officer Chris Pappas said the company is seeking to build upon Michael's products,as it expands into the Midwestern region.
"Michael's will complement our existing product offerings and significantly enhance our capabilities in center-of-the-plate categories,"Pappas added.
The Chefs'Warehouse funded the deal with borrowings under its existing revolving credit facility.The company expects the acquisition to contribute approximately$0.06 to$0.08 per share annually once fully integrated.
However,the deal is not expected to contribute significantly to the company's 2012 results due to the timing of the acquisition and short term integration costs.
The Chefs'Warehouse is a distributor of specialty food products in the US.It currently services customers in New York,Boston,Philadelphia,Washington DC,Los Angeles,San Francisco,Miami,Las Vegas and Portland,Oregon.
