PUNTA GORDA — Local officials don’t foresee much change coming with the pending sale of restaurant supply company Cheney Bros. Inc.
However, some are optimistic the company’s relationship with the community could get even better.
Virginia-based Performance Food Group recently announced the $2.1 billion deal with Cheney Brothers, following an Aug. 14 announcement to its stockholders.
Cheney Brothers operates a large warehouse in Punta Gorda and is one of the largest private employers in the region.
It has a 345,000-square-foot distribution center just southeast of Punta Gorda and employs more than 3,500 people throughout its 11 locations — most of which are in South Florida.
“We are told management will stay in place and no one will lose their job,” said Kay Tracy, Charlotte County Economic Development business recruitment manager on Monday.
Tracy, who was elevated to interim director of Charlotte County Economic Development Monday, said there are a couple of more phases the company must complete before the sale is final. She believes it will be in early 2025.
“What’s nice is the Cheney family always prided itself on having its drivers have routes that would allow them to come home and sleep in their own beds at night,” she said. “That business model helped employ local workers with high-paying jobs.”
Punta Gorda City Council member Bill Dryburgh said the $2.1 billion offer was right for selling the company.
“They got a great price,” he said. “The older management was not getting any younger — and that was the two reasons to sell.”
He said Cheney Brothers did a “heck of a job” for the region.
“One of reasons the new company likes Punta Gorda is because it is centrally located,” he said.
Dryburgh said nothing will change much after the sale.
“Cheney Brothers will still make money from a line of stuff like salt and pepper shakers that go into restaurants with their name on it,” he said of Cheney Bros.’ inventory consists of more than 65,000 stocked items, from gourmet to everyday goods.
Cheney Brothers reports more than $3 billion annually. It’s business has operated since 1925 and has grown into worldwide distributions with more than 1.5 million square feet of distribution space.
Charlotte County Commission Chair Bill Truex said Charlotte County will not be negatively impacted by the sale. He said things may be enhanced after Performance Food Group Co. takes over operations.
“I’ve been told there are no changes moving forward — except potential expansion,” he said. “If they expand operations in Charlotte County, it will increase economic opportunity for sure.”
Val Johnson-Edmunds, interim executive director of the Punta Gorda Chamber of Commerce, was also optimistic about the transition.
“The Punta Gorda Chamber is excited to form a new relationship with the Performance Food Group. Cheney Brothers have always been such a great asset to our local community and economy. We are looking forward to a continued relationship and celebrate their growth and success,” she said Monday.
PFG is headquartered in Richmond, Virginia.
George Holm, PFG’s chairman and chief executive officer, said during a shareholders’ meeting in August he’s excited for fiscal 2025, according to a news release on the company’s website.
“We expect our underlying business momentum to continue,” he said after announcing the proposed purchase of Cheney Brothers and the acquisition of José Santiago, which closed in July.
“The addition of these two organizations is expected to provide significant revenue and profit growth opportunities,” he said in the meeting, according to the release. “Both companies are led by excellent management teams, are good cultural additions and will build upon our strong foodservice platform to drive shareholder value over the long-term.”
The transition allows Performance Food Group to add five broad-line distribution facilities to its network across Florida, Georgia, North Carolina and South Carolina, according to a company statement.
PFG delivers more than 300,000 food and related products to customers in the United States and Canada.
According to the PFG website, the company has made “major strides” in its approach to the challenges affecting the planet. They have new sustainable products and processes.
The company also has three focus areas including “a commitment to sourcing the best brands and products, delivering orders on time and helping our customers succeed by providing extraordinary customer service.”
“PFG had a strong finish to fiscal 2024, showing an acceleration in sales, adjusted EBITDA and Earnings Per Share growth in the fiscal fourth quarter,” Holms stated in the release.
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