Chef's Warehouse aacquires Queensgate Foodservice for $22M The Chefs' Warehouse announced that it has acquired substantially all the assets of Queensgate Foodservice, located in Cincinnati, OH. Queensgate Foodservice is expected to generate approximately $40M in revenue in 2012. The total purchase price for the business was approximately $22M at closing and was funded with borrowings under the company's existing revolving credit facility. The purchase price is also subject to an adjustment of up to $2.4M based on the achievement of certain earnings targets in 2013 and 2014. The acquired business is expected to contribute to the company's earnings in the latter half of 2013 once the business is fully integrated. The company expects to issue financial guidance for the full year 2013 when fourth quarter and FY12 results are reported in early 2013.
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