PFG Mergers and Acquisitions Summary

DistributionCompany

PFG has acquired 7 companies, including 4 in the last 5 years. A total of 2 acquisitions came from private equity firms. It has also divested 1 asset.

PFG’s largest acquisition to date was in 2021, when it acquired Core-Mark Holding Company for $2.5B. It’s largest disclosed sale occurred in 2005, when it sold Fresh Express to Chiquita Brands International Sàrl for $855M. PFG has acquired in 5 different US states. The Company’s most targeted sectors include distribution (50%) and food (50%).

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M&A Summary

  • M&A Total Activity7
    • M&A Buy Activity6
    • M&A Sell Activity1
  • Total Sectors Invested 2
  • Total Countries Invested 1
  • M&A Buy/Sell Connections 3
  • M&A Advisors 4

PFG

Performance Food Group, Inc.

12500 West Creek Parkway,
Richmond, Virginia 23238
United States,
(804) 484-7700
www.pfgc.com

PFG is a distributor of food products and snacks. PFG delivers food and food-related products to more than 130,000 independent and national chain restaurants, quick-service eateries, pizzerias, theaters, schools, hotels, healthcare facilities and other institutions across the United States. PFG was founded in 1885 and is based in Richmond, Virginia.


M&A Summary

Buy vs Sell

Year ≤ '17 '18 '19 '20 '21 '22 T
Buy (0.6/yr) # 3 - 2 - 1 - 6
vol $1.4B $2.0B $2.5B $5.9B
Sell (0.0/yr) # 1 - - - - - 1
vol $855M $855M
  7

Most Recent M&A

Company Date Value Type
Core-Mark Holding Company, Inc. 2021-05-18 2.5B USD Add-on Acquisition
Westlake, Texas · www.core-mark.com
Reinhart Foodservice LLC 2019-07-01 2.0B USD Add-on Acquisition
Rosemont, Illinois · www.rfsdelivers.com
Eby-Brown Company LLC 2019-03-19 - Add-on Acquisition
Naperville, Illinois · www.eby-brown.com
Ellenbee Leggett Co. 2017-03-01 - Add-on Acquisition
Fairfield, Ohio · www.ellenbee.com
Vistar Corp. 2008-05-27 1.4B USD Add-on Acquisition
Centennial, Colorado · www.vistar.com
Fresh Express, Inc. 2005-06-28 855M USD Divestiture
Charlotte,, North Carolina · www.freshexpress.com
Springfield Foodservice LLC 2001-09-10 - Add-on Acquisition
Springfield, Massachusetts
View All >>

Business Unit M&A

Company Acquired Add-On/Sale Date #
Vistar Corp. 2008-05-27 Liberty Distribution Co. LLC 2012-06-01 1
Centennial, Colorado · www.vistar.com Chandler, Arizona · www.libertydistribution.com

M&A by Sector

Sector Buy # Value Sell # Value
Food 3 (50%) 3.4B (58%) 1 (100%) 855M (100%)
Distribution 3 (50%) 2.5B (42%) - -
Total 6 $5.9B 1 $855M

By Geo

State/Country Buy Value Sell Value
United States 6 5.9B 1 855M
  Illinois 2 2.0B - -
  Texas 1 2.5B - -
  Ohio 1 - - -
  Massachusetts 1 - - -
  Colorado 1 1.4B - -
  North Carolina - - 1 855M
Total 6 $5.9B 1 $855M

Top M&A Advisors

Financial Deals
BMO Capital Markets
1
J.P. Morgan Securities LLC
1
Credit Suisse Investment Banking
1
Legal Deals
Skadden, Arps, Slate, Meagher & Flom LLP
2

Deal Values

buy # Total
> $1B 3 $5.9B
TOTAL $5.9B
Largest Core-Mark Holding Company, Inc.
$2.5B (2021-05-18)
sell # Total
$100M to $1B 1 $855M
TOTAL $855M
Largest Fresh Express, Inc.
$855M (2005-06-28)

M&A Connections

Deals
Acquired from
Investor(s)
17%
1 (17%)
Divested to
Strategic(s)
100%
1 (100%)

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