Food distributor Performance Food Group Co. has agreed to acquire privately held rival Reinhart Foodservice for $2 billion in a bid to build scale and tackle rising costs.
Reinhart will be acquired from its owner Reyes Holdings LLC in an all cash deal, Performance Chief Executive George Holm confirmed in an interview.
Reinhart generated more than $6 billion in revenue last year. Combined, the companies would have more than $30 billion in sales, according to Performance, which has a market value of $4.2 billion.
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