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Stock Market & Financial Investment News

News Breaks
December 11, 2013
08:35 EDTCHEFChef's Warehouse acquires Allen Brothers for $29.9M
The Chefs' Warehouse announced that it has acquired substantially all of the assets of Allen Brothers, based in Chicago, IL. Allen Brothers is expected to generate approximately $80M-$85M in annualized net sales in 2013. The total purchase price for the business is expected to be approximately $29.9M, of which $20M was paid at closing with cash proceeds from the company's recently completed common stock offering. The remaining $9.9M represents liabilities assumed by the company and earnout consideration to be paid upon the achievement of certain performance milestones over the next four years. Based on the seasonality of Allen Brothers, the acquired business is expected to contribute modestly to the company's earnings in Q4. The company currently expects the Allen Brothers business, coupled with the build-out of its CW-Chicago branch, to contribute approximately 1c-3c to the company's consolidated diluted EPS in 2014.
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