The $2.1B Cheney Brothers Deal — and the Independent Restaurant Bet

On October 8, 2024, PFG closed its $2.1 billion acquisition of Cheney Brothers — a Florida-based independent broadline distributor. This was the biggest M&A move in PFG history since Core-Mark and a textbook example of how PFG thinks about growth: buy strong regional players, integrate slowly, and expand private-brand penetration into independent restaurants. This module unpacks the strategic rationale, the synergy math, the integration plan, and how to use it in an interview.