secwatch.observer — SEC 8-K summary
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Issuer:     Performance Food Group Co (PFGC)
CIK:        0001618673
Form:       8-K
Filed at:   2024-08-14T23:59:59+00:00
Accession:  0000950170-24-096642
Event type: m_and_a
Sentiment:  positive
Materiality: 0.85
Item codes: 1.01, 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

PFG reports strong Q4 earnings and announces $2.1B acquisition of Cheney Brothers
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- Q4 net sales $15.2B (+2.2%); net income $166.5M (+10.9%); Adj Diluted EPS $1.45 (+27.2%).
- FY2024 net sales $58.3B (+1.8%); net income $435.9M (+9.7%); Adj Diluted EPS $4.30 (+10.8%); operating cash flow $1.2B.
- Acquiring Cheney Brothers for $2.095B cash; target has ~$3.2B annual revenue; purchase price multiple 9.9x including $50M synergies.
- Expected to close in calendar 2025; accretive to Adj Diluted EPS by end of first full fiscal year; $50M annual synergies by year 3.
- Also closed José Santiago acquisition in July 2024; strong organic independent case volume growth of 3.7% in Q4.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1618673/000095017024096642/0000950170-24-096642-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1618673/000095017024096642/pfgc-20240813.htm
  HTML page:      https://secwatch.observer/filing/0000950170-24-096642

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