RICHMOND, Va.—Performance Food Group Co. yesterday said it has completed its $2.5 billion acquisition of Core-Mark Holding Co. Inc., making it one of the largest wholesale distributors to convenience stores in North America.
Performance Food Group, which PFG entered the convenience store distribution business in 2019, announced the blockbuster deal in May.
The expanded convenience business will continue to operate under the Core-Mark name and will be based in Westlake, Texas, with Eby-Brown maintaining continued operations in Naperville, Illinois. Scott McPherson will continue in his role as president and chief executive officer of Core-Mark, and Tom Wake will continue as president and chief executive officer of Eby-Brown, reporting to McPherson.
“We are very pleased to close this acquisition and welcome Core-Mark’s many talented associates to PFG,” said George Holm, PFG chairman, president and CEO. “Core-Mark has proven itself to be a leader in convenience distribution and we are thrilled to add their leadership strength to the strong senior talent already driving PFG’s success in the foodservice and convenience distribution industries. We are excited to begin the integration process and start to service Core-Mark’s customers with the combined suite of brands. By adding PFG’s food and foodservice capabilities to Core-Mark’s solid platform, we expect to quickly begin to unlock the transaction value.”
The addition of Core-Mark brings one of the largest wholesale distributors to the convenience retail industry in North America into PFG’s family of companies, with roughly $17 billion in net sales. The company has about 8,000 employees and operates 32 distribution centers across the United States and Canada. Core-Mark services about 41,000 customer locations in all 50 U.S. states and five Canadian provinces.