Performance Food plans for secondary offering in US

Performance Food Group has applied with the US Securities and Exchange Commission in order to have a secondary offering, following its initial public offering last year.

It is intending to sell 12 million shares with an overallotment option for close to two million shares.

The entire offering is worth approximately $370m at the current market price, reported 247wallst.com.

A leading company in terms of revenue in the growing $240bn foodservice distribution industry in the US, Performance Food Group distributes 150,000 products from 68 facilities to more than 150,000 locations in the country.

Its products are sourced from more than 5,000 suppliers, and are sold to a wide range of customers, including restaurants, schools, hospitals and retailers.

Performance Food Group has more than 12,000 employees and operates three segments, namely Performance Foodservice, PFG Customized and Vistar.

The proceeds from this offering will benefit selling shareholders.

In the fiscal year ended 27 June 2015, the firm reported net sales of $15.3bn and $328.6m in adjusted EBITDA, accounting a compound annual growth rates of 9% and 11%, since the last five years.