The Chefs’ Warehouse, Inc. (CHEF) is a premier distributor of specialty food and center-of-the-plate products, serving chefs and culinary professionals across the United States, the Middle East, and Canada. The company provides gourmet foods and ingredients of the highest quality, alongside staple food items, catering to independent restaurants, fine dining establishments, hotels, and other foodservice operators. CHEF differentiates itself by offering distinctive and hard-to-find products sourced from over 4,000 suppliers, making it a trusted partner for chefs seeking unique culinary solutions.
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Specialty Products - Offers gourmet foods and ingredients such as artisan charcuterie, specialty cheeses, unique oils and vinegars, truffles, caviar, chocolate, and pastry products.
- Dry Goods - Includes high-quality pantry staples like flour, sugar, and grains.
- Pastry - Features premium baking ingredients and specialty pastry items.
- Cheeses and Charcuterie - Provides artisan cheeses and cured meats.
- Produce - Supplies fresh fruits and vegetables.
- Dairy and Eggs - Includes milk, butter, and eggs.
- Oils and Vinegars - Offers unique and high-grade oils and vinegars.
- Kitchen Supplies - Provides essential tools and supplies for professional kitchens.
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Center-of-the-Plate Products - Distributes custom-cut beef, seafood, hormone-free poultry, and other protein-rich items, along with broadline food products like cooking oils, butter, eggs, and milk.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Christopher Pappas ExecutiveBoard | Founder, Chairman, President, and Chief Executive Officer | International Foodservice Distributors Association; Hudson National Golf Club | Christopher Pappas has led The Chefs' Warehouse, Inc. as CEO since 1985, with additional roles as President (resumed in 2009) and Chairman of the Board since 2011. He is recognized for his extensive leadership experience and has served on external boards as well. | View Report → |
John Pappas ExecutiveBoard | Chief Operating Officer (COO) | John Pappas is a founder and current COO of The Chefs' Warehouse, having initially served as COO from 1985 until March 1, 2011 and resuming the role on February 24, 2022. He has also served as Vice Chairman since March 1, 2011 and sits on the Board, contributing extensive leadership experience in logistics and corporate strategy. | ||
Alexandros Aldous Executive | General Counsel | Government Relations Leadership Committee, General Counsel Committee of the International Foodservice Distributors Association; Board of Directors of World Trade Center Miami (Chair of its Government Relations Committee); Board of Trustees of the American College of Greece (Audit Committee, Pierce College Committee); Co-chairperson of the Global Alumni Advisory Board of the American College of Greece; Board of Advisors of American University's School of International Service | Alexandros Aldous has served as General Counsel at CHEF since March 2011 and holds additional executive roles such as Corporate Secretary, Chief Government Relations Officer, and Chief Administrative Officer. He has extensive experience in legal, governance, and government relations functions, and previously worked at Barclays Capital and Shearman & Sterling LLP. | |
Christina Polychroni Executive | Chief Human Resources Officer | Christina Polychroni is the Chief Human Resources Officer at The Chefs' Warehouse, Inc. since December 31, 2022. She previously served as the Chief Talent Officer from November 1, 2021 to December 30, 2022. | ||
James Leddy Executive | Chief Financial Officer | James Leddy is the CFO and Assistant Corporate Secretary at The Chefs' Warehouse, Inc. since November 11, 2017. He previously served as Executive Vice President of Finance starting in September 2017. | ||
Timothy McCauley Executive | Chief Accounting Officer | Timothy McCauley has served as the Chief Accounting Officer at The Chefs’ Warehouse, Inc. since February 16, 2018 , previously serving as Controller from May 2015. |
- How will management adjust its pricing strategy in response to the uncertain tariff environment, especially for low-margin imported specialty foods, and what are the implications for overall margin performance?
- Given that your full-year guidance appears more conservative following a strong Q1, what specific risks are being factored into this outlook, and how will you signal any necessary upward revisions if conditions improve?
- With the attrition of noncore, low-margin customers now impacting your volume mix, how is management planning to manage fixed cost absorption, and what initiatives are in place to prevent future margin compression?
- In light of the inflation pressures—particularly with volatile prices in chocolate and eggs—how are you adjusting your pricing and cost management strategies to ensure sequential stability in gross profit margins?
- As you moderate CapEx on expansion projects amid rising input costs and tariff uncertainties, how might potential cost escalations impact the ROI on your facility growth initiatives, and what contingency plans do you have to counter these risks?
Research analysts who have asked questions during Chefs' Warehouse earnings calls.
Kelly Bania
BMO Capital Markets
4 questions for CHEF
Mark Carden
UBS
4 questions for CHEF
Peter Saleh
BTIG
4 questions for CHEF
Todd Brooks
The Benchmark Company
4 questions for CHEF
Alexander Slagle
Jefferies
3 questions for CHEF
Andrew Paul Wolf
CL King & Associates
3 questions for CHEF
Benjamin Klieve
Lake Street Capital Markets
2 questions for CHEF
Elle Niebuhr
Lake Street Capital Markets
2 questions for CHEF
Alex Slagle
Jefferies
1 question for CHEF
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Greenleaf Produce and Specialty Foods | 2023 | The acquisition was valued at $86.1 million with a structure comprising $72.2 million in cash, $1.5 million upon net working capital true-up, a $10.0 million unsecured note, and 75,008 shares, while adding key goodwill and intangible assets such as customer relationships and trademarks to strengthen its presence in Northern California. |
Hardie's Fresh Foods | 2023 | Acquired for an initial price of approximately $38 million, later adjusted to $42 million (including an earn-out liability of $4 million with potential to reach $10 million), this deal strategically expands the Texas specialty produce network and includes significant customer relationships and trademarks, although it also incurred a $1.838 million impairment charge on customer relationships. |
Chef Middle East | 2022 | Marking the first acquisition outside North America, this deal expands Chefs’ Warehouse into the Gulf markets (UAE, Qatar, Oman) with expectations of generating $160–$180 million in annual net sales and $11–$14 million in EBITDA, thereby aligning its high-quality specialty food portfolio with a region that offers substantial growth potential. |
University Foods | 2022 | This acquisition of a Southern California specialty broad-line distributor is designed to be integrated into a new Los Angeles distribution center to eliminate overhead and create operational synergies, aligning with the company’s strategy to expand its regional footprint. |
Alexa Specialty Foods | 2022 | Completed in the second quarter of 2022, this acquisition in Portland, Oregon, was integrated into the Northwest region to drive significant growth in key markets like Portland and Seattle, reinforcing the company’s CW Specialty Business. |
Master Purveyors | 2022 | Acquired in Q2 2022 as part of a group of deals for an aggregate of approximately $22.5 million (with additional earn-out contingencies up to $2 million), this center-of-the-plate distribution company in Florida was merged with a seafood processing operation to bolster the firm’s presence in the region. |
Recent press releases and 8-K filings for CHEF.
- The Chefs' Warehouse reported a net sales increase of 8.4% to $1.035 billion for Q2 2025, compared to $954.7 million in Q2 2024. Adjusted EBITDA for the quarter was $65.4 million, up from $56.2 million in the prior year period, and adjusted diluted earnings per share increased to $0.52 from $0.40.
- Gross profit increased 11.1% to $254.3 million in Q2 2025, with gross profit margins improving by approximately 59 basis points to 24.6%. Specialty sales grew 8.7%, driven by 3.6% unique customer growth and 8.7% placement growth.
- The company is raising its full-year 2025 guidance, estimating net sales to be in the range of $4.0 billion to $4.06 billion and adjusted EBITDA between $240 million and $250 million.
- During Q2 2025, Chefs' Warehouse repurchased approximately 160,000 shares under its $100 million authorized buyback program, bringing total repurchases to date to approximately $27 million.
- The Chefs' Warehouse, Inc. (CHEF) entered into the Thirteenth Amendment to its senior secured term loan credit agreement on June 16, 2025.
- This amendment repriced the senior secured term loan B facility, reducing the interest rate from 350 basis points over term SOFR or 250 basis points over the alternate base rate to 300 basis points over term SOFR or 200 basis points over the alternate base rate.
- The 0.50% floor of the Adjusted Term SOFR and the August 23, 2029 scheduled maturity date were not changed.
- The aggregate principal amount of term loans outstanding immediately after the effectiveness of the Thirteenth Amendment is $253,500,000.00.