Pendulum
Long/short equity, value, special situations, growth

Chefs' Warehouse: Secondary Offering Positions The Company For Long-Term Growth

Since July, I have written several articles about the bullish case for Chefs' Warehouse (NASDAQ:CHEF). The investment thesis was based, in part, on the company's potential to continue to grow through acquisitions and consolidate the fragmented specialty food distribution market. The debt offering in April gave the company more balance sheet capacity to fund new acquisitions. More recently, Chefs' Warehouse added to its buying power with the proceeds of an equity offering. In this article I will analyze the impact of the secondary offering as well as the updated 2013 guidance from management (prior to the offering). I continue to have a bullish outlook for Chefs' Warehouse and the secondary offering sets the table for more growth.

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