Liberty Sold to Vistar

Liberty Distribution has been sold to Vistar, a subsidiary of Performance Food Group Company and a portfolio company of The Blackstone Group. Liberty is based in Chandler, Arizona with additional locations in Mechanicsburg, Pennsylvania and Memphis, Tennessee.

PRESS RELEASE

Greene Holcomb & Fisher LLC is pleased to announce the sale of Liberty Distribution, LLC (“Liberty”) to VISTAR Corporation “Vistar,” a subsidiary of Performance Food Group Company, LLC (“PFG”) and a portfolio company of The Blackstone Group. The acquisition brings together two distributors of candy, snacks and beverages. Liberty is based in Chandler, Arizona with additional locations in Mechanicsburg, Pennsylvania and Memphis, Tennessee. Liberty was founded in 1998 by Jim Schweikert and is one of the nation’s leading distributors of candy and snacks to national and regional retail establishments.

“We were delighted to represent the Liberty team in this transaction. The combination with PFG, under the direction of one of the most recognized private equity firms in the world, will provide tremendous opportunity for the Liberty management team. Specialty distribution remains an attractive category for both financial and strategic acquirers with quality assets attracting premium valuations,” said Bob Dovenberg, Managing Director of Greene Holcomb & Fisher.

George Holm, President and CEO of PFG, stated, “Liberty is a well-respected organization whose values are aligned closely with Vistar and the entire PFG organization. Serving customers with unique requirements is something Liberty does extremely well, and Liberty will be an integral part of Vistar’s continued success.”

Patrick Hagerty, President and CEO of Vistar, added, “We have long admired Liberty. They pioneered the availability of candy and snacks to non-perishable retailers. This category is now common place in retail industries where it was virtually unknown just 15 years ago. We are excited to be adding the entrepreneurial spirit of Liberty’s management team, and we are confident that they will be instrumental in helping Vistar meet its long term growth strategy.”

James Schweikert, founder and CEO of Liberty, noted, “I am pleased and proud that we have been successful in bringing these two great companies together. This transaction ensures that the commitment to integrity, customer service and execution, which have been the hallmarks of Liberty Distribution, will continue into the future with the greater financial strength and market breadth that Vistar provides.”

Concurrent with this transaction, Jim Schweikert has announced his decision to retire from Liberty; however, he will remain in an advisory capacity as Liberty joins the Vistar team. Liberty will remain a standalone company under the direction of Robert Armstrong.
About Liberty Distribution, LLC
Founded in 1998, Liberty Distribution works with numerous world-class retailers with products in over 50,000 locations. Liberty specializes in the distribution of candy, snacks and other impulse items to retailers who do not traditionally offer food products. Liberty is committed to delivering outstanding, value added distribution services through integrity, superior customer service and execution.
About Performance Food Group Company, LLC
Performance Food Group Company is the parent company of the leading family of foodservice distributors – Performance Foodservice, Vistar and PFG Customized Distribution. Through these three segments, it delivers over 94,000 national and proprietary branded food and food-related products to more than 115,000 independent and national chain restaurants, quick-service eateries, pizzerias, theaters, schools, hotels, healthcare facilities and other institutions via its 64 distribution centers and 12 Merchant’s Mart locations across the United States. Altogether, Performance Food Group Company’s family of distributors offers outstanding service with a wide variety of high quality products that, along with the strength of its industry wide relationships and expertise, helps customers run their businesses successfully.

About Greene Holcomb & Fisher LLC
Greene Holcomb & Fisher, with offices in Minneapolis, Phoenix, Seattle and Atlanta, is an investment banking firm that specializes in mergers and acquisitions, private placements and financial advisory services for the middle market. At GH&F, we blend our experience from nationally prominent investment banks, New York Stock Exchange-listed companies and leading law firms with senior-level attention and entrepreneurial ingenuity to deliver creative services to high quality companies.
We thank you for your continued support.

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