(June 4) RICHMOND, Va. — Performance Food Group, based in Richmond, announced May 31 that it had completed the acquisition of Little Rock, Ark.-based broadline foodservice distributor Quality Foods Inc., for $95 million, including cash and assumption of debts.
Quality Foods, which reported sales of about $375 million in 2001, has foodservice accounts in Arkansas, Louisiana, Mississippi, Missouri, Oklahoma, Tennessee and Texas. The company has distribution centers — with a combined 650,000 square feet — in Little Rock; Batesville, Miss.; and Magee, Miss.
According to a Performance Food Group news release, the purchase price may increase to $119 million if Quality Foods meets certain financial goals during the next three years.
Performance Food Group reported sales of $3.2 billion in 2001.