Reinhart Food Service being acquired in $2 billion deal
RICHMOND, VA (WKBT) — Performance Food Group Company announced Tuesday it has entered into a definitive agreement to acquire Reinhart Foodservice from Reyes Holdings, L.L.C. in a transaction valued at $2 billion.
Reinhart is the second largest privately held foodservice distributor in the U.S. and is headquartered in Rosemont, IL.
The company was founded in 1972 in La Crosse and still has a major presence in the city.
It has annual net sales of over $6 billion.
“We are excited to announce the strategic acquisition of Reinhart and welcome them to Performance Food Group,” said George Holm, PFG Chairman, President & Chief Executive Officer. “We believe the addition of Reinhart and its complementary strengths will expand Performance Foodservice’s broadline presence, improve our network efficiency and help us achieve our long-term growth goals. This transaction provides us with greater overall scale, a diverse customer base, including a solid base of independent customers, and builds upon our strong distribution platform. We believe these attributes along with attractive financial characteristics will enhance our ability to continue to deliver the service our customers need to succeed and create shareholder value.”
“Reinhart Foodservice understands the important role our associates play in our success. We have proudly invested in our people and infrastructure to build our business, and we’re excited about this acquisition knowing that PFG supports a similar approach,” said M. Jude Reyes, Reyes Holdings Co-Chairman.
Get your weather forecast from people that actually live in your community. We update with short, easy-to-use video forecasts you can watch on your phone every day. Download the iOS or Android app here.
COPYRIGHT 2020 BY NEWS 8000. ALL RIGHTS RESERVED. THIS MATERIAL MAY NOT BE PUBLISHED, BROADCAST, REWRITTEN OR REDISTRIBUTED.