990644 Performance Food Group Acquires Meat Processor

Richmond, VA - Performance Food Group announced that it has acquired certain assets of State Hotel Supply Company, Inc., a privately-owned meat processor based in Newark, New Jersey. Terms for the acquisition were not announced.

Robert C. Sledd, Chairman and Chief Executive Officer of Performance Food Group, remarked, “The acquisition of State Hotel expands the operating base we initially established in this geographic area through the purchase of the stock of AFI FoodService Distributors, Inc. in 1997. State Hotel is a highly regarded operation that provides processed meat to many of the leading restaurants and food retailers in New York City and the surrounding region. Combining State Hotel's operations with the resources of AFI will give us further expertise in the center-of-the-plate category. Adding custom-cut steaks to our product offering will allow us to broaden our customer base and increase our penetration with existing accounts.”

Sledd indicated that State Hotel is expected to add approximately $25 million in net sales annually. Performance Food Group reported net sales of $1.6 billion in 1998.

Performance Food Group markets and distributes more than 25,000 national and private label food and food-related products to approximately 20,000 restaurants, hotels, cafeterias, schools, healthcare facilities and other institutions.

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