Performance Food Group Company Announces Partnerships and Corporate Actions

Foodservice distributor Performance Food Group Company (PFG) announced several new partnerships and corporate actions to strengthen its business model in the wake of challenges brought on by COVID-19.

“As we all adapt to the COVID-19 pandemic, our company is in a crucial position to keep our country’s food supply chain strong,” said George Holm, Chairman, President, and CEO. “We are proud of the tremendous effort and dedication shown by our talented associates who are working tirelessly to keep people fed during this time. In addition to working with our existing customers, we have formed several new partnerships, brought in new business, and shared many of our associates with organizations that are experiencing labor shortages. PFG is also diligently assessing and managing how we spend our capital so that we are in the best financial position possible. With our new partnerships and the innovation shown by our organization, we believe we can come out of this period as a stronger company.”

In order to maintain its long-term financial position, Performance Food Group has drawn $400 million from its $3.0 billion credit facility. In addition, the company is taking several actions to support both its customers and the communities they serve. This includes new partnerships, workforce engagement, and more.

Examples include:

• Signing agreements with 10 new grocery retail partners to-date and sharing over 1,000 associates to help keep shelves stocked with food
• Distributing groceries to approximately 480 new grocery locations as PFG builds out its distribution capabilities to this channel
• Entering into new partnerships to support on-line ordering for its customers through OpenMenu, Swipeby, and several other third-party delivery operators
• Supporting its restaurant customer base by launching tools to assist the independent channel, advertise which restaurants are open, and help with a transition to higher volume in take-out and delivery

“The current COVID-19 situation has created a challenging operating environment for our industry and the customers and communities we serve,” Holm continued. “PFG’s decentralized operating model allows quick decisions at the local level, which will continue to serve us well. We will remain nimble to protect our current business and continue to look for new opportunities to grow.”

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