Allen Brothers, a long-time Chicago purveyor of premium-quality meats, has been sold to Chefs’ Warehouse Inc., a Connecticut food distributor. The cost of the acquisition was $30 million, reports Crain’s Chicago Business.
"We believe this is a great opportunity for our dedicated staff, our loyal customers and our trusted vendors, who have all contributed to building Allen Bros.' long history," Allen Bros. President Todd Hatoff said in the statement.
Allen Bros.' management team will stay on, and the Chicago office will remain.
"Allen Bros. is the gold standard in the meat business and has been for more than 100 years,” Chefs' Warehouse Chairman and CEO Chris Pappas said in the statement. “Their commitment to the highest-quality products and outstanding customer service makes this an outstanding partnership and provides us with outstanding new opportunities for growth.”
Allen Bros.' 2013 annualized net sales are expected to be about $80 million to $85 million, the statement said. Publicly trader Chefs' Warehouse is much bigger, with more than $480 million in net sales through the first three quarters of 2013.
Source: Crain’s Chicago Business