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PRINT THIS PAGE Blackstone, Wellspring to acquire Performance Food Group in $1.3bn deal18/01/2008. Source: AltAssets. 
US buy-out giant The Blackstone Group and New York-based private equity firm Wellspring Capital Management have agreed to acquire US food supplier Performance Food Group Company in a transaction valued at approximately $1.3bn. Under the terms of the merger agreement, Performance Food Group shareholders will receive $34.50 for each outstanding share of company common stock they hold, representing a premium of 33.4 per cent over the average closing share price for the 30 trading days ended 17 January 2008 and 42.6 per cent over yesterday's closing share price of $24.19, according to a statement.
The transaction will be structured as a combination of Performance Food Group and Vistar Corporation, a foodservice distributor controlled by affiliates of Blackstone and Wellspring.
The board of directors of Performance Food Group has recommended that the company's shareholders approve the agreement.
Performance Food Group markets and distributes 68,000 national and private label food and food-related products to 41,000 US restaurants, hotels, cafeterias, schools, healthcare facilities and other institutions.
Prakash Melwani, a Blackstone senior managing director, said, 'We believe that Performance Food Group is extremely well positioned and Blackstone and Wellspring will fully support the company in continuing to deliver on its well-established reputation for operational excellence while building on its strong history of growth.'
Earlier this month, Blackstone agreed to acquire GSO Capital Partners, an alternative asset manager specialising in the leveraged finance marketplace with approximately $10bn under management, for up to $930m.
Copyright � 2008 AltAssets
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