M&A Deal Summary

Wellspring Capital Management, The Blackstone Group and Quilvest Capital Partners Acquire PFG

On January 18, 2008, private equity firms Wellspring Capital Management, The Blackstone Group and Quilvest Capital Partners acquired distribution company PFG for 1.4B USD

Acquisition Highlights
  • This is Wellspring Capital Management’s 2nd, The Blackstone Group’s 1st and Quilvest Capital Partners’ 2nd transaction in the Distribution sector.
  • This is Wellspring Capital Management’s , The Blackstone Group’s 72nd and Quilvest Capital Partners’ 5th largest (disclosed) transaction.
  • This is Wellspring Capital Management’s 16th, The Blackstone Group’s 84th and Quilvest Capital Partners’ 20th transaction in the United States.
  • This is Wellspring Capital Management’s 1st, The Blackstone Group’s 3rd and Quilvest Capital Partners’ 1st transaction in Virginia.
Investment Fate
  • PFG went public in 2015.

M&A Deal Summary
Date 2008-01-18
Target PFG
Sector Distribution
Buyer(s) Wellspring Capital Management
The Blackstone Group
Quilvest Capital Partners
Deal Type Going Private
Deal Value 1.4B USD
Advisor(s) Evercore Group (Financial)
Bass, Berry & Sims PLC (Legal)

Target

PFG

Richmond, Virginia, United States
website
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.

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Buyer(S) 3

Buyer

Wellspring Capital Management

New York, New York, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1995
PE ASSETS 4.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Wellspring Capital Management is a mega-sized private equity firm that focused on a variety of transaction situations. The Firm will consider buyouts of private companies, acquisitions of divisions or subsidiaries of public companies, shareholder liquidity needs, partnering with entrepreneurs for growth opportunities, and special situations. Wellspring does not have any sector preferences and is capable of pursuing transactions valued up to $2 billion. Wellspring Capital Management was formed in 1995 and is based in New York City.

DEAL STATS #
Overall 20 of 50
Sector (Distribution) 2 of 4
Type (Going Private) 4 of 5
State (Virginia) 1 of 1
Country (United States) 16 of 45
Year (2008) 1 of 2
Size (of disclosed) 1 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-05-25 Edwin Watts Golf Shops

Fort Walton Beach, Florida, United States

Edwin Watts Golf Shops, LLC is a retailer of golf equipment, apparel and accessories. Founded in 1968, Edwin Watts markets its products through 59 company-owned stores located primarily in the Southeastern U.S.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-05-27 Vistar

Centennial, Colorado, United States

Vistar Corp. (formerly known as Multifoods Distribution Group, Inc.), is one of the largest distributors of food and other products to the foodservice and vending industries in the United States.

Sell $1.4B
Buyer

The Blackstone Group

New York, New York, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1987
PE ASSETS 131.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

The Blackstone Group is a global alternative investment management firm. The Firm's investment activities span real estate, secondary investments, hedge funds, credit, infrastructure, and private equity. Blackstone's private equity group targets opportunities globally including buyout acquisitions of established companies, development projects, growth equity financings, and industry consolidations. Sectors of interest include automotive, healthcare, chemicals, industrial, commercial property, lodging, communications, media/publishing, consumer & retail, packaging, consumer products, pharmaceuticals, energy, technology, entertainment, telecommunications, financial services, theme parks, food & beverage, and transportation. Blackstone's private equity real estate group looks for opportunities across North/South America, Asia, Australia/New Zealand, and Europe. The real estate group will consider both equity and debt investments. Areas of interest include healthcare, hotel, industrial, office, residential, and retail. The Blackstone Group was formed in 1987 and is based in New York City.

DEAL STATS #
Overall 121 of 319
Sector (Distribution) 1 of 3
Type (Going Private) 12 of 32
State (Virginia) 3 of 6
Country (United States) 84 of 201
Year (2008) 2 of 14
Size (of disclosed) 72 of 167
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-01-01 Caesars Entertainment

Las Vegas, Nevada, United States

Caesars Entertainment is a diversified casino entertainment provider with casinos and resorts in the US, South America, Europe, and the Middle East. In addition to casinos, Caesars' facilities typically include hotel and convention space, restaurants, and non-gaming entertainment facilities. Caesars Entertainment Corp. was established in 1937 and is headquartered in Las Vegas, Nevada.

Buy $30.7B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-02-20 Allcargo Logistics

Mumbai, India

Allcargo Logistics is an Indian private sector logistics operator. It is amongst the top three CFS operators in India and one of the best CFS operators at Nhava Sheva (India’s largest container port terminal). It is the largest domestic LCL consolidator, and has strategic presence in the domestic project cargo and logistics equipment supply businesses. Its wholly owned subsidiary, ECU Line, is the second largest global neutral LCL consolidator with over 100 offices across 60 countries. Allcargo Logistics was founded in 1993 and is based in Mumbai, India.

Buy -
Buyer

Quilvest Capital Partners

Paris, France

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1972
PE ASSETS 6.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Quilvest Capital Partners is the private equity investment arm of asset management firm Quilvest. Quilvest Capital Partners invests in private equity and debt funds as well as makes direct investments. The direct investment group looks for opportunities in the US, Europe, and 'opportunistically' in Asia with a preference for buyout, growth capital, and venture transactions. Quilvest Capital Partners will consider both minority and majority positions. Quilvest Capital Partners was established in 1972 and is based Paris.

DEAL STATS #
Overall 54 of 98
Sector (Distribution) 2 of 4
Type (Going Private) 2 of 6
State (Virginia) 1 of 3
Country (United States) 20 of 43
Year (2008) 3 of 11
Size (of disclosed) 5 of 16
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-01-16 Pay-O-Matic

Syosset, New York, United States

Pay-O-Maticis a check cashing and related financial services company that provides check changing services, prepaid administrations, an offer of cash orders, shopper charge installments and travel toll cards. The Pay-O-Matic was founded in 1950 and is based in Syosset, New York.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-02-01 21st Century Oncology

Fort Myers, Florida, United States

21st Century Oncology is a provider of cancer care services across multiple modalities, the largest radiation oncology provider and one of the largest groups of urologists in the U.S. 21st Century Oncology was founded in 1983 and is based in Fort Myers, Florida.

Buy $1.1B
Mergr

Product

Company

Legal