Performance Food Group to acquire Core-Mark
The $2.5 billion deal expands the logistics and convenience stores business.
Grocery distributor Performance Food Group Co will buy peer Core-Mark Holding Co in a $2.5 billion deal including debt, in a move that expands its business with convenience stores.
The expanded convenience business will operate under the Core-Mark brand and will be headquartered in Westlake, Texas with Eby-Brown maintaining ongoing operations in Naperville, Illinois.
“This transaction will also combine Core-Mark’s footprint and operational excellence with PFG’s existing capabilities in both convenience and foodservice. The deal comes with strong strategic and financial merits which we believe will generate significant customer benefits and help PFG continue to create long term shareholder value,” said George Holm, PFG Chairman, President & Chief Executive Officer.
Core-Mark is one of the largest wholesale distributors to the convenience retail industry in North America with approximately $17 billion in net sales. The company has approximately 7,500 employees and operates 32 distribution centers across the United States and Canada. Core-Mark services approximately 40,000 customer locations.
The transaction is expected to close in the first half of calendar 2022, subject to U.S. federal antitrust clearance, Core-Mark shareholder approval, and other customary closing conditions.
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