RIDGEFIELD: The Chefs’ Warehouse, Inc. [Nasdaq:CHEF], a distributor of specialty food products in the United States and Canada, completed a public offering of 1,900,000 shares of its stock, resulting in net proceeds of approximately $34.0 million to the company
Jefferies LLC acted as the sole underwriter for the offering. The company said, “it expects to use the net proceeds from the sale of its common stock for general working capital and corporate purposes.”
The Chef’s Warehouse founded in 1985 first went public in July 2011 does approximately $1.2 blllion in revenue and has a current market value of $690 million. Chef’s employs more than 1,900 across the US and Canada and says it has “43,000 stock-keeping units comprising specialty food products, such as artisan charcuterie, specialty cheeses, unique oils and vinegars, truffles, caviar, chocolate, pastry products, custom cut beef, seafood, and hormone-free poultry, as well as food products, such as cooking oils, butter, eggs, milk, and flour.”
While the primary market for the company is distribution to “independent restaurants, fine dining establishments, country clubs, hotels, caterers, culinary schools, bakeries, patisseries, chocolatiers, cruise lines, casinos, and specialty food stores”, it also sells to consumers through a mail and e-commerce platform.