Performance Food Group has begun exploring strategic alternatives for its fresh-cut produce business. The Richmond VA-based food marketer and distributor has retained the services of Goldman, Sachs & Co to assist in its review.
With annual sales of $933 million in 2003, Performance Food Group’s fresh-cut division is the largest produce processor in the United States. The division purchases, processes, packages, and distributes ready-to-eat salads and other fresh-cut produce offerings to food retailers, foodservice distributors, operators and quick-service restaurants nationwide.
Alternatives to be evaluated include, but are not limited to, the possible sale of the division as an ongoing business, the creation of a stand-alone company operating the fresh-cut business, or keeping the fresh-cut division as part of the company.