STRATEGIC PARTNERS
RICHMOND, VA -- Performance Food Group Co. has completed its acquisition of Reinhart Foodservice, LLC, announced in July. 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 associates. PFG, parent to Vistar, the nation's largest distributor of products to the convenience services channel, continues to expect to generate approximately $50 million of annual run-rate cost syner...
December 30, 2019 by Emily Jed
RICHMOND, VA -- Performance Food Group Co. has completed its acquisition of Reinhart Foodservice, LLC, announced in July. 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 associates.
PFG, parent to Vistar, the nation's largest distributor of products to the convenience services channel, continues to expect to generate approximately $50 million of annual run-rate cost synergies in the third full fiscal year following the close of the deal on Dec. 31. PFG has identified synergies primarily in procurement, operations and logistics. PFG estimates one-time capital expenditures of $90 million in IT upgrades and integration over the next five years.
"We are excited to close the acquisition and welcome Reinhart's many talented associates to the PFG family of companies," said PFG chairman, president and chief executive George Holm. "The Reyes family has built a strong business and this transaction expands PFG's platform to help our diverse customer base thrive. We are honored to add Reinhart's proud history to PFG and look forward to creating shared success in the future."
Reinhart, headquartered in Rosemont, IL, has 26 distribution centers. With annual net sales in excess of $6 billion, Reinhart is the second largest privately held distributor in the U.S., with approximately 90,000 SKUs sold to 42,500 customers.
Headquartered in Richmond, VA, with roots that date back to a grocery peddler in 1885, PFG has a nationwide network of more than 100 distribution centers and thousands of suppliers across the country. It markets and delivers food and related products to more than 200,000 locations including vending, micromarket and OCS operators, independent and chain restaurants, schools, business and industry locations, healthcare facilities, big box retailers, theaters and convenience stores.
"We are happy to welcome Reinhart to PFG," said Craig Hoskins, PFG executive vice-president and president and chief executive of PFG's foodservice segment. "Reinhart brings complementary strengths that will expand Performance Foodservice's broadline presence, improve our network efficiency and help us achieve our long-term growth goals. There will be many opportunities for our organizations to learn from each other as Reinhart becomes an important part of PFG's foodservice segment."
