M&A Deal Summary

PFG Acquires Core-Mark

On May 18, 2021, PFG acquired distribution company Core-Mark for 2.5B USD

Acquisition Highlights
  • This is PFG’s 3rd transaction in the Distribution sector.
  • This is PFG’s largest (disclosed) transaction.
  • This is PFG’s 6th transaction in the United States.
  • This is PFG’s 1st transaction in Texas.

M&A Deal Summary
Date 2021-05-18
Target Core-Mark
Sector Distribution
Buyer(s) PFG
Deal Type Add-on Acquisition
Deal Value 2.5B USD
Advisor(s) Barclays Investment Bank (Financial)
Weil Gotshal & Manges (Legal)

Target

Core-Mark

Westlake, Texas, United States
website
Core-Mark is a wholesale distributor to the convenience retail industry. Core-Mark provides sales, marketing, distribution and logistics services to customers across the United States and Canada through a network of distribution centers. Core-Mark was founded in 1888 and is based in Westlake, Texas.

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Buyer(S) 1

Buyer

PFG

Richmond, Virginia, United States

website

Category Company
Founded 1885
Sector Distribution
Employees20,000
Revenue 25.1B USD (2020)
DESCRIPTION

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.

DEAL STATS #
Overall 6 of 7
Sector (Distribution) 3 of 3
Type (Add-on Acquisition) 6 of 7
State (Texas) 1 of 1
Country (United States) 6 of 7
Year (2021) 1 of 1
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-07-01 Reinhart Foodservice

Rosemont, Illinois, United States

Reinhart Foodservice LLC is a provider of fresh produce, proteins, ingredients, supplies, and equipment to customers across the U.S. from 29 distribution centers. Reinhart Foodservice is based in Rosemont, Illinois.

Buy $2.0B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-07-25 OLM Food Solutions

Sioux Falls, South Dakota, United States

OLM is a provider and distributor of food service solutions to the C-store industry, servicing over 1,500 convenience stores as well as co-manufacturing customers across the U.S. and abroad. The company offering includes a diverse portfolio of branded solutions including Hot Stuff Kitchen, pcpizza, Papa Primo’s, Day’N Night Bites, and private label solutions. OLM was formed in 1983 and is based in Sioux Falls, South Dakota.

Buy -
Mergr

Product

Company

Legal