Chefs' Warehouse Closes Del Monte Acquisition

(RTTNews) - Specialty food products company The Chefs' Warehouse Inc (CHEF) on Tuesday said it has completed the acquisition of Del Monte Capitol Meat Co and its affiliated companies for an initial price of $185.1 million, including the initial net working capital adjustment.

Also, Chef's Warehouse has agreed to pay additional contingent consideration of up to $24.5 million upon the successful achievement of Adjusted EBITDA targets for the Del Monte entities and improvements in certain operating metrics for the company's protein business over the six years following the closing.

John DeBenedetti, former president and chief executive officer of Del Monte, has been appointed executive vice president of protein and is expected to be appointed to the company's board later this year.