Chefs' Warehouse buys meat company for $54.3M

RIDGEFIELD, Conn. (AP) — Specialty food company The Chefs' Warehouse Inc. announced Monday that it has purchased Michael's Finer Meats LLC for $54.3 million to expand its business in the Midwest.

The acquisition is the company's fourth in just over a year.

Columbus, Ohio-based Michael's sells beef, seafood and other meat to restaurants in Ohio, Indiana, Illinois and Pennsylvania and has an estimated $80 million in annual revenue.

The Chefs' Warehouse, based in Ridgefield, Conn., currently distributes food to customers in New York, Boston, Philadelphia, Washington DC, Los Angeles, San Francisco, Miami, Las Vegas and Portland, Ore.

The company expects the acquisition will contribute 6 to 8 cents per share annually once integrated but doesn't anticipate it will contribute significantly to its 2012 results.

Shares of Chef's Warehouse increased 12 cents to $14.54 by midday.

Copyright Associated Press, Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.