Performance Food Group Co (PFGC): M&A transaction — PFG completes $2.095B Cheney Brothers acquisition; raises FY2025 outlook

Performance Food Group Co

Acquired Cheney Brothers for $2.095B in cash, adding ~$3.2B annual revenue and 5 distribution centers in FL/NC.
Expects ~$50M annual run-rate cost synergies by third full fiscal year post-close.
FY2025 net sales guidance raised to $62.5B-$63.5B (prior $60B-$61B); Adjusted EBITDA to $1.7B-$1.8B (prior $1.6B-$1.7B).
Transaction expected to be accretive to adjusted diluted EPS by end of first full fiscal year.
Purchase price reflects 13.0x Cheney's TTM Adjusted EBITDA, or 9.9x including synergies.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Performance Food Group Co completed an acquisition involving Cheney Bros., Inc. for $2.095 billion in cash (closed 2024-10-08).

Action: acquisition
Counterparty: Cheney Bros., Inc.
Consideration: $2.095 billion in cash
Closing: 2024-10-08

Exact text from the filing

Sullivan as Sellers’ Representative. Pursuant to the terms of the Purchase Agreement, Buyer purchased all of the outstanding capital stock of Cheney Brothers from Sellers for $2.095 billion in cash, subject to customary adjustments for Cheney Brothers’ combined debt, cash, transaction expenses and net working capital (the “ Cheney Brothers Acquisition ”). Additional

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Performance Food Group Co filing history →

Source: SEC EDGAR

accession 0001193125-24-234397

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