Chefs ‘Warehouse: The Chefs’ Warehouse to acquire Silver State Meats
Acquisition accelerates expansion of specialty proteins in the west
RIDGEFIELD, Connecticut, October 5, 2021 (GLOBE NEWSWIRE) – The Chefs ‘Warehouse, Inc. (NASDAQ: CHEF), a leading specialty grocery distributor in North America, announced today that it has essentially all of Silver State Meats’ assets Based in Las Vegas, Nevada. Silver State Meats has been supplying the finest beef, chicken and pork to the Las Vegas Metro since its inception in 2012.
“I would like to welcome Paul Unruh and the entire Silver State organization to our growing corporate family,” said Christopher Pappas, Chairman and CEO of The Chefs ‘Warehouse, Inc. “This acquisition gives The Chefs’ Warehouse the opportunity to continue building our space Star team of specialty protein companies that complement our core cultural values. Like our organization, Silver State stands for high touch, high quality and excellent service. We look forward to becoming the leading distributor for the best Las Vegas chefs. “
Since its inception in 1985, The Chefs’ Warehouse has supplied many of America’s finest chefs with high quality, luxurious, artisanal, local and specialty products.
“I grew up in the meat industry,” says Paul Unruh, President of Silver State Meats. “My father founded one of the biggest meat specialists in Las Vegas in 1978. After he sold his company, I had no doubt “that I wanted to build something of my own. I founded Silver State Meat in 2012 and developed it into a premier quality meat and record distribution center in Las Vegas. With the takeover by The Chefs’ Warehouse, we have the opportunity to accelerate the growth of the company and offer our customers the highest service and product quality. “
The Silver State Meats acquisition is expected to generate approximately $ 20 million in annual net sales.
Via The Chefs’ Warehouse
The Chefs’ Warehouse, Inc. (http://www.chefswarehouse.com) is a leading specialty grocery distributor in the United States and Canada focusing on the unique needs of chefs who own and / or operate some of the country’s leading menu-driven independent restaurants, fine dining, country clubs, hotels and caterers, culinary schools , Bakeries, pastry shops, chocolatiers, cruise ships, casinos and specialty grocery stores. The Chefs’ Warehouse, Inc. manages and sells more than 55,000 products to more than 34,000 customer locations in the United States and Canada.
Statements in this press release regarding the company’s business that are not historical facts are “forward-looking statements” that involve risks and uncertainties and are based on management’s current expectations and beliefs; actual results could differ materially. The risks and uncertainties that could affect these statements include, but are not limited to: our sensitivity to general economic conditions, including disposable income levels and changes in consumer spending; our ability to expand our activities in our existing markets and enter new markets through acquisitions; we may not get the expected benefits from our acquisitions, which could adversely affect our business and results of operations; we can have difficulty managing and facilitating our future growth; Conditions beyond our control could materially affect the cost and / or availability of our specialty foods or products on the plate and / or disrupt our distribution network; our increased sales of center-of-the-plate products such as meat, poultry and seafood is associated with increased price volatility for these products; our business is a low margin business and our profit margins can be sensitive to inflationary and deflationary pressures; Because our food service sales are focused on specific culinary markets, we are vulnerable to economic and other developments in these areas, including adverse weather conditions; The volatility of fuel costs can have a material adverse effect on our business, financial condition, or results of operations; our ability to raise capital in the future may be limited; we may not be able to raise debt or other financing, including financing necessary to execute our acquisition strategy, on favorable terms or at all; the interest charged on our outstanding debt may be affected by changes in the method used to determine the London Interbank Offered Rate (LIBOR) or by replacing LIBOR with an alternative rate; our business operations and future development could be materially disrupted if we lose key members of our management team; and significant public health epidemics or pandemics, including COVID-19, could adversely affect our business, results of operations, and financial condition. All forward-looking statements are made under the Private Securities Litigation Reform Act of 1995 and, as such, speak only as of the date of publication. A more detailed description of these and other risk factors can be found in the company’s most recent annual report on Form 10-K, filed with the SEC on February 23, 2021, and other reports the company has filed with the SEC since that date. The company makes no commitment to update information until required by applicable law. All projections of future operating results are based on a number of assumptions, many of which are beyond the control of the company and should in no way be construed as guarantees that such results will actually occur. These projections are subject to change and could differ materially from the final reported results. The company may from time to time update these publicly disclosed projections, but is under no obligation to do so.
Jim Leddy, CFO, (718) 684-8415