Small to Midsized Business Exit Strategy: Insights on Chefs’ Warehouse Earnings

Posted on November 10, 2020

Small to Midsized Business Exit Strategy - Transaction Advsiory Services

Foodservice Distribution Transactions

Chefs’ Warehouse Earnings Call and Small to Midsized Business Exit Strategy Insights

On Wednesday, October 30th Chefs’ Warehouse reported its 3rd Quarter earnings.  During a call with industry analysts, Chris Pappas Chef’s CEO made the following comments regarding the company’s interests regarding acquisitions:

“I think, that (the industry) will really be consolidated over the next, let’s say, two, three years, versus seven to ten. We did a small acquisition in Florida. We think that trend will continue.”

“….I think, that the opportunity has never been greater to really have other companies that we always wanted to join Chefs join us. I think, we’re stronger together, coming through this we’re all going to have excess capacity. So my wish list is the continue to do fold-ins and really smart acquisitions of talent and businesses that make a lot of sense, combining with Chefs’ Warehouse and really having that uptick coming into ’22 and ’23.”

Small to Midsized Business Exit Strategies

In our view, and based on our recent activity, Chefs’ is not the only buyer currently pursuing a “tuck in” strategy.  There may well be a window open for owners of smaller to midsize broadline, produce, and protein and specialty businesses to find an exit strategy.

Additional Resources:

About Keiter Advisors

Keiter Advisors has the only investment banking group focusing exclusively on the foodservice distribution industry. The group has:

  • Assisted owners at over 120 distributors in 35 states resolve their business challenges
  • Completed more than 90 valuations for broadline, produce, protein and specialty companies
  • Consulted with 20 + family owned or closely held businesses on strategic issues
  • Completed transactions with Sysco, US Foods, PFG, Gordon, Reinhart, Ben E. Keith, and 17 “super regional” and independent companies
  • Represented 10 distributors in the acquisition of other foodservice, protein or equipment businesses
Carroll Hurst Scott Zickefoose
Director Partner
(804) 273-6204 (804) 273-6253



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