Wellspring selling 5M Performance Food shares
Wellspring Capital Management is selling 5 million shares of Performance Food Group Co. stock for $28.40 per share, according to regulatory filings on Thursday.
Wellspring is Performance Food’s largest shareholder with a 15.6 percent stake, holding more than 16.3 million shares. Once the offering is completed on Monday, Wellspring will own about 10.8 percent of Performance Food’s stock, the filings show.
Performance Food, the nation’s third-largest foodservice supplier, conducted an initial public offering of its stock in October 2015.
Wellspring will receive all of the proceeds from this current offering. Performance Food will not receive any proceeds.
Performance Food markets and distributes about 150,000 food and food-related products to chain and independent restaurants, schools, hospitals, vending distributors and big-box retailers.