Performance Food Group (PFG) is one of the largest food and foodservice distributors in North America, serving over 300,000 customer locations across restaurants, convenience stores, schools, hospitals, and other institutional customers. PFG operates through three segments: Foodservice, Convenience, and Specialty. Foodservice — the largest segment — distributes a broad range of food products to independent and chain restaurants through 89 distribution centers. PFG sells directly to customers via a large field-based sales force, and is highly decentralized, giving individual operating companies significant autonomy. Independent restaurant customers are particularly valuable, as they generate higher gross profit per case and use more value-added services like menu development and procurement. PFG's proprietary "Performance Brands" products earn higher margins than national brands, and Performance Brands represent roughly 53% of independent restaurant sales. The Convenience segment, operating as Core-Mark, is one of the largest wholesale distributors to convenience stores and small-format retailers, carrying cigarettes, snacks, beverages, and a growing foodservice offering. The Specialty segment distributes candy, snacks, and impulse items to vending operators, movie theaters, and retail channels, and is PFG's highest-margin segment. PFG earns a spread per case between supplier cost and customer price, so profitability is driven by case volume, customer mix, and Performance Brands penetration. PFG has grown through acquisitions, including Reinhart Foodservice, Core-Mark, and most recently Cheney Brothers for ~$2.1B, and is currently prioritizing debt reduction as leverage sits above its 2.5x–3.5x target.