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Performance Food's $188M Offering Sees PE Firm Exit

Law360, New York (December 5, 2017, 9:06 PM EST) -- Food distribution giant Performance Food Group Inc. unveiled an estimated $188 million secondary stock offering Tuesday that enables private equity firm Wellspring Capital Management LLC to sell its remaining stake in Performance Food two years after its initial public offering.

Richmond, Virginia-based Performance Food said a Wellspring Capital affiliate agreed to sell 6,272,914 million shares priced at $30 each, raising $188.2 million. Performance Food, which went public in October 2015 through a $271 million IPO, did not sell any shares in this offering.

Wellspring had owned...
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