PFG is headquartered in the West Creek office park in Goochland County.
A local food distribution company has expanded its reach into New England.
Goochland-based Performance Food Group acquired T.F. Kinnealey & Co., a meat processor and distributor based in Brockton, Massachusetts, in a deal that closed on Oct. 14.
Terms of the deal were not disclosed.
The 77-year-old, family-run business was founded in 1939 and serves customers throughout New England, including restaurants, country clubs, hotels, colleges, hospitals and specialty food retailers. The company employs about 100 people and reported revenue last year of approximately $70 million.
The company will operate under the name “Kinnealey, a Performance Food Group Company.” All of its employees will be retained by PFG.
In a statement, Jim Hope, PFG’s executive vice president of operations, said the addition of Kinnealey will help both companies grow their respective business models.
“We expect this acquisition will provide operational synergies as we expand PFG’s presence in New England,” Hope said. “Their customer-service orientation and geographic footprint supports our strategic growth plans and will complement and strengthen our position and product offering in the region.”
Kinnealey was advised in the sale by BB&T Capital Markets.
The acquisition is the latest for PFG, which acquired a similar-sized food vendor in Santa Cruz, California in 2010. The deal comes just over a year after PFG returned to the New York Stock Exchange following a seven-year stint as a privately owned company. It is currently ranked 185 on the Fortune 500, making it the second-highest local company on the list after Altria.
The company ended the 2016 fiscal year with net sales of $16.1 billion, up from $15.2 billion for fiscal year 2015 and $11.5 million for fiscal year 2012. Profits totaled $68.3 million, up from $56.5 million the year before and $21 million in 2012.
Last year, PFG was awarded a $25 million termination fee as a result of the failed merger of fellow distributors Sysco Corp. and US Foods. PFG had planned to purchase 11 US Foods distribution centers from Sysco once the merger was completed. A legal spat between PFG and US Foods over an alleged theft of trade secrets was recently dismissed.
PFG is headquartered in the West Creek office park in Goochland County.
A local food distribution company has expanded its reach into New England.
Goochland-based Performance Food Group acquired T.F. Kinnealey & Co., a meat processor and distributor based in Brockton, Massachusetts, in a deal that closed on Oct. 14.
Terms of the deal were not disclosed.
The 77-year-old, family-run business was founded in 1939 and serves customers throughout New England, including restaurants, country clubs, hotels, colleges, hospitals and specialty food retailers. The company employs about 100 people and reported revenue last year of approximately $70 million.
The company will operate under the name “Kinnealey, a Performance Food Group Company.” All of its employees will be retained by PFG.
In a statement, Jim Hope, PFG’s executive vice president of operations, said the addition of Kinnealey will help both companies grow their respective business models.
“We expect this acquisition will provide operational synergies as we expand PFG’s presence in New England,” Hope said. “Their customer-service orientation and geographic footprint supports our strategic growth plans and will complement and strengthen our position and product offering in the region.”
Kinnealey was advised in the sale by BB&T Capital Markets.
The acquisition is the latest for PFG, which acquired a similar-sized food vendor in Santa Cruz, California in 2010. The deal comes just over a year after PFG returned to the New York Stock Exchange following a seven-year stint as a privately owned company. It is currently ranked 185 on the Fortune 500, making it the second-highest local company on the list after Altria.
The company ended the 2016 fiscal year with net sales of $16.1 billion, up from $15.2 billion for fiscal year 2015 and $11.5 million for fiscal year 2012. Profits totaled $68.3 million, up from $56.5 million the year before and $21 million in 2012.
Last year, PFG was awarded a $25 million termination fee as a result of the failed merger of fellow distributors Sysco Corp. and US Foods. PFG had planned to purchase 11 US Foods distribution centers from Sysco once the merger was completed. A legal spat between PFG and US Foods over an alleged theft of trade secrets was recently dismissed.