We are advising Cheney Brothers on the transaction

Davis Polk is advising Cheney Bros., Inc. on its $2.1 billion acquisition by Performance Food Group Company. The transaction is subject to U.S. federal antitrust clearance and other customary closing conditions and is expected to close in calendar year 2025.

Cheney Brothers, which is owned by the Cheney family and Clayton Dubilier & Rice, is one of the leading foodservice distributors in the Southeast, with annual sales of more than $3 billion. Florida-born, family-owned and operated since 1925, the business has grown to worldwide distribution, with over 1.5 million square feet of distribution space.

Performance Food Group is an industry leader and one of the largest food and foodservice distribution companies in North America, with more than 150 locations. Founded and headquartered in Richmond, Virginia, PFG and its family of companies market and deliver quality food and related products to over 300,000 locations including independent and chain restaurants; businesses, schools and healthcare facilities; vending and office coffee service distributors; and big box retailers, theaters and convenience stores.

The Davis Polk corporate team includes partner Louis Goldberg, counsel Albert Zhu and associates Tully Moyer and Rahul Srivastava. Partner Adam Kaminsky and associates Kerri Thompson and Emily Y. Su are providing executive compensation advice. Partner Kara L. Mungovan is providing tax advice. Partner Frank J. Azzopardi is providing intellectual property advice. Partner Ronan P. Harty is providing antitrust and competition advice. Members of the Davis Polk team are based in the New York and Washington DC offices.

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