Performance Food Group Company filed with the U.S. Securities and Exchange Commission (SEC) for an initial public offering (IPO). No terms were mentioned but the offering is up to $100 million in common stock. The company has not decided on a market to list on or a symbol to list under.
The underwriters for the offering are Credit Suisse, Wells Fargo, Barclays and Morgan Stanley. After the offering the controlling stake of common stock will continue to be held by Blackstone Group L.P. (NYSE: BX), which will appoint the board of directors.
Performance Food Group is the third largest company in the growing $231 billion U.S. foodservice distribution industry. The company markets and distributes approximately 150,000 food and food-related products from 67 distribution centers to more than 150,000 customer locations across the United States, sourcing over 5,000 suppliers. Performance Food Group has 11,000 employees that work across three segments: Performance Foodservice, PFG Customized and Vistar.
In the fiscal year that ended June 2014, the company generated $13.7 billion in revenues, representing compound annual growth rates of 8%, since fiscal 2010. For 2013 Performance Food Group estimated an industry share of 5.8%.
Performance Food Group plans to put the proceeds initially towards paying off its indebtedness, and then it would move to terminate the Advisory Agreement in accordance with its terms, paying a one-time fee.
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