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Performance Food Group Company to Acquire Reinhart Foodservice
Performance Food Group Company (“PFG”) (NYSE: PFGC) today announced it has entered into a definitive agreement to acquire Reinhart Foodservice, L.L.C (“Reinhart”) from Reyes Holdings, L.L.C. in a transaction valued at $2.0 billion, or approximately $1.7 billion net of an estimated tax benefit to PFG of approximately $265 million. With annual net sales of over $6 billion, Reinhart is the second largest privately held foodservice distributor in the U.S. and is headquartered in Rosemont, IL.
“We are excited to announce the strategic acquisition of Reinhart and welcome them to Performance Food Group,” said George Holm, PFG Chairman, President & Chief Executive Officer. “I’ve known the Reyes family for nearly two decades, and...
PathProven from Performance Food Group Providing First-Ever DNA Trace Back System from Farm to Plate in North America
Nearly 93 percent of all consumers are more likely to be loyal to a brand when it commits to full transparency, according to a 2017 Label Insights study from the Food Marketing Institute. The survey also revealed 74 percent of consumers would switch from the brands they usually buy to ones that provide more in-depth product information beyond the physical packaging. In Europe, the fresh meat industry has been moving toward this goal for twenty years. In the U.S., Performance Food Group Company (PFG) has been working with European technology innovator, IdentiGEN, for 10 years to align supply chains, building the first complete DNA Trace Back System to the farm. PFG has connected the information loop to provide greater accountability, improve sustainability, ensure quality, and...
Performance Food Group Company Reports Second-Quarter and First-Half Fiscal 2019 Results
Performance Food Group Company today announced its second-quarter and first-half fiscal 2019 business results.
“Our second quarter results were strong driven by Vistar’s robust top-line results,” said George Holm, PFG’s Chairman, President & Chief Executive Officer. “Vistar is having an outstanding year and grew its EBITDA by over 30% in the second quarter. We are also pleased to have experienced sequential improvement in our Foodservice segment as our strategic investments continue to be on track to support our long-term growth objectives. We are on track for another year of strong growth across our Company...
Performance Food Group Company Announces Executive Leadership Transition
Performance Food Group Company announced an executive leadership transition with Dave Flitman, Executive Vice President, PFG and President and CEO of Performance Foodservice, leaving the company to pursue a chief executive role outside the foodservice industry. As a result of Mr. Flitman’s departure, Craig Hoskins, President and CEO, PFG Customized and Performance Foodservice Sales and Marketing leader, will assume responsibility of Performance Foodservice on an interim basis while the Company conducts an executive search. Mr. Hoskins joined PFG in 2008 following the acquisition of the Company by Vistar Corporation where he progressed through successive roles of increasing responsibility in sales and marketing, merchandising/purchasing, and operations.
"Dave has made significant contributions to the continued success of the Company over the last three and a half years, and on behalf of our board and management team, I want ...
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