Performance Food Group acquired

Frozen Food Digest, Oct, 2008

Performance Food Group Co. has 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 Corp., 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.

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 VlSTAR held senior leadership roles with Alliant Foodservice Inc., U.S. Foodservice Inc., and Sysco Corp.