Performance Food Group's common stock delisted as company goes private for $1.4 billion

By Lisa Kerner

Charlotte, N.C., May 27 - Affiliates of the Blackstone Group and Wellspring Capital Management completed their acquisition of Performance Food Group Co., it was announced on Tuesday.

Performance Food Group is being merged with a wholly owned subsidiary of Vistar Corp., a specialty foodservice distributor controlled by the affiliates.

The newly combined company, known as Performance Food Group, is expected to have revenues approaching $10 billion and more than 10,000 employees, a Performance Food Group news release stated.

Performance Food Group common stock was delisted and ceased trading on the Nasdaq Global Select Market on Friday.

Vistar president and chief executive officer George Holm will become CEO of the combined company.

In January, Performance Food, a Richmond, Va., restaurant food distributor, agreed to be taken private for $34.50 per share in a deal valued at some $1.4 billion.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.