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Performance Food Group Company (NYSE: PFGC) | Company Profile, History, Competitors

 

Performance Food Group Company (NYSE: PFGC) is a food services distributor in the United States. It was founded in 2002 and headquartered in Richmond, VA.

In 2002, George Holm founded Vistar, which acquired multiple food distribution companies. In 2008, Vistar acquired the legacy Performance Food Group business and renamed itself Performance Food Group Company. Performance Food Group Company distributes food products from its 76 distribution centers to 150,000 customer locations around the United States.

Business Overview

Performance Food Group operates in three main segments:
  • Performance Foodservice (59% of 2017 Revenues): Distributes food to restaurants, educational and healthcare facilities
  • PFG Customized (23% of 2017 Revenues): Provides distribution and logistics for national casual dining and fast food chains
  • Vistar (18% of 2017 Revenues): Distributes single serve, impulse items to different channels including movie theaters, vending machines, retail and hospitality

Performance Foodservice Segment

PFGC distributes food products to restaurants, educational and healthcare facilities. Through its 37 distribution centers, PFGC serves 85,000 customer locations with over 125,000 products.

PFGC offers meats, frozen foods, dry groceries, and cleaning supplies. PFGC also provides menu planning, and procurement expertise to smaller restaurants.

PFG Customized Segment

PFGC distributes food products to national restaurant chains and quick service restaurants. Through its 8 distribution centers, they serve 5,000 customer locations in the United States.

Customers include Red Lobster, TGI Friday's, Outback Steakhouse, Ruby Tuesday, Fuzzy's  Taco Shop and PDQ.

Vistar Segment

PFGC distributes candy, snacks, drinks and other impulse items  to movie theaters, vending distributors, offices, retailers and hospitality. They provide 20,000 SKUs distributed to 60,000 customer locations.

PFGC also operates Merchant's Marts locations which are cash-and-carry operators where customers pick up orders directly.

Customers include AMC, Regal Cinemas, Home Depot, Staples and Dollar Tree.

History

In 2002, George Holm founded, Vistar, along with Wellspring Capital following the acquisition of International Multifoods' distribution business. In 2004, Vistar acquired Roma, a food distributor to pizzerias and Italian restaurants. In 2007, Vistar was acquired by Blackstone.

In 2008, Vistar acquired the legacy Performance Food Group business and renamed itself Performance Food Group Company.

In 2015, the company completed an initial public offering.

Competitors

PFGC's main competitors are Sysco and US Foods.

Management

George Holm (CEO): George Holm serves as CEO since 2008. Prior, he was CEO of Vistar. He has also worked at Sysco, US Foods and Alliant Food Services

Tom Ondrof (CFO): Tom Ondrof serves as CFO since 2016. Prior, he served as CFO, Chief Strategy Officer and Chief Development Officer at Compass Group North America.

Financials

 $ USD in millions    2013    2014 2015 2016 2017
 Revenues $12,827 
$13,686 
$15,270 
$16,105 
$16,762 
 Gross Profit $1,583 
$1,697 
 $1,848 
 $2,010 
 $2145 
 Operating Profit $115 
$116 
 $160 
 $202 
 $211 
 Net Income$8 
$16 
$57 
 $68 
 $96 
 EPS$0.10 
$0.18 
$0.64 
$0.70 
$0.93