RIDGEFIELD, Connecticut, December 28, 2021 (GLOBE NEWSWIRE) – The Chefs’ Warehouse, Inc. (NASDAQ: CHEF), a leading distributor of specialty food products in North America, today announced that it has acquired nearly – all assets of CGC Holdings, Inc., dba “Capital Seaboard”, based in Jessup, Maryland. Since its inception, Capital Seaboard has provided the best seafood and produce in the Mid-Atlantic.
“We are very pleased to welcome the Capital Seaboard team to the Chefs ‘Warehouse family of companies,” said Christopher Pappas, President and CEO of The Chefs’ Warehouse, Inc. “Our common focus on quality and uncompromising service make this an excellent combination that will benefit our customers throughout the Mid-Atlantic region. Since its inception in 1985, The Chefs’ Warehouse has provided high quality, luxury, artisanal, local and specialty products to many of America’s best chefs.
“We are delighted to join the Chefs’ Warehouse team,” said Larry Quinn, President of Capital Seaboard. “We appreciate that The Chefs’ Warehouse wants to continue with the Capital Seaboard team in place and we couldn’t have picked a better home for our valued employees or a better organization to support our customers and suppliers. “
About the Chef’s Warehouse
L’Entrepôt des Chefs, Inc. (http://www.chefswarehouse.com) is a leading distributor of specialty food products in the United States and Canada focused on meeting the specific needs of chefs who own and / or operate some of the leading independent restaurants, fine dining establishments, country clubs, hotels and caterers offering menus across the country. , culinary schools, bakeries, pastry shops, chocolate makers, cruise lines, casinos and specialty food stores. The Chefs’ Warehouse, Inc. transports and distributes over 55,000 products to over 34,000 customer locations across the United States and Canada.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding the business of the Company that are not historical facts are “forward-looking statements” that involve risk and uncertainties and are based on current expectations and management’s estimates; actual results may differ materially. Risks and uncertainties that could affect these statements include, but are not limited to, the sensitivity of the Company to general economic conditions, including levels of disposable income and changes in discretionary consumer spending; the Company’s ability to expand its operations into its existing markets and to enter new markets through acquisitions; the Company may not obtain the expected benefits from its acquisitions, which could have a negative impact on its activities and operating results; the Company may have difficulty managing and facilitating its future growth; conditions beyond the Company’s control could significantly affect the cost and / or availability of its specialty food products or its center-of-the-plate products and / or interrupt its distribution network; the increase in the distribution by the Company of products at the center of the plate, such as meat, poultry and seafood, implies increased exposure to the price volatility experienced by these products; the Company’s business is a low-margin business and its profit margins may be sensitive to inflationary and deflationary pressures; Since the Company’s foodservice distribution activities are focused on certain culinary markets, the Company is sensitive to economic and other developments, including adverse weather conditions, in those regions; the volatility of the cost of fuel may have a material adverse effect on the business, financial condition or results of operations of the Company; the Company’s ability to raise capital in the future may be limited; the Company may be unable to obtain debt or other financing, including financing necessary to execute our acquisition strategy, on favorable terms or not at all; and the business operations and future development of the Company could be significantly disrupted if it lost key members of its management team. All forward-looking statements are made in accordance with the Private Securities Litigation Reform Act of 1995 and, as such, speak only as of the date of their publication. A more detailed description of these and other risk factors is contained in the Company’s most recent annual report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 1, 2019 and ‘other reports filed by the Company with the SEC since that date. The Company does not undertake to update the information contained in the previous report until the date of entry into force of its future reports required by applicable laws. Any projection of future operating results is based on a number of assumptions, many of which are beyond the control of the Company and should in no way be interpreted as a guarantee that such results will actually occur. These projections are subject to change and could differ materially from the final published results. The Company may from time to time update these publicly announced projections, but is not obligated to do so.
Jim Leddy, Chief Financial Officer, (718) 684-8415