Performance Food Group Agrees to Facilitate Sysco-US Foods Merger
February 04, 2015
Performance Food Group, a foodservice distributor majority owned by The Blackstone Group, has agreed to acquire 11 US Foods facilities from Sysco (NYSE: SYY) related to the proposed merger between Sysco and US Foods announced in December 2013. The deal is contingent on consummation of the merger. The 11 distribution centers generated $4.6 billion in annual revenue for the most recent fiscal year. Backed by Blackstone and Wellspring Capital Management since 2008, Performance Food Group filed for an IPO in the fall. US Foods is jointly owned by affiliates of KKR and Clayton, Dubilier & Rice.