Performance Food Group files IPO
Richmond-based Performance Food Group is ready to go public again. The former Fortune 500 company filed an initial public offering on Tuesday looking to raise up to $100 million. The food distributor did not list its initial public offering price or number of shares it and its stockholders were selling.
Performance Food went private in 2008 when it was acquired for $1.3 billion by affiliates of the Blackstone Group and Wellspring Capital Management LLC. It was combined with another food company, Vistar Corp., based in Colorado.
Performance Food posted profits of $15.5 million in for the fiscal year ended June 28, up from $8.4 million the year before. Its revenue also rose, to $13.69 billion for the fiscal year ended June 28 from $12.83 billion last fiscal year.
In the offering, Performance Food said it was the third-largest foodservice distribution company in the U.S. The firm markets and distributes thousands of food and food-related products to 150,000 locations across the U.S.