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Fairness Opinion Detail

CORE FOOpen source

Core-Mark Holding Company, Inc. to Performance Food Group

Food Distribution/May 2021/Barclays

Deal Information

Target
Core-Mark Holding Company, Inc.
Acquiror
Performance Food Group
Sector
Food Distribution
Target Type
Public
Acquiror Type
Strategic
Advisors
Barclays

Transaction Metrics

Enterprise Value
$2.4B
EV / LTM Sales
EV / LTM EBITDA
11.3x
EV / Fwd EBITDA

Advisor Transaction Comparables

Comparable transactions cited by the advisor, excluding the subject transaction.

Advisor: Barclays

17 comps
Mar 2020Smart Foodservice Warehouse StoresUS Foods$970M-11.4x-
Jul 2019Reinhart FoodService, L.L.C.PFG$2.0B-12.1x-
Mar 2019Eby-Brown Company LLC
NP: data not publicly available.
PFG----
Jan 2019Lipari Foods Operating Company, LLC
NP: data not publicly available.
H.I.G. Capital----
Jul 2018Services Group of America
(1) Acquisition multiples for U.S. Foods and Services Group of America represented 2018E Adjusted EBITDA.
US Foods$1.8B-14.6x-
Jul 2018Supervalu Inc.United Natural Foods, Inc.$2.8B-10.2x-
Oct 2017Associated Grocers of Florida, Inc.Supervalu Inc.$180M-8.8x-
Aug 2017TriMark USACenterbridge Partners, L.P.$1.4B-10.8x-
May 2017Farner-Brocken Company
NP: data not publicly available.
Core-Mark$174M---
Apr 2017Unified Grocers, Inc.Supervalu Inc.$375M-10.9x-
Feb 2016Brakes GroupSysco Corporation$3.1B-11.9x-
Jul 2014TriMark USA
NP: data not publicly available.
Warburg Pincus LLC----
Dec 2013US Foods
(2) Announced not completed.
Sysco Corporation$8.2B-9.9x-
Jul 2013Nash Finch CompanySpartan Stores, Inc.$745M-7.0x-
Oct 2012Smart & Final Stores Corp.Ares Management$972M-7.9x-
Jan 2008PFGVistar Corporation$1.3B-10.8x-
May 2007FoodserviceCD&R, KKR US$7.1B-13.9x-
Mean-10.8x-
Median-10.8x-