USA: Performance Food increases fresh food focus with Middendorf Meat buyout
Richmond, Va.-based Performance Food Group has signed a definitive contract to acquire Middendorf Meat Co, a privately-owned, broadline foodservice distributor, for an undisclosed amount.
Middendorf distributes steaks and other foodservice products in the region surrounding metropolitan St. Louis.
The acquisition, which is subject to customary closing conditions, is expected to be completed in early July. Middendorf generates annual sales of about US$100m, about half of which is represented by the distribution of steaks. Performance Food Group reported sales for 2001 of US$3.2bn.
C. Michael Gray, president and CEO of Performance, remarked: "The addition of Middendorf matches extremely well with our strategic acquisition criteria. We have a relationship of more than 20 years with the Middendorf management team through their affiliation with our Pocahontas Foods USA Marketing Group.
"Acquiring a strong position in the St. Louis market is contiguous with the geographic coverage of our existing broadline business. We do not expect a material contribution to earnings per share over the remainder of 2002, but we do look for an incremental contribution of US$0.01-US$0.02 per share to earnings for 2003."
Orville Middendorf, president and CEO of Middendorf, added: "The opportunity to join Performance represents an exciting step for us."
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