US Foods agreed to acquire Watertown, New York-based Renzi Foodservice. The acquisition of Renzi Foodservice will set the stage for greater penetration by US Foods in upstate New York. This is US Foods’ first acquisition under Dave Flitman, the broadliner’s chief executive.
US commercial foodservice customer traffic, both to restaurants and other foodservice outlets, ended 2022 flat versus last year. This data point portends a more positive outlook for 2023, according to research from The NPD Group. With regard to spending (sales), that was up 4% due to higher prices.
US Foods named Dave Flitman chief executive officer effective January 5, 2023. Flitman comes to US Foods from Builders FirstSource, and brings to the broadline foodservice distributor 35 years of manufacturing and distribution expertise, including food distribution. He will also join the US Foods Board of Directors.
US Foods will open four new Chef’Store locations, including in Merced and Santa Cruz, Calif., and Helena, Mont. and Winston-Salem, N.C. The cash-and-carry type stores help restaurant operators, food industry pros and a variety of chefs and groups stock up on foodservice supplies, whether by the case or in individual sizes.
US Foods will open a new Chef’Store in Spartanburg, South Carolina. The new outlet for US Foods cash-and-carry chain becomes the fourth store in the state. Three existing South Carolina stores are located in Charleston, Myrtle Beach and Columbia.
US Foods announced that Pietro Satriano has stepped down as CEO upon the request of the Board of Directors, as per a cooperation agreement with Sachem Head Capital Management. Satriano will not be standing for re-election to the board, either, and is leaving the company. This is the latest chapter in the months-long proxy fight between US Foods and Sachem Head, its largest investor, which took an activist position. At one time, Sachem Capital had attempted to install its own CEO.
The National Restaurant Association’s Restaurant, Hotel-Motel Show 2022 will take place May 21-24, 2022 at McCormick Place in Chicago. The show host, Winsight Exhibitions, is readying a national foodservice event with more than 500 new exhibitors creating a total of 1,000 exhibitors.
Performance Food Group (PFG) promoted Craig Hoskins to president and chief operating officer, charged with PFG’s Foodservice and Vistar operations. PFG also promoted Patrick Hagerty to the role of EVP and chief commercial officer. The expansion of their roles is part of a realignment of the company’s reporting structure. It will now better match PFG’s strategy for growth across business units, the broadline distributor announced.
Performance Food Group (PFG) agreed to acquire Core-Mark, one of the top distributors in the convenience-store channel, with revenues of $17B and $211M in adjusted EBITDA. The transaction, valued at $2.5B, will be funded through cash and stock: PFG will offer $23.75 in cash and 0.44 PFG shares for each share of CORE to Core-Mark existing shareholders.
Performance Food Group named Claudia Mills vice president of Diversity and Inclusion. Mills, who comes from Altria Group, Inc., takes the post May 17, 2021. She has a record of results through transformation and has experience with promoting inclusion.
