May 27, 2008

Performance Food Group Acquisition Complete

Finance, Free, Grocery & Foodservice Distribution, Mergers & Acquisitions, News, Subscriber Only, Top Distributor Sectors / MDM Staff

The acquisition of Performance Food Group Company, Richmond, VA, by The Blackstone Group and Wellspring Capital Management has been completed. The transaction is valued at $1.4 billion.

Performance Food Group is being merged with a wholly owned subsidiary of VISTAR Corporation, a specialty foodservice distributor controlled by affiliates of Blackstone and Wellspring.

The newly combined company, known as Performance Food Group, is expected to have revenues approaching $10 billion and more than 10,000 associates.

As a result of the merger, Performance Food Group Company’s common stock was delisted and ceased trading on the NASDAQ Global Select …

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ERIKS Will Own 95% of Econosto May 30

Finance, Free, Mergers & Acquisitions, News, Subscriber Only, Top Distributor Sectors / MDM Staff

As of May 30, 2008, ERIKS will hold 95% of shares in valve manufacturer Royal Econosto NV. The distributor will buy the company for €8.21 a share.

Econosto has two divisions: flow and sealing technology (the production, sale and distribution of valves, gaskets, sealing products, hoses, couplings, instrumentation systems, chemical seals, etc.); and Comfort and Environmental Technology (production and sale of domestic and industrial HVAC and energy systems and services.)

ERIKS and Econosto will terminate the listing of Econosto on Euronext Amsterdam as soon as practicable in consultation with Euronext …

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Former Lawson Products Salespeople Plead Guity in Kickback Scheme

Companies, Free, Legal Issues in Wholesale Distribution, News, Operations, Subscriber Only / MDM Staff

Former Lawson Products salespeople pleaded guilty at the end of last week to giving kickbacks to government employees, according to the Chicago Daily Herald. The case involved seven employees of Lawson or its subsidiary Drummond American Corp. and some of the government employees who bought from them.

As reported previously at mdm.com, sales agents were indicted on federal fraud charges, allegedly paying kickbacks totaling $140,000 to employees of some of their customers, including suburban municipalities, school districts, a non-profit organization and private businesses. They disguised the kickbacks as purchasing incentives. In return, the sales agents allegedly obtained higher sales commissions based on greater volume and prices.

Government employees are …

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Canadian Wholesale Revenues: Modest Rebound in March

Economic Trends, Free, News, Research & Analytics, Subscriber Only / MDM Staff

Source: Statistics Canada

Canadian wholesalers reported a modest rebound in sales in March, helped by higher deliveries of building supplies and machinery and electronic equipment. However, the increase was not enough to prevent a second consecutive quarterly decline in sales.

Sales increased by an estimated 0.6% to $42.7 billion, recouping some of the 2.1% decline reported in February.

On a quarterly basis, wholesale sales fell 0.8% in the first quarter, following a 0.3% decline in the fourth quarter of 2007. First quarter sales were affected by a large drop in the motor vehicles trade group, which registered its fourth consecutive quarterly decline, as well as continued weakness in the beleaguered lumber …

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May 27, 2008

Performance Food Group Acquisition Complete

ERIKS Will Own 95% of Econosto May 30

Former Lawson Products Salespeople Plead Guity in Kickback Scheme

Canadian Wholesale Revenues: Modest Rebound in March

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