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Performance Food Group to Acquire Institution Food House

RICHMOND,VA (May 31, 2012)—Performance Food Group, Inc. (PFG) has announced it will acquire Institution Food House, Inc. (IFH) from Alex Lee, Inc. The acquisition brings together the #3 and #12 ID Top 50 ranked foodservice distribution companies.

IFH is a $600M foodservice distributor based in Hickory, North Carolina, with an additional location in Florence, South Carolina. Founded in 1966, IFH is the largest independent foodservice distributor based in the Carolinas and employs approximately 700 people. The transaction is expected to close in mid-June.

George Holm, president and CEO of Performance Food Group, stated, "We are very pleased to be able to combine our...companies to strengthen our presence in the Southeast and to extend our product offerings to all of their customers." The acquisition supports key strategic opportunities for both Performance Food Group and IFH.

Mac Pearce, executive vice president of Performance Food Group, added, "We believe IFH is a great fit... As we welcome IFH into the PERFORMANCE Foodservice organization, we believe that this partnership will bring added value to existing IFH and PERFORMANCE Foodservice customers."

Gerald Davis, Chairman and president IFH, noted, "The joining of PFG and IFH will enable both to be better companies. We have every confidence that this acquisition will be beneficial for our employees, our loyal customers, and our suppliers."