Performance Food Group Company · NYSE:PFGC
Performance Food — Merger or Acquisition (August 2024)
11 slides from Performance Food's merger presentation, Aug 14, 2024
Slide 1: Investor Presentation August 2024
Investor Presentation August 2024
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, as am
Slide 3: Strategic M&A remains core to PFG's strategy
Strategic M&A remains core to PFG’s strategy PFG is announcing M&A activity for two strategic platforms Cheney Bros, Inc. - a leading broadline distributor in the Southeast U.S. José Santiago, Inc. - a leading broadline distributor in Puerto Rico Announced today Closed in July 2024 High quality and
Slide 4: PFG has a strong track record of M&A
Target Announcement Successful integration Accelerated growth Synergy realization July 2019 P P P May 2021 P P P Dec 2021 P P P Pfg has a strong track record of M&A We have successfully completed numerous high-quality acquisitions, each adding capabilities and broadening our reach Demonstrated abili
Slide 5: José Santiago, Inc. Overview
José Santiago, Inc. Overview Overall deal rationale and considerations Background José Santiago, Inc. is headquartered at its facility in Bayamon, Puerto Rico José Santiago is a leading independent broadline foodservice distributor with ~5,800 customers in Puerto Rico Employs ~530 employees, all bas
Slide 6: Cheney Brothers business description
Business description One of the most distinguished privately held foodservice distributors in the U.S. with over $3 billion in net sales1 State of the art facilities with excess capacity A leading private distributor serving independent restaurants and multi-unit establishments Offerings include fro
Slide 7: Acquisition of Cheney Brothers offers a compelling rationale
Acquisition of Cheney Brothers offers a compelling rationale Expands geographic reach in attractive, high-growth markets Adds 5 top of the line broadline distribution facilities with excess capacity Opportunity to increase penetration of PFG’s brands Diverse customer base includes independent restau
Slide 8: Cheney Brothers enhances PFG's presence & penetration in key geographies
Cheney Brothers enhances PFG’s presence & penetration in key geographies Source: Company information; Bureau of Labor Statistics; IFDA Economic Impact of the U.S. Foodservice Distribution Industry Note: Non-broadline distribution centers include Grand Western (meat/seafood), Southern Foods (meat/sea
Slide 9: Transaction summary
Transaction summary Performance Food Group is acquiring Cheney Brothers for an enterprise value of $2.1bn The purchase price reflects a TTM April ‘24 Adj. EBITDA multiple of 13.0x Synergized TTM April ’24 Adj. EBITDA multiple of 9.9x (inclusive of full run-rate synergies of $50mm) Expected to be acc
Slide 10: Appendix
Appendix
Slide 11: 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 substitu
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