Performance Food Group Company Receives FTC Approval for Acquisition of Reinhart Foodservice
RICHMOND, Va.--(BUSINESS WIRE)--Dec 20, 2019--
Performance Food Group Company (PFG) (NYSE: PFGC) announced today 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 our customers thrive and believe the attractive financial characteristics will create long-term shareholder value.”
About Performance Food Group Company
Built on the many proud histories of our family of companies, Performance Food Group is a customer-centric foodservice distribution leader headquartered in Richmond, Virginia. Grounded by roots that date back to a grocery peddler in 1885, PFG today has a nationwide network of over 80 distribution centers, 18,000-plus talented associates and more than 5,000 valued suppliers across the country. With the goal of helping our customers thrive, we market and deliver quality food and related products to over 170,000 locations including independent and chain restaurants, schools, business and industry locations, healthcare facilities, vending distributors, office coffee service distributors, big box retailers, theaters and convenience stores. Building strong relationships is core to PFG’s success – from connecting associates with great career opportunities to connecting valued suppliers and quality products with PFG’s broad and diverse customer base. To learn more about PFG, visit pfgc.com.
About Reinhart Foodservice, L.L.C.
Founded in 1972, Reinhart Foodservice is a part of the Reyes Family of Businesses and is one of the five largest foodservice distributors in the United States. From 26 distribution centers, Reinhart provides fresh produce, proteins, ingredients, supplies and equipment to customers across the country, including independent and chain restaurants, delis, sporting venues, schools, healthcare facilities, and the military. Reinhart is dedicated to driving the success of the customers and communities it serves and is committed to the highest levels of safety and service. To learn more about Reinhart, visit www.RFSdelivers.com.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, including statements relating to the intended use of proceeds from the offering. These statements include, but are not limited to, all statements that do not relate solely to historical or current facts. You can identify these forward-looking statements by the use of words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words.
Such forward-looking statements are subject to various risks and uncertainties, including but not limited to the factors discussed under the section entitled “Risk Factors” in PFG’s Annual Report on Form 10-K for the fiscal year ended June 29, 2019 filed with the Securities and Exchange Commission (the “SEC”) on August 16, 2019, as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov, which could cause actual future results to differ materially from those expressed in any forward-looking statements. Such factors include:
Any forward-looking statement, including any contained herein, speaks only as of the time of this press release and we do not undertake to update or revise them as more information becomes available or to disclose any facts, events, or circumstances after the date of this press release that may affect the accuracy of any forward-looking statement, except as required by law.
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Vice President, Investor Relations
Director, Communications & Engagement
KEYWORD: VIRGINIA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: RESTAURANT/BAR TRUCKING SUPPLY CHAIN MANAGEMENT FOOD/BEVERAGE LOGISTICS/SUPPLY CHAIN MANAGEMENT TRANSPORT DISCOUNT/VARIETY RETAIL
SOURCE: Performance Food Group Company
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PUB: 12/20/2019 05:00 PM/DISC: 12/20/2019 05:00 PM