3rd-largest US food distributor Performance Food Group prices IPO at $19, well below the range

Performance Food Group, the third-largest US foodservice distributor, raised $276 million by offering 14.5 million shares (12% insider) at $19, well below the range of $22 to $25. At its offer price, Performance Food Group will have a fully diluted market cap of $2.0 billion and an enterprise value of $3.2 billion. The company, which was LBO'd by Blackstone, will list on the NYSE under the symbol PFGC. Credit Suisse, Barclays, Wells Fargo Securities and Morgan Stanley acted as lead managers on the deal.