(Jan. 28) Performance Food Group Co. started the year talking about acquisitions, but the Richmond, Va.-based foodservice distributor has agreed to a $1.3 billion buyout instead.

The company announced in a news release that it would be acquired by an affiliate of asset-management company The Blackstone Group, New York, and private equity firm Wellspring Capital Management, New York.

A spokeswoman for PFG could not be reached for comment.

Under terms of the agreement, PFG will be merged with Denver-based foodservice distributor Vistar Corp., which is controlled by Blackstone and Wellspring.

According to the news release, the foodservice companies both will maintain their headquarters but will operate under the name Performance Food Group.

PFG’s stock will be de-listed when the deal is completed, likely in the second quarter.

Under terms of the agreement, PFG shareholders will receive $34.50 per share. That’s significantly higher the $24.19 the stock closed at on Jan. 17, the day before the deal was announced.

The stock was $31.72 during midday trading Jan. 28.

PFG president and chief executive officer Steve Spinner had said in a Jan. 11 conference call that the company was positioned for growth and was looking for acquisitions in its broadline segment.