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SpartanNash Announces New President and CEO
SpartanNash Company announced that it has hired Tony B. Sarsam as President and Chief Executive Officer. Sarsam will assume that role and join the Board of Directors, effective September 21, 2020. Interim President and CEO Dennis Eidson will continue in his role as Chairman of the Board and will serve as Executive Chairman for a period of thirty days to ensure a smooth transition with Sarsam.
Sarsam is an accomplished CEO who has a unique blend of consumer products and supply chain expertise in the food industry, which positions him especially well to lead SpartanNash Company. Sarsam most recently served as CEO of Borden Dairy Company, Inc. where he led business growth and positive trends in a challenging industry. He successfully led Borden through its recent restructuring and...
US Foods Fall Scoop Helps Restaurant Operators Stay On Point With Evolving Off-Premise Trends
US Foods Holding Corp. announced the launch of Fall Scoop 2020, titled “On Point With Off-Premise – Designed To Make It.” This special edition of Scoop features 14 products designed to address trends within off-premise dining such as labor-saving products perfect for DIY meal kits and products that will help ease diner safety and hygiene worries, including tamper-evident packaging and sanitation items.
“The restaurant environment has changed immensely with the surge in off-premise dining, and the ability for restaurant operators to adapt with creativity, labor savings and safety in mind is...
Planterra Foods Launches Plant-Based Offerings for Foodservice Operators
At a time when foodservice operators are pivoting to counteract the world's health pandemic, menu innovation, and addressing consumer's evolving demands are more vital than ever. Innovative Colorado-based start-up Planterra Foods is answering the call and launching a line of OZO plant-based protein products for foodservice. The OZO foodservice line is now available in four plant-based offerings: burgers, ground, nuggets and breakfast sausage patties, catering to all dayparts.
The debut of OZO will elevate the protein possibilities that foodservice operators can feature on their menu to attract new customers and increase check averages. To support its partners during this recovery period and...
Premium Brands Announces Acquisition of Global Gourmet Foods and Allseas Fisheries
Premium Brands Holdings Corporation, a leading producer, marketer and distributor of branded specialty food products, announced that it has acquired Global Gourmet Foods Inc. and signed an agreement to acquire Allseas Fisheries Inc.
Global Gourmet is one of Canada’s leading providers of ready-to-eat kettle cooked food solutions, including protein-based fillings, specialty sauces, soup bases and side dishes, to retailers and restaurants in Canada and...
SpartanNash Announces Second Quarter Fiscal 2020 Financial Results
SpartanNash Company reported financial results for its 12-week second quarter ended July 11, 2020.
Second Quarter Fiscal 2020 Highlights
PODCAST: The Grocerant Guru - Steve Johnson, An Expert on Innovative Distribution in the New Normal
What can protein producers be doing to get product into new and innovative channels? Laura sat down with Steve Johnson, the Grocerant Guru, to discuss just that. With extensive research and experience with ever-changing consumer trends, Steve shares his recipes for success...
Performance Food Group Company Reports Fourth-Quarter and Full-Year Fiscal 2020 Results
Performance Food Group Company announced its fourth-quarter and full-year fiscal 2020 business results.
Fourth-Quarter Fiscal 2020 Highlights
Aramark Prepared to Welcome College Students Back to Campuses Across the Country
As many college campuses make arrangements to safely open amid COVID-19, Aramark, a leading food and facilities partner with hundreds of colleges and universities across the U.S., is prepared to meet the safety and hygiene standards required in today’s ever-changing environment. This includes introducing a variety of new programs and service offerings to support a safe, enjoyable campus dining experience.
“As with many other aspects of campus life, dining services will look and feel a little different this Fall,” said Jack Donovan, President of Aramark’s Higher Education business. “Knowing health and safety is imperative for returning students and faculty, as well as...
Aramark Reports Third Quarter Earnings
Aramark reported third quarter fiscal 2020 results.
“I am encouraged by how well the Company continues to navigate the complexities and challenges of the current environment. Our balance sheet and new business pipeline remain strong, and we have taken strategic actions to fortify Aramark for the future," said John Zillmer, Aramark’s Chief Executive Officer. “I am also proud of how our team members have remained focused on serving our client partners and communities in the face of significant adversity.”
Third Quarter Results
Consolidated Revenue was $2.2 billion in the quarter, down 46.3% year-over-year from the impact of COVID-19 that more than offset modest underlying growth in the overall business. Revenue improved sequentially through each fiscal month with April reflecting...
US Foods Reports Second Quarter Fiscal 2020 Earnings
US Foods Holding Corp. announced results for the second quarter of fiscal 2020. In this press release we refer to certain organic financial results. Organic financial results exclude contributions during the respective period from Smart Stores Holding Corp. (“Smart Foodservice”), which was acquired on April 24, 2020 and the Food Group of Companies (the "Food Group"), which was acquired on Sept. 13, 2019.
Foodservice Associations, NFI Praise PLUS Act Aimed at COVID-19 Relief for Distributors
Representatives Darin LaHood (R-IL) and Jimmy Panetta (D-CA) introduced the Providing Liquidity for Uncollectible Sales (PLUS) Act. The legislation, which provides a tax credit to offset uncollectable debt incurred due to COVID-19 shutdowns, received support from the United Fresh Produce Association, the International Food Distributors Association (IFDA), and National Fisheries Institute (NFI).
Shutdowns lead to significant losses in the foodservice distribution sector as restaurants and other entities were unable to pay distributors for products...
United Natural Foods Reports Third Quarter Fiscal 2020 Results
United Natural Foods, Inc. reported financial results for the third quarter of fiscal 2020 (13 weeks) ended May 2, 2020.
Third Quarter Fiscal 2020 Highlights
Aramark Opens More than 100 Pop-Up Grocery Stores for Frontline Healthcare Workers
As the fight against COVID-19 continues, Aramark is continuing to assist and support frontline workers by opening on-site ‘pop-up’ grocery stores at healthcare facilities across the country, to serve as a one-stop shop for doctors, nurses and hospital staff to grab necessities on their way home. To date, Aramark has opened more than 100 pop-up stores.
The Company is transforming existing retail spaces into grocery stores offering a variety of fresh baked goods, bread, milk, eggs, non-perishable items, paper towels, health & beauty aids and more.
These ‘mini-marts’ stock basic and hard-to-get items that Aramark is able to source through its vast distributor network. By offering a place to shop within their workplace environment...
US Foods to Provide Free Reopening Kits to Independent Restaurants Across the Country
US Foods Holding Corp. announced it is giving away free reopening kits to qualifying independent restaurant owners to help support restaurant reopening efforts in communities across the U.S. The reopening kits provide independent restaurant operators with must-have supplies such as masks and safety guidance posters as well as resource guides to navigate state and local COVID-19 reopening requirements and help create a safer environment for staff and customers alike.
This initiative builds on the company’s ongoing commitment to providing foodservice operators with the expertise, resources and tools to help them successfully adapt their operations during COVID-19...
JUST Announces Partnership with Post Holdings’ Michael Foods
JUST and Michael Foods, a subsidiary of Post Holdings and one of the largest processors of value-added eggs in the world, announced a groundbreaking new partnership to bring the top-selling, plant-based JUST Egg to millions more consumers in the United States.
Under the arrangement, Michael Foods will be the exclusive manufacturer, supplier and distributor of JUST Egg to foodservice and food ingredient customers who are already familiar with their industry-leading egg brands such as Papetti’s, Abbotsford Farms and Davidson’s Safest Choice and are in search of a unique, plant-based egg product.
For over 100 years, the Michael Foods family of businesses have leveraged quality ingredients and cutting-edge processes to offer the finest products and solutions to their customers. This partnership adds...
United Natural Foods Provides COVID-19 Business Update
United Natural Foods, Inc. provided the following business update related to the COVID-19 pandemic, including announcing preliminary third quarter fiscal 2020 results and actions it is taking to protect and support its associates who are continuing to provide North America with essential services during this time of emergency.
"I am incredibly proud of the entire UNFI team, especially our front line distribution center, transportation and retail associates, who have been working diligently to fulfill UNFI's role as a critical link in the North American food supply chain during this unprecedented time. The safety of our team has always been and will continue to...
Marie Robinson Joins Sysco as Chief Supply Chain Officer
Sysco Corporation announced that Marie Robinson has joined the company as executive vice president and chief supply chain officer. She is Sysco’s senior supply chain leader with responsibility for leading the company’s supply chain transformation aimed at accelerating profitable growth through more tailored supply chain solutions.
“I am thrilled to have a leader of Marie’s caliber join our team,” said Kevin Hourican, Sysco’s president and chief executive officer. “She brings substantial experience leading international supply chain organizations, network transformation initiatives, distribution centers, and...
Aramark Reports Second Quarter Earnings
Aramark today reported second quarter fiscal 2020 results.
“Our hearts go out to everyone who has been impacted by COVID-19, most especially our employees, client partners and customers who have experienced personal and financial hardship," said John Zillmer, Aramark’s Chief Executive Officer. “I am proud of the heroic efforts of our dedicated team members who are providing safe and hygienic food, uniforms and facility services during this challenging time."
"Our financial performance demonstrates the resiliency of Aramark’s flexible business model, as well as our ability to adapt quickly to changing market conditions,” Zillmer added. “The proactive steps we have taken to navigate this difficult economic environment should...
US Foods Reports First Quarter Fiscal 2020 Earnings
US Foods Holding Corp., one of the largest foodservice distributors in the United States, today announced results for the first quarter of fiscal 2020. In this press release we refer to certain organic financial results. Organic financial results exclude contributions during the respective period from the Food Group of Companies (the "Food Group"), which was acquired on Sept. 13, 2019.
First Quarter Fiscal 2020 Highlights
Sysco Reports Third Quarter Fiscal 2020 Results
Sysco Corporation announced financial results for its 13-week third fiscal quarter ended March 28, 2020.
USDA Announces Additional Food Purchase Plans
U.S. Secretary of Agriculture Sonny Perdue announced details of $470 million in Section 32 food purchases to occur in the third quarter of fiscal year 2020, in addition to purchases previously announced, which will enable USDA to purchase surplus food for distribution to communities nationwide. These Section 32 purchases will provide additional support for producers and Americans in need, in response to changing market conditions caused by the COVID-19 national emergency.
“President Trump has authorized USDA to support our farmers affected by this national emergency and this action to purchase food and deliver to those in need further demonstrates his unwavering support for the American people during these unprecedented times,” said Secretary Perdue. “America’s farmers and ranchers have...
Performance Food Group Company Reports Third Quarter Results
Performance Food Group Company today announced its third-quarter and first-nine months fiscal 2020 business results.
“The COVID-19 pandemic has brought unique challenges to our industry and Company,” said George Holm, PFG’s Chairman, President & Chief Executive Officer, “and I am very proud of how our associates have responded. PFG is committed to keeping our associates safe and taking actions to support the customers and communities we serve while positioning our business to weather today’s environment and emerge on a strong financial and business footing. We have raised additional capital in both the equity and debt markets to...
UNFI Names Jim Gehr Chief Supply Chain Officer
United Natural Foods, Inc. announced that it has named Jim Gehr as its new Chief Supply Chain Officer effective Monday, May 4. In this role, Gehr will lead an organization of over 12,000 associates working across four regions and 59 distribution centers, delivering 1.3 billion cases annually to UNFI's more than 30,000 customers. He will immediately focus on UNFI's warehouse logistics while further advancing UNFI's automation investments, distribution center expansions and network optimization. Gehr will report to Eric Dorne, UNFI's Chief Operating Officer.
"Jim is a highly-regarded supply chain executive who brings operational excellence experience to UNFI along with a proven track record of building and motivating teams," said Dorne. "He has a history of creating and growing business opportunities, establishing sustainable processes, and developing...
COVID-19 Impact on the Plant-Based Meat Market
According to MarketsandMarkets, the global plant-based meat market size is projected to grow from $3.6 billion in 2020 to $4.2 billion by 2021, recording a compound annual growth rate of 17.0% in the realistic scenario during the forecast period.
The pea segment is projected to be the fastest-growing segment in the plant-based meat market during the forecast period.
The use of pea in plant-based meat has gained significant prominence over the past two years, driven by companies such as Beyond Meat (US), R&S Blumos (Brazil), and other regional players who are...
The Coronavirus Crisis from the K-12 Operator Perspective
Nearly all school districts have ended in-person instruction due to the coronavirus pandemic, with many states planning to keep schools closed for the remainder of the academic year. However, some families rely on free and reduced meals that schools provide to students. Some districts are seeing rising participation in these meal programs as more people are experiencing layoffs and furloughs.
Previously, K-12 operators were not permitted to deliver food or have food for off-premise consumption. Now, those are their only options for service. Although these operators are accustomed to dealing with an at-risk population with existing safety measures and...
Sysco Launches Campaign to Connect Foodservice Operators to Its Fresh Products
Sysco Corporation announced that it has launched a new “Sysco Knows Fresh” multi-channel campaign designed to promote both the company’s high quality, fresh product offering and its widespread availability to customers, consumers and the industry.
“Sysco continues to lead our industry in providing an expansive fresh product assortment – including fresh meats and seafood, produce, dairy and refrigerated specialty items. Especially during these challenging times, we want our customers to know they can count on Sysco to help them succeed with...
Coronavirus Crisis From the Foodservice Operator Perspective
According to a recent report by Datassential, fears of irreparable harm are building more significantly among restaurant operators, particularly those leading full-service locations. Not all on-site segments are carrying on seamlessly, as lodging has a huge vacancy problem and many college campuses are closed.
However, other operators have kept moving along, even if dine-in options can no longer be offered until further notice. All foodservice operators are focused on remaining open as much as possible and serve customers via the few options left. During this time, suppliers and manufacturers need to be flexible, as operators need to be...
Performance Food Group Announces Partnerships and Corporate Actions
Performance Food Group Company announced several new partnerships and corporate actions to strengthen its business during the novel coronavirus pandemic.
“As we all adapt to the COVID-19 pandemic, our company is in a crucial position to keep our country’s food supply chain strong,” said George Holm, PFG Chairman, President & CEO. “We are proud of the tremendous effort and dedication shown by our talented associates who are working tirelessly to keep people fed during this time. In addition to working with our existing customers, we have formed several new partnerships, brought in new business and shared many of our associates with organizations that are experiencing labor shortages. PFG is also diligently assessing and managing how we spend our capital so that we are in the best financial position possible. With our new partnerships and...
Protein Distributors Pivot to Direct to Consumer Model as Coronavirus Impacts Foodservice Sector
Outside of the box thinking from protein producers and distributors have led companies to pivot to a direct to consumer business model as the coronavirus halts the foodservice sector.
One company making headlines is Premier Meats. Located just outside of Los Angeles, California, Premier Meats has opened up its doors to the public for the first time. The company is selling its products which typically head to restaurants in the city, straight to local consumers.
Urner Barry market participants have reported following similar paths as Premier Meats to try and find a home for product. From providing pick up points at their facilities to offering...
JUST Expands Partnerships Globally, Raises Capital & Adds Former Coca-Cola Executive
JUST announced a host of partnerships to manufacture and distribute its JUST Egg across North America, Latin America, Europe, and East Asia. This global infrastructure, which includes millions of additional points of potential distribution and access to production facilities on multiple continents, will provide the scale needed to meet the increasing worldwide demand for the product.
Included in this partnership announcement are South Korea’s food company, SPC Samlip; one of Southeast Asia’s largest food companies, Betagro Group; bakery company, Grupo Bimbo; one of Latin America’s largest edible oil and fat producers, Alianza Team; and local delivery platform, Delivery Hero. This infrastructure builds on a previously announced manufacturing and distribution partnership with...
SpartanNash Promotes Thomas Swanson
SpartanNash announced the promotion of Thomas E. Swanson to Executive Vice President and General Manager, Corporate Retail.
Mr. Swanson was named Senior Vice President and General Manager, Corporate Retail in October 2018, responsible for leading the corporate retail business unit for all corporate retail banners and Quick Stop fuel and convenience centers. Mr. Swanson’s energy and passion for retail have been instrumental in SpartanNash’s success. His impact has resulted in positive retail comparable sales for the last two quarters. Mr. Swanson also has overseen the transition and integration of more than...
US Foods to Acquire Smart Foodservice Warehouse Stores
US Foods announced that it has entered into a definitive agreement to acquire Smart Foodservice Warehouse Stores from funds managed by affiliates of Apollo Global Management for $970 million in cash.
Smart Foodservice operates 70 small-format cash and carry stores across California, Washington, Oregon, Idaho, Nevada, Utah and Montana that serve small and mid-sized restaurants and other food business customers with a broad assortment of products. Founded in 1955 and headquartered in the greater Portland, Oregon area, Smart Foodservice employs approximately 900 associates. Smart Foodservice had 2019 revenues of...
Sysco Announces Leadership Promotions
Sysco Corporation announced two senior leadership promotions. Eve McFadden has been promoted to senior vice president of legal, general counsel and corporate secretary, after being promoted to vice president and general counsel in 2019. Since joining Sysco in 2008, Eve has provided effective leadership in the areas of employment law, antitrust compliance, and ethics and compliance. In addition, her skills in building strong partnerships within the business has contributed to the company’s success.
In her new role, Eve will continue to act as general counsel, adding responsibility for Sysco’s Enterprise Risk Management function, under which she recently established a new team focused on developing a global framework for Sysco’s environment, health and...
Quirch Foods Opens New Distribution Center
Quirch Foods, LLC opens its sixth distribution center in Greensboro North Carolina. The expansion is an essential component to the growth of the company which seeks to continue expanding and leveraging its distribution reach. Currently operating with 5 distribution centers located throughout the Southeast and the Caribbean, the sixth facility is set to begin operations in early March of 2020. The addition of this warehouse facility extends the company’s reach and ability to service independent and national supermarkets in and around the Carolinas and northward.
“We continue to look for opportunities to expand our reach and find strategic locations which will facilitate a...
US Foods Announces Launch of Spring Scoop
US Foods announced the launch of Spring Scoop, “Raising the Bar: The Classics – Celebrated and Elevated.” The 25th edition of Scoop features products designed to help bar-and-grill operators easily get creative and innovate with their menus, with elevated, upsell-worthy versions of their traditional bar-and-grill fare.
As modern diners seek bolder flavors, new menu experiences and flexible dietary substitutions, adding new items to the menu and elevating the classics with on-trend ingredients is critical to maintaining a competitive advantage. In fact, 54% of diners consider new menu items important to their decision when...
SpartanNash Announces Fourth Quarter and Fiscal 2019 Financial Results
SpartanNash reported financial results for its 12-week fourth quarter and 52-week fiscal year ended December 28, 2019.
Fourth Quarter Fiscal 2019 Highlights
Sysco Announces Exclusive New Product Offerings from Cutting Edge Solutions
Sysco Corporation announced today the launch of eleven new and exciting menu concepts. These innovative products are available exclusively for Sysco customers nationwide through the company’s Cutting Edge Solutions platform.
Designed to help Sysco’s customers stay ahead of their competition, Cutting Edge Solutions products are sourced from best-in-class suppliers at the forefront of innovation. From better-for-you ingredients to labor-saving products, Cutting Edge Solutions products help operators easily update their menus and delight patrons with chef-tested, on-trend and innovative solutions. These versatile products also represent...
Aramark Names Carl Mittleman Chief Operating Officer, International
Aramark has named Carl Mittleman Chief Operating Officer, International succeeding Brent Franks, who leaves Aramark after a successful 7-year tenure. Mittleman, who has been with the Company for 25 years, most recently served as President, Sports & Entertainment. Alison Birdwell, a sports and hospitality industry veteran, has been promoted to President, Sports & Entertainment.
Mittleman joined Aramark as a college intern and held positions of increased responsibility in sales and operations in Aramark Germany, Leisure and Sports & Entertainment. He moved through...
US Foods Reports Fourth Quarter and Fiscal Year 2019 Earnings
US Foods Holding Corp. announced results for the fourth quarter and full fiscal year 2019. In this press release we refer to certain organic financial results. Organic financial results exclude contributions during the respective period from the Food Group of Companies (the "Food Group"), which was acquired on Sept. 13, 2019.
Sysco Announces Sustainability Bond Framework to Advance 2025 Goals
Sysco Corporation announced today it has designed a Sustainability Bond Framework (the Framework) under which it may issue Green, Social and/or Sustainability Bonds to advance the company’s 2025 corporate social responsibility (CSR) goals.
Sysco’s CSR strategy focuses on three key areas: people, products and planet, setting a clear path for the future and demonstrating the company’s continued commitment to caring for people, sourcing products responsibly and protecting the planet. The company’s 2025 CSR goals, announced in 2018, include a comprehensive set of objectives, including...
JUST and Sodexo Partner on Breakfast
JUST announced a partnership with Sodexo, a global food services and facilities management leader, to bring the award-winning, top-selling JUST Egg to Sodexo’s higher education, healthcare and corporate sites across the United States.
Crafted by a team of Michelin starred chefs, the plant-based JUST Egg’s key ingredient is protein from the mung bean, a dietary staple in Asia for thousands of years.
Through this partnership, JUST joins Sodexo’s commitment to sourcing responsibly, encouraging plant-based meals and reducing food waste as part of Sodexo’s Better Tomorrow 2025 strategy to...
Performance Food Group Reports Second-Quarter and First-Half Fiscal 2020 Results
Performance Food Group Company today announced its second-quarter and first-half fiscal 2020 business results.
“After a strong start to the year, I am pleased that our business momentum continued into the second quarter. Our results were driven by solid top-line performance and strong EBITDA contribution from both the Vistar and Foodservice segments,” said George Holm, PFG’s Chairman, President & Chief Executive Officer. “We are pleased with the broad-based profit contribution across our operating segments and are excited to have closed the Reinhart acquisition as planned. The early integration of Reinhart is proceeding very well, and we remain on track for...
Aramark Reports First Quarter Results
Aramark today reported first quarter fiscal 2020 results.
"Our financial performance in the quarter largely materialized as expected and reflects the early actions of our strategies to unlock the economic potential of the business," said John Zillmer, Aramark's Chief Executive Officer. "In just a few short months, we have mobilized strategic leadership changes and targeted investments, as well as realigned resources to more directly support our field organization and clients—all of which creates catalysts to drive future growth in the business."
First Quarter Results
Consolidated Revenue was $4.3 billion in the quarter, down 0.3% year-over-year, primarily due to approximately six weeks of...
Sysco Reports Second Quarter Fiscal 2020 Results
Sysco Corporation today announced financial results for its 13-week second fiscal quarter ended December 28, 2019.
First Half Fiscal 2020 Highlights
Sysco’s FreshPoint Central Florida Expands Facility
Sysco Corporation today announced that it will host a grand opening ceremony and open house for government officials, customers, associates and other members of the community at its FreshPoint Central Florida facility on Jan. 22, 2020 from 11:00am to 2:00pm EST. FreshPoint, Sysco’s specialty produce company, is North America’s leading produce distributor.
The event will celebrate the completion of the expanded, state-of-the-art 150,000 square foot facility, which has doubled in size and features environmentally-friendly specifications, and include a ribbon cutting, facility tour, food demonstrations, tastings and more. The FreshPoint Central Florida facility address is 8801 Exchange Drive in Orlando, FL.
As a result of the expansion, the facility features...
Sysco Announces U.S. Launch of Sysco Simply Plant-Based Burger Patty
Sysco Corporation, the leading global foodservice distribution company, announced the launch of its Sysco Simply Plant-Based Meatless Burger Patty, a Sysco brand exclusive product. This innovative burger is now available to the company’s customers in the majority of its U.S. markets.
This plant-based burger is the latest offering from Sysco Simply, the company’s lifestyle brand designed to help foodservice operators meet growing consumer demand for flexible and customized menu choices. The Sysco Simply burger is a vegan, gluten-free, non-GMO soy patty with 18 grams of plant-based protein per serving, helping foodservice operators...
Sysco Announces Senior Leadership Changes to Accelerate Next Phase of Development
Sysco Corporation announced today that Tom Bené will be stepping down from his roles as president and chief executive officer effective January 31, 2020. Tom will stay on with Sysco as an executive advisor until March 1, 2020, to be available to assist with a smooth and orderly transition of leadership for the Company. The board of directors has unanimously elected Kevin Hourican as the Company’s new president and chief executive officer, starting on February 1, 2020. Kevin most recently served as executive vice president of CVS Health and president of CVS Pharmacy and is a proven business leader with...
Aramark Names Thomas Ondrof as Chief Financial Officer
Aramark, a $16 billion global leader in food, facilities management and uniforms, announced today that Thomas Ondrof will join the Company as Executive Vice President, Chief Financial Officer, effective January 7, 2020, succeeding Steve Bramlage who will remain with the Company until April 3, 2020 in the role of Executive Advisor to assist in this transition.
Ondrof previously served as Chief Financial Officer with Performance Food Group, a $23 billion foodservice distributor. Prior to PFG, Ondrof spent 24 years at Compass Group North America, where he served in a variety of financial and...
Performance Food Group Company Completes the Acquisition of Reinhart Foodservice
Performance Food Group Company announced that it has completed the acquisition of Reinhart Foodservice, L.L.C. (Reinhart). With the close of the transaction, PFG is now positioned as one of the largest distributors in the U.S., with approximately $30 billion in annual net revenue and nearly 25,000 talented associates. PFG continues to expect to generate approximately $50 million of annual run-rate cost synergies in the third full fiscal year following today’s close. This is anticipated to result in low single-digit Adjusted Diluted EPS accretion in the first full fiscal year and low double-digit accretion expected in the third full fiscal year.
“We are excited to close the acquisition and welcome Reinhart’s many talented associates to the PFG family of companies,” said George Holm, PFG Chairman, President & CEO. “The Reyes family has built a strong business and...
Performance Food Group Company Receives FTC Approval for Acquisition of Reinhart Foodservice
Performance Food Group Company announced that it has received approval from the Federal Trade Commission (FTC) to acquire Reinhart Foodservice, L.L.C. (Reinhart). PFG now expects to close the transaction on or about December 30, 2019, subject to the satisfaction or waiver of the remaining closing conditions.
“We are pleased to receive FTC approval to move forward with our acquisition of Reinhart Foodservice,” said George Holm, PFG Chairman, President & CEO. “This transaction builds upon our strong distribution platform and will provide us with greater overall scale and a diverse customer base, including independent customers. We expect this transaction to enhance our ability to help...
Daring Foods Launches Nationwide with Rastelli Foods Group
Daring Foods, the first plant-based chicken made from only five non-GMO ingredients, announced today its arrival in the US through a strategic partnership with family-run butcher and industry leading food service supplier, Rastelli Foods Group.
Through the multi-million USD deal partnership, Rastelli Foods Group will be the exclusive national distributor of Daring Foods; bringing its plant-based chicken to restaurants and retailers throughout the country. In addition, Rastelli's will support Daring's push into direct-to-consumer product delivery in February 2020 through daringfoods.com.
This marks a new chapter in plant-based alternatives – created from simple ingredients that customers will have no trouble recognizing, yet mimics chicken in...
Performance Food Group Company Appoints Three New Independent Directors
Performance Food Group Company, today announced that the Board of Directors of PFG has appointed Barbara J. Beck, Matthew C. Flanigan, and David V. Singer to the Board of Directors, effective immediately. With these appointments, PFG’s Board of Directors expands to 10 directors.
Barbara J. Beck, 59, recently retired from her position as the Chief Executive Officer of Learning Care Group, Inc. (LCG), a global for-profit early childhood education provider. She served as Chief Executive Officer of LCG, from March 2011 until June 2019, and currently acts as an advisor to American Securities, the private equity owner of LCG. Ms. Beck also serves on the Executive Council of American Securities. Prior to joining LCG, Ms. Beck spent nine years as an executive of Manpower Inc., a world leader in the employment services industry, including...
Aramark Names Marc Bruno Chief Operating Officer, U.S. Food & Facilities
Aramark, a global leader in food, facilities management and uniforms, announced today that Marc Bruno has been promoted to Chief Operating Officer, U.S. Food & Facilities, reporting to CEO John Zillmer. In this new role, Bruno will focus on driving the Company’s hospitality culture and growth across Aramark’s eight U.S. food and facilities businesses.
Bruno joined Aramark in 1993 after graduating from the Cornell University School of Hotel Administration. Throughout the course of his career, he has risen through the ranks leading virtually every one of Aramark’s U.S. food and facilities businesses, as well as the Company’s Olympic involvement around the globe. In addition, Bruno has overseen some of the world’s largest events for the Company, including...
Michael Foster Joins Sysco Corporation as Chief Information and Technology Officer
Sysco Corporation announced today that Michael Foster will join the company as chief information and technology officer, effective December 2. He will serve as Sysco’s senior technology leader with responsibility for all aspects of our global technology agenda, and will partner with other Sysco leaders in helping to shape the company’s broader strategic direction and future growth agenda.
"We are very pleased to welcome Michael to Sysco,” said Tom Bené, Sysco's chairman, president and chief executive officer. “His deep background in complex supply chain and logistics businesses, as well as his experience leading digital transformation, infrastructure modernization and...
Aramark Reports Fourth Quarter and Full Year 2019 Earnings
Aramark today reported fourth quarter and full-year fiscal 2019 results.
“Aramark is an iconic company with a promising future. I am incredibly inspired by the many talented field leaders and valued client partners I have met in just 45 days back with the Company,” said John Zillmer, Chief Executive Officer, Aramark. “My immediate priority is to elevate the Company’s hospitality culture and drive the business forward in a way that unlocks meaningful value for all stakeholders."
Fourth Quarter Results
Consolidated revenue was $4.0 billion in the quarter, an increase of 1.0% over the prior year. Adjusted Revenue grew 4.9% compared to the prior year attributed to...
Sysco Acquires Hawaii-Based Armstrong Produce and Kula Produce
Sysco Corporation today announced it has acquired Armstrong Produce and Kula Produce, Hawaii-based broadline fresh produce wholesalers and distributors with approximately $155 million in combined annual revenue. The acquisitions will operate as part of FreshPoint, Sysco’s specialty produce company.
Armstrong Produce was founded in 1979 and has grown from a small family-run wholesale business into Hawaii’s leading produce wholesaler and distributor. With operations in Honolulu, Kona and Kahului, the company supplies a wide range of customers, from local chefs to retailers, with fresh produce daily. Armstrong Produce and Kula Produce are sister companies.
“Armstrong Produce and Kula Produce have been providing quality service and produce to...
Performance Food Group Reports First-Quarter Fiscal 2020 Results
Performance Food Group Company announced its first-quarter fiscal 2020 business results.
“I am pleased with our first-quarter results driven by double-digit EBITDA growth in our Foodservice and Vistar segments,” said George Holm, PFG’s President & Chief Executive Officer. “Vistar continued to deliver strong top and bottom-line results fueled by broad-based growth across its sales channels. Our Foodservice segment generated 13% in EBITDA growth driven by its customer-centric focus and its continued strategic investments in people and technology. Based on our strong start to the year, we are pleased to increase our full-year Adjusted EBITDA and Adjusted Diluted EPS outlook.”
First-Quarter Fiscal 2020 Financial Summary
Total case volume increased 10.7% for the first quarter of fiscal 2020 compared to the prior year period, with underlying organic growth of 3.2%. Total case volume included Eby-Brown Company, LLC (“Eby-Brown”), a 5.6% increase in...
Sysco Announces 2019 Corporate Social Responsibility Report
Sysco Corporation, the leading global foodservice distribution company, announced today it has published its 2019 Corporate Social Responsibility (CSR) Report, documenting the company’s progress toward the 2025 CSR goals established in 2018. Sysco’s CSR strategy focuses on three key areas: people, products and planet, with the objective of Delivering A Better Tomorrow. This strategy sets a clear path for the future and demonstrate the company’s continued commitment to caring for people, sourcing products responsibly and protecting the planet.
“As we celebrate Sysco’s 50th anniversary this fiscal year, we understand the importance of a strong CSR strategy that is focused on finding systemic solutions and...
US Foods Reports Third Quarter Fiscal 2019 Earnings
US Foods Holding Corp., one of the leading foodservice distributors in the United States, today announced results for the third quarter of fiscal 2019. In this press release we refer to certain organic financial results. Organic financial results exclude contributions during the respective period from the Food Group of Companies (the "Food Group"), which was acquired on September 13, 2019.
Third Quarter Fiscal 2019 Highlights
Sysco Reports First Quarter Fiscal 2020 Results
Sysco Corporation today announced financial results for its 13-week first fiscal quarter ended September 28, 2019.
“We saw improved financial results in the first quarter with adjusted operating income growth that was...
Sysco’s Cutting Edge Solutions Announces Additional Product Offerings
Sysco Corporation, the leading global foodservice distribution company, announced the availability of nine new products exclusively for customers through its Cutting Edge Solutions platform.
Designed to enable customers to succeed by differentiating themselves in an evolving and competitive business environment, Cutting Edge Solutions products are sourced from leading and up-and-coming suppliers and assists customers with refreshing their menus, driving increased traffic and streamlining back-of-house operations. Since its inception in October 2015, Cutting Edge Solutions has delivered...
United Natural Foods, Inc. Reports Fourth Quarter Fiscal 2019 Results
United Natural Foods, Inc. today reported financial results for the fourth quarter and fiscal year ended August 3, 2019.
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