Performance Food Group Company (PFG) has announced that it has agreed a deal to purchase Reinhart Foodservice from Reyes Holdings.
The transaction is valued at $2 billion, and will see the country’s third and fifth largest foodservice distributors join forces – with the companies boasting joint net sales in excess of $36 billion.
PFG’s chairman, president and CEO George Holm, said: “We are excited to announce the strategic acquisition of Reinhart and welcome them to Performance Food Group.
“I’ve known the Reyes family for nearly two decades, and they have built and grown an incredible company.
“We believe the addition of Reinhart and its complementary strengths will expand Performance Foodservice’s broadline presence, improve our network efficiency and help us achieve our long-term growth goals.
“This transaction provides us with greater overall scale, a diverse customer base, including a solid base of independent customers, and builds upon our strong distribution platform.
“We believe these attributes along with attractive financial characteristics will enhance our ability to continue to deliver the service our customers need to succeed and create shareholder value.”
Reyes Holdings co-chairman, J. Christopher Reyes, added: “We are excited to partner with PFG and believe this acquisition provides meaningful benefits to our customers and expanded opportunities for our employees.
“PFG has a solid track record of growth and leadership in our industry. We believe our strengths and the strong cultural connection our companies share will support continued success for many years to come.”
In addition to being one of the nation’s largest distributors of food products, PFG also sells kitchen supplies and light equipment to a large number of nationwide restaurants and businesses.