Business
Woolworths buys $552m stake in PFD Food Services – The Australian Financial Review
Supermarkets giant Woolworths is upping its presence in the $18 billion food distribution and services market.
Woolworths will buy the stake from the Smith family, headed by Melbourne-based Rick Smith and Kerry Smith, who is also PFD Food Services’ CEO. Rick Smith was ranked No.91 on the AFR Rich List last year.
PFD Food Services is understood to have close to $2 billion a year revenue. Smith, who started working at PFD as a driver in 1959 and bought out the Liberman family’s stake in 1988, is the executive chairman.
Woolworths’ acquisition comes only months after the pair entered a partnership that e…
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