Performance Food Group Company · NYSE:PFGC
Performance Food — Merger or Acquisition (July 2019)
14 slides from Performance Food's merger presentation, Jul 1, 2019
Slide 1: Acquisition of Reinhart Foodservice
Acquisition of Reinhart Foodservice July 1, 2019
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by us solely for information purposes. This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934. These
Slide 3: Today’s presenters
Today’s presenters George Holm Chairman, President & Chief Executive Officer Jim Hope Chief Financial Officer Michael Neese VP Investor Relations 3
Slide 4: Acquisition of Reinhart Foodservice offers a compelling strategic rationale
Acquisition of Reinhart Foodservice offers a compelling strategic rationale Expands geographic reach and overall scale Enhances PFG’s distribution platform and market density Combined net sales of ~$30 billion Complementary customer-centric operating models Consistent go-to-market approaches
Slide 5: Reinhart Foodservice snapshot
Reinhart Foodservice snapshot Business description Second largest privately held foodservice distributor in the U.S. with over $6 billion in net sales One of the country’s leading private distributors serving independent restaurants, healthcare, education and other attractive segments Offering
Slide 6: Reinhart enhances PFG presence and scale in key geographies
Reinhart enhances PFG presence and scale in key geographies Geographic benefits Customer benefits Fills out Midwest Increased density of sales representatives enables more face time with customers Fortifies North East Leverage combined portfolio to enhance offering to Enhances South custom
Slide 7: Transaction summary
Transaction summary Performance Food Group (“PFG”) to acquire Reinhart Foodservice (“Reinhart”) in an all cash Transaction acquisition for $2.0 billion, or $1.7 billion(1) net of ~$265 million present value of tax benefits(2) structure and terms Reinhart is the second largest privately held food
Slide 8: Significant synergy potential
Significant synergy potential PFG is a disciplined and proven acquirer with a history of successful integration Business functions analyzed during the diligence process included: Procurement, Logistics, Operations and others Synergies expected to be realized by the 3rd full fiscal year post cl
Slide 9: PFG core operating with strong momentum
PFG core operating with strong momentum PFG is experiencing solid net sales momentum in its fiscal fourth quarter versus the fourth quarter of fiscal 2018 Company narrows FY19 Adjusted EBITDA growth outlook to be in a range of 9% – 10% Reaffirms FY19 Adjusted Diluted EPS growth of 12% – 16%
Slide 10: Key takeaways
Key takeaways Enhances Accretive to Increases Complementary Significant Attractive distribution Adjusted overall scale businesses synergies valuation platform Diluted EPS(1) (1) Excluding transaction-related amortization. 10
Slide 11: Appendix
=I — Performance = Food Group
Slide 12: Statement regarding non-GAAP financial measures
Statement regarding non-GAAP financial measures This presentation includes financial measures that are not calculated in accordance with GAAP, including Adjusted EBITDA and Adjusted Diluted EPS. Such measures are not recognized terms under GAAP, should not be considered in isolation or as a substi
Slide 13: Non-GAAP financial measures
Non-GAAP financial measures EBITDA Non-GAAP reconciliation Fiscal year ended A Includes adjustments for non-cash charges arising from stock-based compensation, interest rate swap hedge ineffectiveness, and ($ in millions, except share and per share data) June 30, 2018 gain/loss on disposal of asse
Slide 14: ——— IT PF G Performance
——— IT PF G Performance — Food Group
Performance Food Group Company — Merger or Acquisition (July 2019) on 6ix