Ascend Advises Capital Seaboard in its Acquisition by The Chefs’ Warehouse

The acquisition comes as the demand for specialty distribution providers’ products, expertise, and relationships continues to rise.

TYSONS, VA (January 6, 2022) – Ascend Capital Group (“Ascend”) is pleased to announce its most recent transaction in the specialty food and beverage distribution space. Ascend served as the exclusive financial advisor to CGC Holdings, Inc. (dba “Capital Seaboard”), a leading, independent provider of fresh produce, seafood, and dairy in the Mid-Atlantic, in its acquisition by The Chefs’ Warehouse, Inc. (“The Chefs’ Warehouse”) (NASDAQ:CHEF).

Carrying and distributing more than 55,000 products more than 34,000 customer locations throughout the United States and Canada, The Chefs’ Warehouse is a premier specialty food distributor that began sourcing products for high-end chefs over 35 years ago. The company is focused on serving the specific needs of chefs who own and/or operate some of North America’s leading menu-driven independent restaurants, fine dining establishments, country clubs, hotels, caterers, culinary schools, bakeries, patisseries, chocolatiers, cruise lines, casinos, and specialty food stores.

“We are thrilled to be joining the Chefs’ Warehouse team,” said Larry Quinn, President of Capital Seaboard. “We appreciate that The Chefs’ Warehouse wanted to continue with the Capital Seaboard team in place and we couldn’t have chosen a better home for our valued employees or a better organization to support our customers and vendors.”

With more than 2,000 products, Capital Seaboard is the Mid-Atlantic area’s premier source for the freshest vegetables, fruits, dairy, seafood, and more. The company’s extensive client list includes restaurants, national food chains, hotels and resorts, national grocers, and universities and school systems. As a key participant in wholesale food distribution for the past 60 years, Capital Seaboard has developed strong supplier relationships, which allow the company to deliver the highest quality produce and seafood at competitive prices regardless of the season.

“We are very excited to welcome the Capital Seaboard team to The Chefs’ Warehouse family of companies,” said Christopher Pappas, Chairman and CEO of The Chefs’ Warehouse. “Our shared focus on quality and uncompromised service makes this a great combination that will benefit our customers throughout the Mid-Atlantic region. Since inception in 1985, The Chefs’ Warehouse has been purveying high-quality, luxury, artisan, local, and specialty products for many of the best chefs in America.”

On their experience with Ascend, Capital Seaboard’s shareholders said, “Ascend demonstrated extraordinary patience and persistence in helping us find the right partner for Capital Seaboard. The Ascend team advised us through negotiations with numerous interested buyers that had varying deal structures, never pushing us to settle until we found the perfect partner that met our team’s objectives. They were fully committed, providing valuable strategic guidance through a major shift in the company’s focus and through a global pandemic that heavily impacted our industry. Without the support and integrity Ascend provided, we would not have received the maximum value and fit we ultimately were able to achieve.”

“The Chefs’ Warehouse has a reputation for acquiring premier specialty companies and integrating them to offer their customers industry leading products with unparalleled service,” said Eric Parekh, Managing Director at Ascend. “It was a privilege to represent the Capital Seaboard shareholders in this process. The goal from the outset was to find the best company to advance the legacy that Capital Seaboard has built over the past 60+ years. We look forward to seeing what the combined forces of these companies will accomplish in the future.. ”

This acquisition was effective December 28, 2021.

Contact

Eric Parekh

eric@ascendcg.com | 703.229-9809

Ascend demonstrated extraordinary patience and persistence in helping us find the right partner for Capital Seaboard. The Ascend team advised us through negotiations with numerous interested buyers that had varying deal structures, never pushing us to settle until we found the perfect partner that met our team’s objectives. They were fully committed, providing valuable strategic guidance through a major shift in the company’s focus and through a global pandemic that heavily impacted our industry. Without the support and integrity Ascend provided, we would not have received the maximum value and fit we ultimately were able to achieve.

About Capital Seaboard
About Capital Seaboard

Headquartered in Jessup, Maryland, Capital Seaboard is a leading, independent provider of fresh produce, seafood, and dairy in the Mid-Atlantic region. With more than 2,000 products, the company’s extensive client list includes restaurants, national food chains, hotels and resorts, national grocers, and universities and school systems. As a key participant in wholesale food distribution for the past 60 years, Capital Seaboard has developed strong supplier relationships, which allow the company to deliver the highest quality produce and seafood at competitive prices regardless of the season. For more information, visit capitalseaboard.com.

About The Chefs’ Warehouse
About The Chefs’ Warehouse

The Chefs’ Warehouse is a premier distributor of specialty food products in the United States and Canada focused on serving the specific needs of chefs who own and/or operate some of the nation’s leading menu-driven independent restaurants, fine dining establishments, country clubs, hotels, caterers, culinary schools, bakeries, patisseries, chocolatiers, cruise lines, casinos, and specialty food stores. The Chefs’ Warehouse, Inc. carries and distributes more than 55,000 products to more than 34,000 customer locations throughout the United States and Canada. For more information, visit chefswarehouse.com.

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