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Performance Food Group to buy Reinhart Foodservice

Angelina Greer by Angelina Greer
February 28, 2025
in Food
0

On Monday, Performance Food Group (PFG) stated it received fellow distributor Reinhart Foodservice in a $2 billion deal that guarantees to make PFG one of the biggest national distributors in the United States.

The deal combines you. S . ‘s 1/3- and 5th-largest foodservice vendors. PFG is No. 3 behind Sysco and U.S. Foods, in step with information from Restaurant Business sister enterprise Technomic.
Reinhart is No. Five, and the second one-biggest privately-held distributor within us of a. The enterprise stated that the distributor generates more than $6 billion in net sales, which might deliver Richmond, Va.-based PFG about $30 billion in net sales.

Food

“The addition of Reinhart and its complementary strengths will increase Performance Foodservice’s broad line presence, enhance our network performance, and help us obtain our long-time period desires,” PFG CEO George Holm said in a conference call Monday discussing the deal, in keeping with a transcript from the monetary services web site Sentier.

He stated the deal “gives us with greater usual scale, a diverse however comparable client base, together with a stable base of independent clients with little overlap.”

Reinhart was set up in 1972 and has been owned by Reyes Holdings since 2005, a length wherein the distributor grew to $6 billion in sales from $1.6 billion. Holm said that PFG and Reyes had been discussing a transaction “for many years.”

“Now is the right time for both parties,” Holm stated.

Reinhart has 26 distribution facilities, forty-two 500 customers, and employs five, six hundred humans. Its largest chain customers include Burger King, Subway, and Five Guys. Holm said that PFG additionally does business with Burger King and Subway in some markets.
The deal is a problem with regulatory approvals. PFG stated it expects to look at about $50 million in “fee synergies” by using the 1/3 yr following the entirety of the merger. Most of those will be available for operations, procurement, and logistics.

The agreement additionally promises to solidify PFG’s fame as a chief, countrywide distributor. It could position itself inside the arms reach of U.S. Foods, the second-biggest distributor in the U.S., according to the Technomic Power 50 record.

“This surely closes the space between them and the modern-day No. 2 U.S. Foods,” said David Henkes, senior foremost with Technomic.
At least some of the reasonings behind the deal center on unbiased eating places. Distributors have focused more on this organization, which’s growing and doubtlessly extra lucrative. Reinhart isn’t any exception, but Holm believes that PFG might help the distributor tap into this group of clients more efficaciously.

“They correctly have spent an excellent little bit of time redoing their warehouse network, transforming their patron base, and positioning themselves for better impartial growth,” Holm said. “But it is nonetheless an agency that persisted via that period to show, even though very modest, impartial increase. And we experience that we’ve got some sales tactics which could assist with that independent growth.”

Holm started the business enterprise that doesn’t upload a “good-sized amount of geography” with the acquisition, even though it has no plans to reduce the number of distribution facilities “at this factor.” However, he stated the deal receives PFG “towards the consumer” with higher transport service.

“You’re now not walking your fleet as many miles,” he said. “Probably now not going for walks your salespeople as many miles either. We’ve always found the ones to be top things within the commercial enterprise.”Henkes said PFG has made numerous strategic acquisitions lately, which include one wherein it received c-store distributor Eby Brown.

But deals among the largest distributors are rare and, Henkes said, could be increased for the biggest gamers to develop largely.

“This type of acquisition, one that involves the top 10 distributors in the industry, is going to be extra rare as those distributors turn out to be huge national gamers who can be competing coast to coast.”UPDATE: This story has been updated to consist of a deal evaluation.

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