Legion Partners Issues Letter to The Chefs? Warehouse Shareholders
February 08, 2024 at 07:00 pm IST
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On February 8, 2024, Legion Partners Asset Management LLC announced that it has published a letter to shareholders of The Chefs? Warehouse Inc announcing its nomination of 4 candidates Richard N. Peretz, Keith D. Rohland, Wendy M. Weinstein, Christopher S. Kiper to the Company?s board of directors in order to reverse the Company?s underperformance. In addition, Legion Partners stated that it has made multiple efforts over the last 7 years to engage constructively with the Company management team and Board of Directors, during the time, its goal has remained the same to help the Company sustainably improve profitability and enhance strategic discipline regarding acquisitions, ultimately to help the Company reach its valuation potential for all shareholders.
Further, Legion Partners stated that it is concerned about Company?s past performance, very excited about its potential future, it believes Chef has attractive end markets in specialty food distribution and a leading market position serving premier independent restaurant customers in both the United States and Canada, and further, it believes that over the next few years, the right Board can finally drive the needed improvement at the Company.
The Chefs' Warehouse, Inc. is a distributor of specialty food products in the United States, the Middle East and Canada. The Company offers stock-keeping units (SKUs), ranging from specialty foods and ingredients to basic ingredients and staples, produce and center-of-the-plate proteins. Its product categories include center-of-the-plate, dry goods, pastry, cheeses and charcuterie, produce, dairy and eggs, oils and vinegars and kitchen supplies. It operates through the food product distribution segment, which is concentrated primarily in the United States. The Companyâs customer base consists primarily of menu-driven independent restaurants, fine dining establishments, country clubs, hotels, caterers, culinary schools, bakeries, patisseries, chocolateries, cruise lines, casinos and specialty food stores. Its center-of-the-plate products include custom cut beef, seafood and hormone-free poultry, as well as produce and food products, such as cooking oils, butter, eggs, milk and flour.