M&A · Industrials · Wholesale-Groceries, General Line
PFG to acquire Core-Mark Holding Company, Inc.
Announced May 18, 2021 · Closed Sep 1, 2021
Deal value$2.50BEV $2.50B
Premium—To unaffected price
EV / Adj. EBITDA14.0x0.1x EV / Revenue
ConsiderationCash and stock
Transaction
- Acquirer
- PFG
- Target
- Core-Mark Holding Company, Inc.
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- $2.50B
- Status
- Closed Sep 1, 2021
Deal protections
- Break fee (target pays)
- $66.0M · 2.6%
- Reverse fee (buyer pays)
- $110M · 4.4%
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- BMO Capital Markets
- To the target
- Barclays
Sector context · Industrials
- Comparable deals
- 24 in the prior 24 months
- Premium
- Sector median 27.0%
- EV / Adj. EBITDA
- 14.0x vs. 10.4x sector median
- Break fee
- 2.6% vs. 2.4% sector median
Timeline
- AnnouncedMay 18, 2021
- Proxy filedJul 14, 2021
- Definitive proxyJul 14, 2021
- Shareholder voteAug 23, 2021
- ClosedSep 1, 2021
Valuation · fairness opinions
Trading comparables$47.64$57.61
Precedent transactions$13.07$20.87
Precedent transactions$26.95$38.12
Discounted cash flow$28.86$38.80
Discounted cash flow$47.78$67.71
Implied value per Core-Mark Holding Company, Inc. share by analysis, from Barclays · DCF discount rate 7.5%–8.5%.