PFG completes $2.095B Cheney Brothers acquisition; raises FY2025 outlook

Performance Food Group Co

Acquired Cheney Brothers for $2.095B in cash, adding ~$3.2B annual revenue and 5 distribution centers in FL/NC.
Expects ~$50M annual run-rate cost synergies by third full fiscal year post-close.
FY2025 net sales guidance raised to $62.5B-$63.5B (prior $60B-$61B); Adjusted EBITDA to $1.7B-$1.8B (prior $1.6B-$1.7B).
Transaction expected to be accretive to adjusted diluted EPS by end of first full fiscal year.
Purchase price reflects 13.0x Cheney's TTM Adjusted EBITDA, or 9.9x including synergies.

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