Foodservice Distribution Industry Update — July 2019

Posted on July 2, 2019

PFG Acquires Reinhart Foodservice – Keiter Advisors Insights

 Yesterday PFG announced the acquisition of Reinhart Foodservice.  The $2 billion purchase price is the largest paid in the broadline segment, certainly in recent years.  The report link provides highlights of the transaction as well a few insights from Keiter Advisors.

If approved by the Federal Trade Commission, the new broadline network will have 63 distribution facilities located in 29 states.  Together with PFG’s recent acquisition of Eby-Brown, revenues for the combined divisions will be ($ in billions):

PFG (Foodservice / Customized / Vistar)                         $17.6
Reinhart                                                                                      $6.0
Eby- Brown                                                                                 $5.3

This transaction, coupled with the acquisition of SGA by US Foods last July, marks perhaps the most transformative time in broadline foodservice distribution. 

Source: Performance Food Group SEC filings: Annual 10-K filed 8-16-18, Form 8-K filed 7-1-19, Form 8-K filed 5-6-19

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KA will continue to provide “Updates” on a periodic basis. We welcome your feedback on this issue and would appreciate hearing what other topics you would like us to cover in the future. And as always, we would be happy to discuss the information included on this particular edition or any other items concerning your business.

Bill Beattie                                                                           Matt Austin

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Phone: 804.565.6018                                                        Phone: 804.433.4184

About Keiter Advisors
Our Foodservice Group is the only financial advisory team dedicated to the foodservice distribution industry.  Over the past 14 years we have developed an expertise in the broadline, produce and protein segments.  Our group has:

—   Successfully closed 38 transactions
—   Sold businesses to 20 different buyers
—   Assisted 10 owners buy other distributors
—   Completed over 90 company valuations
—   Helped 20+ family owned or closely held companies resolve unique challenges
—   In total, worked with 120+ distributors across 35 states on a range of strategic and tactical issues

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