US Foods announced that Pietro Satriano has stepped down as CEO as per a cooperation agreement with Sachem Head Capital Management

Sachem Head cooperation agreement with US Foods boots CEO Pietro Satriano

Activist investment firm strikes deal to install three directors, remove CEO Pietro Satriano

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.

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Performance Food Group (PFG) agreed to acquire Core-Mark, one of the top distributors in the convenience-store channel, with revenues of $17B

PFG agrees to acquire Core-Mark in $2.5B cash-and-stock deal to expand in c-store channel

Mammoth transaction adds 7,500 employees, 32 distributions centers, premium fresh-prepared foods

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.

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KKR invests $500M in US Foods, takes convertible equity stake

As US Foods finalizes Smart Foodservice Warehouse acquisition, purchase bolstered by new $500M KKR investment

Infusion helps US Foods move ahead with $970 purchase of cash-and-carry distributor

Investment firm KKR returned to its relationship with US Foods. CD&R and KKR are the private equity firms that purchased US Foods from Royal Ahold, N.V. in 2007 for approximately $7.1B, and later took it public. Now in 2020, KKR will invest $500M in US Foods and receive newly-issued convertible preferred stock in the company.

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PFG announces 480 new grocery customer locations, sharing employees with grocers

PFG shares employees with grocers, adds 480 new, grocery customer locations

Distributor also helps restaurants transition to higher-volume off-premises business

Performance Food Group (PFG) announced it had signed 10 new agreements with food retailers year-to-date. Also, the nation’s second-largest broadline food distributor by revenue said due to labor shortages, it is sharing associates with grocers to help meet increased demand during the COVID-19 crisis. Increased capacity has led to 480 new grocery locations to which PFG has begun distributing.

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US Foods to acquire Smart Foodservice Warehouse Stores for $970M

Transaction boosts broadliner’s positioning in the $17B cash-and-carry market

US foods Holding Corporation announced it will acquire Smart Foodservice Warehouse Stores from affiliates of Apollo Global Management for $970M in cash. Rosemont, Ill-based US Foods, a broadline foodservice distributor, entered into a definitive agreement for the cash-and-carry distributor. Smart Foodservice operates 70 such small stores in California, Washington, Oregon, Idaho, Nevada, Utah, and Montana, serving small and mid-sized restaurants and foodservice businesses.

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PFG purchase of Reinhart completed

PFG finalizes purchase of Reinhart Foodservice from Reyes

Both buyer, seller boast around $30B in annual revenues after transaction

Performance Food Group (PFG) completed its purchase of Reinhart Foodservice from Reyes Holding LLC. With this acquisition, PFG has been estimated to surpass US Foods as the second-largest foodservice distributor in the U.S. PFG now tallies $30B in annual net revenue and employs 25,000 associates.

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PFG receives approval from FTC to finalize Reinhart purchase

Transaction should close by December 31, 2019

Performance Food Group (PFG) received approval from the Federal Trade Commission (FTC) to acquire Reinhart Foodservice. Disclosed in October, the FTC submitted a request for additional information from PFG in connection with its review of the deal. Now that the acquisition can move forward, PFG expects the transaction to be completed by year’s end. Still, the companies have additional, customary closing conditions to satisfy or have waived as part of PFG’s Reinhart Foodservice purchase.

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US Foods announces Q3 2019 earnings growth

US Foods Q3 earnings point to robust top-line growth

Food Group acquisition boosts independent restaurant results

US Foods Q3 2019 earnings were announced, showing robust top-line growth. Net sales were up 6.1 percent from last year to $6.5B. Organic sales resulted in a 4.0 percent increase to $6.4B. In Q3, the company reported gross profit of $1.2B. That’s up 4.3 percent from last year’s same quarter. Much of the story in the quarter focused on independent restaurant case growth, which surged 6.3 percent. Total case volume increased 3.0 percent. Also, organic case volume increased 0.9 percent, while independent restaurant organic case volume increased 4.2 percent.

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FTC inquiry of PFG regarding Reinhart transaction being addressed

PFG receives FTC inquiry related to Reinhart acquisition

Overcoming hurdle would position PFG for number 2 foodservice distributor spot

PFG announced October 1 that it received an inquiry from the Federal Trade Commission (FTC). The request is for additional information related to PFG’s proposed purchase of Reinhart Foodservice. In July, PFG signed an agreement to acquire Reinhart from Reyes Holdings in its bid to become the second-largest publicly-held U.S. foodservice distributor. With these new revenues, PFG would surpass US Foods, currently the number two distributor.

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