07:03 AM EDT, 08/14/2024 (MT Newswires) -- Performance Food Group ( PFGC ) said Wednesday it has agreed to acquire broadline foodservice distributor Cheney Bros for $2.1 billion in cash.

Performance Food Group ( PFGC ) said the acquisition of Riviera Beach, Florida-based Cheney Bros will "create a stronger presence in the Southeast region and provide additional distribution capacity."

Performance Food Group ( PFGC ) expects to finance the acquisition by borrowing on its asset-based lending facility and new senior unsecured notes.

The transaction, subject to US federal antitrust clearance and other closing conditions including the approval of Performance Food Group's ( PFGC ) board of directors, is expected to close in calendar 2025.

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