RICHMOND, VA. — Performance Food Group Company (P.F.G.) has entered into a definitive agreement to acquire Reinhart Foodservice, L.L.C. from Reyes Holdings, L.L.C. in a transaction valued at $2 billion.
The transaction is expected to close later this year and is subject to United States federal antitrust clearance and other customary closing conditions. The board of directors of P.F.G. and the governing body of Reinhart have approved the sale, which is not subject to P.F.G. shareholder approval.
P.F.G. said the acquisition will position it as one of the largest distributors in the country, with approximately $30 billion in net sales.
Reinhart Foodservice is part of the Reyes family of businesses and is one of the five largest food service distributors in the United States. Its 26 distribution centers provide fresh produce, protein, ingredients, supplies and equipment to independent and chain restaurants, delis, sporting venues, schools, the military and health care facilities across the country. The Rosemont, Ill.-based company sells over 90,000 stock-keeping units to its 42,500 customers.
“I’ve known the Reyes family for nearly two decades, and they have built and grown an incredible company,” said George Holm, chairman, president and chief executive officer at P.F.G. “We believe the addition of Reinhart and its complementary strengths will expand Performance Food service’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.”