Performance Food Group Company announced that its acquisition by affiliates of The Blackstone Group and Wellspring Capital Management has been completed. The transaction is valued at approximately $1.4 billion.
PFG is being merged with a wholly owned subsidiary of VISTAR Corporation, a specialty foodservice distributor controlled by affiliates of Blackstone and Wellspring. The newly combined company, known as Performance Food Group, is expected to have revenues approaching $10 billion and more than 10,000 employees.
Under terms of the merger agreement, PFG shareholders will receive $34.50 in cash for each outstanding share of PFG common stock held as of 4 p.m. (EDT) May 23, 2008. As a result of the merger, PFG's common stock was delisted and ceased trading on the NASDAQ Global Select Market.
George Holm, president and chief executive officer of VISTAR, becomes chief executive officer for PFG. Holm has been an executive in the foodservice distribution industry for 28 years, and before joining VISTAR held senior leadership roles with Alliant Foodservice Inc., U.S. Foodservice Inc., and Sysco Corporation.