RICHMOND, Va.–(BUSINESS WIRE)–Performance Food Group Company (PFG) (NYSE:PFGC) today announced that its Board of Directors authorized a share repurchase program for up to $300 million of the Company’s common stock with a four-year term.
Repurchases of the Company’s outstanding common stock will be made in accordance with applicable securities laws and may be made at management’s discretion from time to time in the open market, through privately negotiated transactions or otherwise, including pursuant to Rule 10b5-1 trading plans. The Company intends to fund the program with a combination of cash on hand, cash generated from operations and borrowings under the Company’s credit facility. This program replaces the previously authorized $250 million share repurchase program.
“The decision to authorize this share repurchase program underscores the confidence PFG’s Board of Directors has in our business momentum, financial position and free cash flow profile,” said Jim Hope, PFG’s Executive Vice President and Chief Financial Officer. “This share repurchase program provides an opportunity to return capital to shareholders, while we continue to execute our main strategic priorities — sustained, profitable, sales growth, adjusted EBITDA margin expansion and lower leverage.”
The share repurchase program may be amended, suspended or discontinued at any time at the Company’s discretion, subject to compliance with applicable laws, and does not commit the Company to repurchase any specified number of shares of its common stock. The actual timing, number and value of the shares to be purchased under the program will be determined by the Company at its discretion and will depend on a number of factors, including the performance of the Company’s stock price, general market and other conditions, applicable legal requirements, and compliance with the terms of the Company’s outstanding indebtedness.
About Performance Food Group Company
Performance Food Group is an industry leader and one of the largest food and foodservice distribution companies in North America with more than 150 locations in the U.S. and parts of Canada. Founded and headquartered in Richmond, Virginia, PFG and our family of companies market and deliver quality food and related products to over 300,000 locations including independent and chain restaurants; businesses, schools and healthcare facilities; vending and office coffee service distributors; and big box retailers, theaters and convenience stores. PFG’s success as a Fortune 200 company is achieved through our more than 35,000 dedicated associates committed to building strong relationships with the valued customers, suppliers and communities we serve. To learn more about PFG, including how you can join our team, visit pfgc.com.
