Industry News: US Foods; Performance/Reinhart Agreement
Culinary Specialist Craig Luchsinger achieved the Certified Executive Chef accreditation from the American Culinary Federation. He joins an esteemed group of 3,200 individuals in the nation that have demonstrated exceptional culinary skill.
Butcher & the Boar was found to be Minnesota’s top-rated restaurant, according to research by reviews.org. To determine each state’s top-rated restaurants, their team scoured Yelp to find the top three restaurants by both ratings and reviews within each state’s most populous city. They then chose the highest-ranked restaurant of the three based on reviews. Butcher & the Boar in Minneapolis had 1,516 reviews. Blue’s Egg in Milwaukee was the top restaurant in Wisconsin and Zombie Burger and Drink Lab in Des Moines was No. 1 in Iowa.
US Foods has launched Summer Scoop 2019 , showcasing 21 innovative products designed to help independent restaurant operators keep up with the fast-paced growth of the convenience-dining market. About 38 percent of U.S. adults—including 50 percent of millennials—say they are more likely to have restaurant food delivered than they were two years ago.
“We recently surveyed more than 500 independent restaurant operators and found that only 53 percent felt confident in their ability to utilize delivery services,” said Stacey Kinkaid, vice president, product development and innovation, US Foods. “This Summer Scoop lineup gives our customers the tools, the products and the confidence they need to provide delivery, takeout, grab-and-go and retail solutions for anytime, anywhere dining.”
Summer Scoop also helps solve the problem with customer convenience and environmentally conscious practices for restaurant operators. It delivers on-trend menu offerings, services and disposables to reach new customers and create additional opportunities with regular diners. Also part of Summer Scoop is ChowNow, which builds online ordering systems directly into a restaurant’s own website, social media page or branded mobile app. ChowNow is commission-free, offering restaurants a simple flat rate.
Performance Food Group Company announced it has entered into a definitive agreement to acquire Reinhart Foodservice from Reyes Holdings, in a transaction valued at $2 billion, or approximately $1.7 billion net of an estimated tax benefit to PFG of approximately $265 million. With annual net sales of over $6 billion, Reinhart is the second largest privately held foodservice distributor in the U.S. and is headquartered in Rosemont, Illinois.
“I’ve known the Reyes family for nearly two decades, and they have built and grown an incredible company,” said George Holm, PFG chairman, president and chief executive officer, in a statement. “We believe the addition of Reinhart and its complementary strengths will expand Performance Foodservice’s broadline presence, improve our network efficiency and help us achieve our long-term growth goals. This transaction provides us with greater overall scale, a diverse customer base, including a solid base of independent customers, and builds upon our strong distribution platform. We believe these attributes along with attractive financial characteristics will enhance our ability to continue to deliver the service our customers need to succeed and create shareholder value.”
The transaction, which has been approved by the Board of Directors of PFG and the governing body of Reinhart, is subject to U.S. federal antitrust clearance and other customary closing conditions and is expected to close by the end of the calendar year. The transaction is not subject to PFG shareholder approval.
Ag Innovation Showcase
September 9 – 11 in Minneapolis
Chef & Restauranteur Scholarship Opportunities
Chefs and restaurateurs are invited to a special day of education especially designed for them at the Ag Innovation Showcase, a professional educational, networking and presentation event being held at The Guthrie Theater. Programming on Wednesday, September 11, is focused on “food as medicine” for chefs and restaurateurs. Sessions include: How to leverage “functional food” for profit and market share; cooking with functional foods; how to create an environment of wellness and productivity for restaurant chefs and staff; the convergence of food, agriculture and wellness in foodservice.
Restaurateurs and chefs have an opportunity to become part of the solution by offering Functional Foods to patrons. Profitability and preparation, time and effort remain the same, but the position as a purveyor of healthy food will attract new patrons and increase market share. According to the Centers for Disease Control and Prevention, 80 percent of chronic disease is caused by food, however 80 percent of chronic disease is preventable or curable by food.
Twenty-five scholarships are being offered to restaurateurs and chefs to attend Wednesday programming and the Tuesday night get-together. Regular cost is $695. Scholarships cover 100 percent of this fee. Applications take 10 minutes and can be made at www.chefscholarships.org.