Performance Food Group (PFGC) IPO Opens Flat

Today's IPO for Performance Food Group Company (NYSE: PFGC) opened for trading at $19 after pricing 14,500,000 shares of its common stock at $19, below the expected range of $22 to $25 per share.

The financial sponsor of the PFG IPO was The Blackstone Group (NYSE: BX), which will continue to own a majority of the shares following the offering.

Credit Suisse Securities (USA) LLC, Barclays Capital Inc., Wells Fargo Securities, LLC and Morgan Stanley & Co. LLC are acting as joint book-running managers for the offering. Blackstone Capital Markets, BB&T Capital Markets, Guggenheim Securities and Macquarie Capital are acting as co-managers for the offeringPerformance Food Group (NASDAQ: PFGC).

Through its family of leading foodservice distributors – Performance Foodservice, Vistar and PFG Customized – Performance Food Group Company (PFGC) markets and distributes approximately 150,000 food and food-related products from 68 distribution centers to over 150,000 customer locations across the United States. PFGC’s 12,000+ associates serve a diverse mix of customers, from independent and chain restaurants to schools, business and industry locations, hospitals, vending distributors, office coffee service distributors, big box retailers and theaters. The company sources its products from over 5,000 suppliers and serves as an important partner to its suppliers by providing them access to the company’s broad customer base.

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