The Firm represented Performance Food Group Company (“PFG”), a portfolio company of The Blackstone Group L.P., and certain selling stockholders affiliated with The Blackstone Group L.P., in connection with an initial public offering of 16,675,000 shares of common stock.
Through its family of leading foodservice distributors – Performance Foodservice, Vistar, and PFG Customized – PFG markets and distributes approximately 150,000 food and food-related products from 68 distribution centers to over 150,000 customer locations across the United States.
Selling stockholders affiliated with The Blackstone Group L.P. and certain other selling stockholders sold 3,897,675 shares of common stock in the offering, including 2,175,000 shares that were sold pursuant to the full exercise of the underwriters’ option to purchase additional shares. Shares of PFG are listed on the New York Stock Exchange under the ticker symbol “PFGC.”
The offering raised approximately $317 million in gross proceeds to PFG and the selling stockholders. PFG did not receive any of the proceeds from the sale of the shares sold by the selling stockholders. PFG used the net proceeds from the offering to repay a portion of its existing indebtedness.
Credit Suisse Securities and Barclays Capital acted as joint bookrunning managers and as representatives of the underwriters in the offering. Wells Fargo Securities, Morgan Stanley, Blackstone Capital Markets, BB&T Capital Markets, Guggenheim Securities and Macquarie Capital acted as co-managers in the offering.
The Simpson Thacher team included Xavier Kowalski, Katherine Chen, Sonya Ho and Alex Lebow (Capital Markets); Alden Millard, Jennifer Levitt and Brian Price (Credit); Wilson Neely (M&A); Michael Wolitzer, Jonathan Karen, Daniel Daneshrad, Jeffrey Lieberman and Doug Brown (Private Funds); Gregory Grogan, Jeannine McSweeney and Holly Gurian (Executive Compensation and Employee Benefits); AJ Kess, James Rapp, Jennifer Nadborny, Amanda Weiss, Joia Lee and Charlie Mathes (Public Company Advisory Practice); Gary Mandel and Andrew Purcell (Tax); Jeanne Annarumma (ERISA) and Jennie Getsin and Andrew Pagliughi (FINRA).