The Chefs’ Warehouse Acquires Silver State Meats
October 05 2021 - 4:30PM
The Chefs' Warehouse, Inc. (NASDAQ:CHEF), a premier distributor of
specialty food products in North America, today announced that it
has acquired substantially all of the assets of Silver State Meats,
based in Las Vegas, Nevada. Since its inception in 2012, Silver
State Meats has provided the finest beef, chicken, and pork to the
Las Vegas Metro area.
“I would like to welcome Paul
Unruh and the entire Silver State organization into our
growing family of companies,” said Christopher Pappas,
Chairman and CEO of The Chefs' Warehouse, Inc. “This
acquisition offers The Chefs’ Warehouse the opportunity to continue
to build our all-star team of specialty protein companies that
complement our core cultural values. Similar to our
organization, Silver State is high-touch, high-quality
and committed to excellent service. We look forward to becoming the
premier distributor partner for Las Vegas’ best chefs.”
Since inception in 1985, The Chefs’ Warehouse
has been purveying high-quality, luxury, artisan, local and
specialty products for many of the best chefs in America.
“I grew up in the meat business,” said Paul
Unruh, President of Silver State Meats, “My father founded one of
the largest specialty meat distributors in Las Vegas in 1978. After
he sold his company, there was no doubt in my mind that I wanted to
build something of my own. I started Silver State meats in 2012 and
have grown it into a leading high-quality meat and center of the
plate distributor in Las Vegas. With the acquisition by The Chefs’
Warehouse, we have the capacity to accelerate the company’s growth
and provide the highest quality of service and products to our
customers.”
The acquisition of Silver State Meats is
expected to generate approximately $20 million in annual net
sales.
About The Chefs' Warehouse
The Chefs' Warehouse, Inc.
(http://www.chefswarehouse.com) is a premier
distributor of specialty food products in the United States and
Canada focused on serving the specific needs of chefs who own
and/or operate some of the nation's leading menu-driven independent
restaurants, fine dining establishments, country clubs, hotels,
caterers, culinary schools, bakeries, patisseries, chocolatiers,
cruise lines, casinos and specialty food stores. The Chefs'
Warehouse, Inc. carries and distributes more than 55,000 products
to more than 34,000 customer locations throughout the United States
and Canada.
Forward-Looking Statements
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 current expectations and management estimates;
actual results may differ materially. The risks and uncertainties
which could impact these statements include, but are not limited to
the following: our sensitivity to general economic conditions,
including disposable income levels and changes in consumer
discretionary spending; our ability to expand our operations in our
existing markets and to penetrate new markets through acquisitions;
we may not achieve the benefits expected from our acquisitions,
which could adversely impact our business and operating results; we
may have difficulty managing and facilitating our future growth;
conditions beyond our control could materially affect the cost
and/or availability of our specialty food products or
center-of-the-plate products and/or interrupt our distribution
network; our increased distribution of center-of-the-plate
products, like meat, poultry and seafood, involves increased
exposure to price volatility experienced by those products; our
business is a low-margin business and our profit margins may be
sensitive to inflationary and deflationary pressures; because our
foodservice distribution operations are concentrated in certain
culinary markets, we are susceptible to economic and other
developments, including adverse weather conditions, in these areas;
fuel cost volatility may 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 be unable to
obtain debt or other financing, including financing necessary to
execute on our acquisition strategy, on favorable terms or at all;
interest charged on our outstanding debt may be adversely affected
by changes in the method of determining London Interbank Offered
Rate (LIBOR), or the replacement of LIBOR with an alternative rate;
our business operations and future development could be
significantly disrupted if we lose key members of our management
team; and significant public health epidemics or pandemics,
including COVID-19, may adversely affect our business,
results of operations and financial condition. Any forward-looking
statements are made pursuant to the Private Securities Litigation
Reform Act of 1995 and, as such, speak only as of the date made. 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 SEC on February 23, 2021 and other reports
filed by the Company with the SEC since that date. The Company is
not undertaking to update any information until required by
applicable laws. Any projections of future results of operations
are based on a number of assumptions, many of which are outside the
Company’s control and should not be construed in any manner as a
guarantee that such results will in fact occur. These projections
are subject to change and could differ materially from final
reported results. The Company may from time to time update these
publicly announced projections, but it is not obligated to do
so.
Contact:Investor RelationsJim Leddy, CFO, (718)
684-8415
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