USA: Performance Food Group completes Core-Mark acquisition
With approximately $17 billion in net sales, Core-Mark operates 32 distribution centers across the US and Canada, and services around 41,000 customer locations.
Performance Food Group Company has completed the $2.5 billion acquisition of Core-Mark Holding Company Inc., bringing one of the largest wholesale distributors to the convenience retail industry in North America into PFG’s family of companies.
With approximately $17 billion in net sales, Core-Mark operates 32 distribution centers across the United States and Canada. The company services approximately 41,000 customer locations in all 50 U.S. states and five Canadian provinces.
The transaction creates a convenience business within PFG’s Vistar segment that includes the Core-Mark and Eby-Brown businesses. The expanded convenience business will continue to operate under Core-Mark and will be headquartered in Westlake, Texas with Eby maintaining ongoing operations in Naperville, Illinois.
Scott McPherson will continue in his role as President and Chief Executive Officer of Core-Mark, and Tom Wake will continue as President and Chief Executive Officer of Eby-Brown, reporting to Mr. McPherson.
PFG also announced that it has appointed Laura Flanagan to serve as an independent director on its Board of Directors, effective 1 September. Ms. Flanagan has served as a Director of Core-Mark since June 2016. This appointment expands PFG’s Board to 12 directors.
“We are excited to begin the integration process and start to service Core-Mark’s customers with the combined suite of brands. By adding PFG’s food and foodservice capabilities to Core-Mark’s solid platform, we expect to quickly begin to unlock the transaction value,” said George Holm, PFG Chairman, President & CEO.
Headquartered in Richmond, Virginia, PFG markets and deliver food and related products through a nationwide network of over 100 distribution facilities to over 250,000 locations.
