The Chefs’ Warehouse, premier distributor of specialty food products in the United States, has acquired all of the equity interests of Qzina Specialty Foods North America, based in Pompano Beach, Fla.
Founded in 1982, Qzina is a leading supplier of gourmet chocolate, dessert and pastry products dedicated to the pastry professional. It currently supplies more than 3,000 products to serve some of the finest restaurants, bakeries, patisseries, chocolatiers, hotels and cruise lines throughout the United States and Canada.
“We are thrilled to have Qzina join the Chefs’ Warehouse family,” said Chris Pappas, chairman and chief executive officer of The Chefs’ Warehouse. “We believe that this acquisition, combined with our existing business in the pastry category, positions us as the leading supplier to the gourmet pastry professional. With this acquisition, there are many synergies in our major markets as well as exciting opportunities to enter four new markets – Vancouver, Edmonton, Toronto and Chicago.”
The Chefs’ Warehouse serves the needs of specialty food retailers as well as chefs who own and/or operate some of the nation’s leading menu-driven independent restaurants, fine dining establishments, country clubs, hotels, caterers and culinary schools.
“We are incredibly excited to join The Chefs’ Warehouse team. We believe that this is a great opportunity for our dedicated staff, our loyal customers and our trusted vendors, who have all contributed to building Qzina into what it is today,” said Rex Ciavola, president of Qzina.
Qzina is expected to generate approximately $60 million to $65 million in annualized revenue in 2013. The total purchase price for the business was approximately $32.7 million at closing (subject to customary post-closing working capital adjustments) and was funded with borrowings under the company’s existing revolving credit facility.
The acquired business is expected to contribute modestly to the company’s earnings in late 2013 as the business is being integrated.
