- Share sale said to be planned for as early as this year
- Price and timing of IPO will depend on market conditions
Performance Food Group Co., the food distributor majority owned by Blackstone Group LP, is aiming to raise from $300 million to $400 million in an initial public offering as early as this year, according to people with knowledge of the matter.
The price range and timing of the IPO may change depending on market conditions, one of the people said, asking not to be identified as the matter isn’t public. Wall Street will be paying close attention the U.S. Federal Reserve meeting on Thursday to see whether the Fed will raise interest rates after almost seven years of near-zero rates.
Performance Foods filed to go public a year ago with a placeholder of $100 million, an amount used to calculate registrations fees.
Performance Food is the third-largest U.S. food distributor by revenue, with $15.3 billion in net sales in the year to June 27, according to a company filing. Performance Food’s customers include restaurants like Chili’s and Macaroni Grill, as well as schools and hospitals.
Blackstone will still control the majority of the shareholder voting power for the company after the IPO, according to the filing.
A spokeswoman for Blackstone declined to comment. A representative for Richmond, Virginia-based Performance Food didn’t immediately respond to requests for comment.
Credit Suisse Group AG, Barclays Plc, Wells Fargo & Co. and Morgan Stanley are managing the offering, according to company filings. Performance Foods plans to sell shares on the New York Stock Exchange with the ticker PFGC, and proceeds from the sale will go toward paying down debt.