Performance Food Brews Up Deal to Bolster Vistar Business; Shares Still Not a Bargain
No-moat Performance Food Group announced on March 19 its intention to bring privately held Eby-Brown, a wholesale consumer product distributor, into its fold. The deal will significantly expand PFG's sales base, adding more than $5 billion in sales on a base of around $18 billion. However, we don’t anticipate a material change to our $29.50 fair value estimate, since the acquired operations probably boast more tepid profitability metrics, in line with management’s assessment that the transaction...Performance Food Group is a holding company. Through its subsidiaries, the company markets and distributes food and food-related products. The company's products include frozen foods, such as meats, appetizers and entrees, fruits, vegetables, and desserts; canned and dry foods; fresh meats; dairy products; beverage products; imported specialties; fresh produce; and candy, snack, and other products. The company also supplies non-food items including paper products such as pizza boxes, disposable napkins, plates and cups; tableware such as china and silverware; cookware such as pots, pans, and utensils; restaurant and kitchen equipment and supplies; cigarettes and other tobacco products; and cleaning supplies.
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