Performance Food Group (PFGC) Sees IPO Price of $22 - $25/Share

Performance Food Group Company (NYSE: PFGC) filed an amended registration with the U.S. SEC for an IPO of up to 14.5 million shares of its common stock. The proposed maximum offering price is $22 to $25 per share. The company will list on the NYSE under the ticker, PFGC.

The offering is being made via Credit Suisse, Barclays, Wells Fargo Securities, Morgan Stanley, Blackstone Capital Markets, BB&T Capital Markets, Guggenheim Securities, and Macquarie Capital.

FInancial commentary: In the fiscal year ended June 27, 2015, we generated $15.3 billion in net sales and $328.6 million in Adjusted EBITDA, representing compound annual growth rates of 9% and 11%, respectively, since fiscal 2010. In the fiscal year ended June 27, 2015, we generated $56.5 million in net income. In calendar year 2014 we had an estimated industry share of 6.0% and our sales growth rate since calendar year 2010 is approximately three times the growth rate of the foodservice distribution industry in that same time frame. We believe that our current industry share, the large size of the U.S. foodservice distribution industry, and our track record of growing industry share provide us a significant opportunity for continued sales growth.

Performance Food Group third largest player by revenue in the growing $240 billion U.S. foodservice distribution industry, which supplies the diverse $640 billion U.S. “food-away-from-home” industry.

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