It’s big news in the food world — not our eating, drinking, rhapsodizing foodie world, but the back end where suppliers fill boxes and load trucks to take product to restaurants all over the country.
Performance Food Group, the fourth largest food distribution company, according to its Nasdaq listing, is based in Goochland County. Yesterday, its majority owners, the Blackstone Group and Wellspring Capital Management, which had taken the company private in 2008, entered the stock market again and according to Richmond BizSense, raised $275.5 million in publically traded shares in its initial public offering. Prior to 2008, “PFG had been one of Richmond’s largest publicly traded companies,” Richmond BizSense stated, “though its revenues as a private company have continued to rival Richmond business giants such as Altria, Dominion and CarMax.
Although PFG supplies big chains such as Cracker Barrel and Ruby Tuesday, you’ll find ingredients from the company in independently owned restaurants all around town. This, in part, is because of the company’s willingness to work directly with chefs to try to provide specialty items among its other choices.
Shares started in the morning yesterday at $19 and, as of publication, are now trading on Nasdaq at $26.95 per share.