Adj EPS accretive by end of first full fiscal year (Il Sole 24 Ore Radiocor) - New York, 14 Aug - Performance Food Group said it had agreed to pay 2.1 billion dollars in cash to buy Florida-based foodservice distributor Cheney Bros to grow its footprint in the southeast region of the USA.

The company said the purchase price represents an adjusted EBITDA multiple of 9.9x, including 50 million dollars of run-rate synergies.

The deal is expected to be accretive to adjusted diluted EPS by the end of the first full fiscal year, including year 1 synergies, it said.

Cheney Bros annual net sales of has approximately 3.2 billion dollars.

'This acquisition will expand and enhance our offerings to a high-quality and diverse customer base," said George Holm, PFG Chairman & CEO.

'We have long admired the success of Cheney Brothers in the Southeastern US and believe that the combination of our organizations will push the business to new heights.".

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(RADIOCOR) 14-08-24 16:16:22 (0389) 5 NNNN