Chefs' Warehouse Acquires Specialty Food Distributor Chef Middle East

• The Chefs' Warehouse, Inc. (NASDAQ: CHEF) has acquired specialty food distributor Chef Middle East (CME) from Gulf Capital, an alternative asset management firm in the Gulf and Southeast Asia. The financial terms were not disclosed.

• CME has operations in the United Arab Emirates, Qatar, and Oman. It provides specialty food products to higher-end restaurants, hotels, and catering establishments in the region.

• Chefs' Warehouse revealed hopes that the Middle East region's high-end income demographic, coupled with Dubai's role as a regional tourism and commercial hub, will cater to the type of customer and service model it has thrived on for years.

• The company expects the acquisition to generate $160 million - $180 million in annual net sales and $11 million - $14 million in EBITDA.

• "Similar to our positioning in the US and Canada, CME is the premier provider of specialty food products to the higher-end restaurants, hotels and catering establishments in the region," said Chairman and CEO Christopher Pappas.

• Chefs' Warehouse held $145.4 million in cash and equivalents as of September 23, 2022.

• Price Action: CHEF shares are trading higher by 1.64% at $37.23 on the last check Tuesday.

• Photo Via Company

See more from Benzinga

• Vuzix Buys SAP Software Solution Provider Moviynt

• Ecolab Q3 EPS Miss Estimates; Warns On Macroeconomic Uncertainties

• If You Invested $1,000 In Dogecoin When Elon Musk Revived His $44B Twitter Offer, Here's How Much You'd H

Don't miss real-time alerts on your stocks - join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.