RIDGEFIELD, Conn., Nov. 01, 2022 (GLOBE NEWSWIRE) — The Chefs’ Warehouse, Inc. (NASDAQ:CHEF), a premier distributor of specialty food products in North America, is excited to announce that it has acquired Chef Middle East, a specialty food distributor with operations in the United Arab Emirates, Qatar and Oman, from Gulf Capital, a leading alternative asset management firm in the Gulf and Southeast Asia.
“This is exciting news for The Chefs’ Warehouse, our partners, employees and our new colleagues at Chef Middle East. 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. Their product portfolio mirrors ours in many ways and includes high-quality imported specialty foods, meat and seafood, pastry and bakery goods along with broadline product lines. We thank Gulf Capital for entrusting us to continue the growth of CME into a leading foodservice player.” – The Chefs’ Warehouse Chairman & CEO, Christopher Pappas.
The region’s high-end income demographic, coupled with Dubai’s role as a regional tourism and commercial hub, lends itself to the type of customer and service model that The Chefs’ Warehouse (CW) has thrived on for more than 35 years. In addition, many of the CW customers have opened locations in the region and new openings continue to contribute to the growth in the industry. “We are grateful for the support from both PwC and deNovo in getting this transaction over the finish line.”- The Chefs’ Warehouse VP of M&A, Nick Ktorides.
Chef Middle East is led by a strong, seasoned management team with multiple years of experience in the global food distribution space. As per Steve Pyle, Chef Middle East CEO, “We couldn’t hope for a better home for our valued employees, customers and supply partners that have supported us over so many years. The Chefs’ Warehouse focus on quality and service will preserve the essence of what makes CME an exceptional company, while leveraging technology, infrastructure, and relationships to add more value to our customers and ensure our continued growth.”
As per Chris Pappas, “Combined with the significant organic and acquired growth ahead of us in the US and Canada, the acquisition of Chef Middle East gives us an additional platform from which we can leverage our business expertise. We welcome CME to The Chefs’ Warehouse and look forward to growing together.”
The acquisition of CME is expected to generate between $160 and $180 million in annual net sales and $11- $14 million in EBITDA.
About The Chefs’ Warehouse
The Chefs’ Warehouse, Inc. (http://www.chefswarehouse.com
About Chef Middle East
Chef Middle East (www.chefmiddleeast.com) is the one stop solution for all quality food and beverage requirements, and the partner of choice to deliver memorable culinary experiences to diners. With over 25 years in business, Chef Middle East is the leading distributor of specialty food and beverage products, serving Chefs and culinary, pastry and bar professionals in the Middle East with unparalleled quality ingredients and cutting-edge foodservice kitchen solutions from leading brands around the world. The distributor services more than 3,000 customers from 5-star hotels and world-class dining to international chains and concept restaurants in the UAE, Qatar, and Oman. They also provide the same exceptional quality of service and products to customers in locations such as the Indian Ocean, Africa, CIS. In their continuous quest to elevate the concept of distributorship in the regional foodservice landscape, their team always aims at providing the best quality ingredients with an impeccable service and inimitable culinary support to their customers. As curious connoisseurs, Chef Middle East strive to make every dining experience beyond exceptional.
