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Simpson Thacher Advises Blackstone in $1.3 Billion Acquisition of Performance Food Group Company

01.18.08

The Firm is advising The Blackstone Group L.P. in the announced acquisition of Performance Food Group Company (NASDAQ: PFGC) by affiliates of Blackstone and Wellspring Capital Partners, for approximately $1.3 billion in cash. Performance Food Group markets and distributes more than 68,000 national and private label food and food-related products to over 41,000 restaurants, hotels, cafeterias, schools, healthcare facilities and other institutions. 

The transaction will be structured as a merger of a subsidiary of Vistar Corporation, a foodservice distributor controlled by affiliates of Blackstone and Wellspring, and Performance Food Group. Under the terms of the merger agreement, Performance Food Group shareholders will receive $34.50 per share, representing a premium of 42.6% over the pre-announcement closing share price of $24.19. 

The Simpson Thacher team working on this deal includes: Jason McFall, Vijay Sekhon and Carolina Gedeon-Pugh (Los Angeles - Corporate); Greg Grogan and Robert Lakind (Employee Benefits); Jay Ptashek, David Lieberman and Jay Amster (Credit), Mardi Merjian and Aaron Rosenberg (Real Estate); Michael Isby and Tim Mulvilhill (Environmental); Lori Lesser and Marcela Robledo (Intellectual Property); Jacqueline Rosenblum (Labor); Gary Mandel, Ben Applestein (Tax), Michael Kibler and Sunny Lu (Los Angeles Litigation), Joe Tringali and Michael Naughton (Antitrust) and Steve Delott (Insurance).