Connecticut-based Chefs' Warehouse Inc. on Wednesday said that it has acquired Allen Brothers for $29.9 million. Allen Brothers is a family-run Chicago institution that supplies steaks and other high-end meats and seafood to some of the finest restaurants in the US.

According to a report by the Chicago Tribune, the purchase price of Chefs' Warehouse involves a cash payment of $20 million and absorption of the Connecticut-based company's $9.9 million in debt. Future payouts will also be made for hitting performance goals, the report said. 

Allen Brothers supplies nearly 400 restaurants, hotels, casinos and country clubs. It is expected to generate $80 million to $85 million in revenue this year, the report said. 

Chefs' Warehouse is a publicly-traded distributor of specialty food products from cheeses to caviar. The vast majority of its customers are independent restaurants and fine-dining establishments on the East and West coast in the US. Until its purchase of Allen Brothers, Chefs' Warehouse had little presence in the Midwest, Chicago Tribune said. 

Chefs' Warehouse financed the Allen Brothers acquisition with cash it raised from a stock offering completed in September, the report said.