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FOR IMMEDIATE RELEASE


Contact:  Stan Szlauderbach
          VP, Investor Relations and Chief Accounting Officer
          (972) 364-2238


                      AMERISERVE ANNOUNCES FOURTH QUARTER
                        AND FULL YEAR OPERATING RESULTS


         DALLAS, March 24, 1999 - AmeriServe Food Distribution, Inc., the
nation's largest foodservice distributor specializing in chain restaurants,
today announced fourth quarter 1998 net sales of $2.4 billion, about even with
pro forma net sales in 1997. Fourth quarter EBITDA (as defined below) was $34.3
million in 1998 and $38.0 million on a pro forma basis in 1997. The sales
performance reflected growth in the existing customer base and the addition of
new business, offset by the previously disclosed discontinuance of the Wendy's
business in the third quarter of 1998. Adjusting for the discontinued business,
net sales would have increased by about $130 million or 5.3% over 1997.

         For the 1998 year, pro forma net sales were $9.1 billion, an increase
of $173.4 million or 1.9% over 1997. Pro forma EBITDA was $149.4 million in
both 1998 and in 1997.

         "We are very encouraged by the financial results for the year and the
strategic customer and restructuring activities we have completed," said John
V. Holten, AmeriServe's Chairman and Chief Executive Officer. "We now have over
75% of our business under long-term contracts. We have converted 50% of our
quick service business to the JDEdwards software platform and with our newly
constructed and reconfigured centers, 25% of the quick service business sales
volume has now been fully consolidated."

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         "Consolidating the AmeriServe, PFS and ProSource operations will yield
significant operating efficiencies by increasing both the sales per
distribution center and the density of customers' restaurants within a center's
delivery range. We will also realize cost savings as we consolidate
administrative and other support processes. Despite an aggressive schedule, we
continue to hit the targets set in our restructuring plan, and we remain on
track to achieve a run rate of $100 million in annual cost savings beginning
mid-2000," Mr. Holten continued.

         The following restructuring and other efficiency initiatives have been
completed to date:

o     Seventeen distribution centers, including seven ProSource centers, have
      been closed and the business transferred to new or existing facilities.
      Another 20 closures are planned for the balance of 1999.

o     Operations have commenced at three new state-of-the art distribution
      centers in Orlando, FL, Denver, CO and Memphis, TN. The remaining four
      additional new centers planned for completion in 1999 are under
      construction and on schedule.

o     Five centers have been expanded and/or reconfigured, and four of the
      remaining five planned for completion in 1999 are in process and on
      schedule.

o     As a result of the above activities, centers that are complete with
      respect to consolidation of business represent approximately 25% of quick
      service net sales. Integration of delivery routes from these centers is
      now in process.

o     Twelve centers (of a final 21 planned) are operating with the new
      JDEdwards integrated applications software platform, with the remaining
      nine scheduled to be converted by the third quarter of 1999.

o     Plans have been finalized for the integration of ProSource's casual
      dining operations.

o     Administrative support activities continue to be centralized at the new
      Dallas headquarters facility, including information technology, product
      supply and finance. The transfer of the majority of support activities
      from the former ProSource headquarters is scheduled to be completed by
      the first quarter of 2000.

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      Commenting further on AmeriServe's accomplishments, Mr. Holten said,
"Concurrent with the restructuring activities, we have been working hard to
strengthen relationships with our customers. The new or revised contracts we
have secured not only help to ensure long-term partnerships, but also provide
incentives to boost efficiency and profitability for both parties. These
alliances reflect a commitment to work together to drive costs out of the
supply chain and improve service to our respective customers.

      Key customer activities have included the following:

o     In September 1998, the distribution agreement with Tricon was revised and
      extended to January 2005, with an option to July 2007. Service to Tricon
      under this agreement represents $1.7 billion in annual sales.

o     During the second half of 1998, long-term (largely five-year)
      distribution agreements were secured with a substantial majority of
      franchisees in the Taco Bell system.

o     In February 1999, a new replacement distribution agreement was entered
      into with Arby's Cooperative Purchasing. The contract, which expires
      December 2003, covers a substantial majority of restaurants in the Arby's
      system and represents $400 million in annual sales.

o     Of our Burger King customer base, almost 80% is now under long-term
      contracts.

o     As a result of the above actions, 75% of AmeriServe's total business is
      under long-term contracts compared to 45% in mid-1997. About 70% of
      AmeriServe's total business is currently under contracts with three or
      more years of remaining term.

o     In conjunction with the above actions, AmeriServe now has about 70% of
      its total business under fixed-fee per case pricing as opposed to
      percentage mark-up (over cost) pricing. This compares to 25% in mid-1997.
      This change more closely aligns AmeriServe's profitability to its ability
      to control distribution costs, and insulates the Company from product
      cost and mix variability.

o     In the course of revising or entering into new contracts, AmeriServe in
      cooperation with customers has identified supply chain efficiency
      opportunities benefiting both parties. These include reduced deliveries
      per week, after-hours delivery, electronic ordering and increasing the
      time from order to delivery. Also, AmeriServe provides value-added
      services to customers such as consolidating purchases of low volume

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      items to reduce the cost of these products, and management of freight
      costs in transporting products from vendors to AmeriServe centers, which
      reduces the freight component of product costs.

      "Looking ahead, 1999 will be another year of intense restructuring
activity, but we are energized by the successes to date. With the ramping-up of
network efficiencies and other profitability enhancing initiatives in the third
and fourth quarters of 1999, EBITDA growth for the year is expected to
approximate 10-15% over 1998. Sales growth should approximate 2%. As the
Company implements the value-added services described above, gross margin for
the year should approximate 9.0%. As we anticipate the turn of the century, we
believe the strategies we have put into motion will allow us to strengthen our
leadership position and participate fully in the exciting growth prospects for
the chain restaurant industry," concluded Mr. Holten.

      The pro forma results presented in this announcement represent the total
combined historical operating results of AmeriServe, the PFS Division of
PepsiCo, Inc. (acquired effective June 1997) and ProSource, Inc. (acquired May
1998) for all periods discussed as if the acquisitions had occurred at the
beginning of fiscal 1997. Actual results reported on Forms 10-Q and 10-K filed
with the Securities and Exchange Commission include the results of the acquired
businesses only from their respective acquisition dates as required by the
purchase method of accounting.

      EBITDA as discussed in this announcement excludes the impact of
restructuring costs associated with the consolidation and integration of the
acquired businesses, management fees assessed by an affiliated company and
certain operating cost inefficiencies.

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         AmeriServe, headquartered in Dallas, employs approximately 8,000
people. It serves approximately 36,000 quick-service and casual dining
restaurants in the United States, Canada and Mexico, including Applebee's,
Arby's, Burger King, Chick-fil-A, Chili's, Dairy Queen, KFC, Lone Star
Steakhouse, Long John Silver's, Olive Garden, Pizza Hut, Red Lobster, Sonic,
Taco Bell, TCBY and TGI Friday's. AmeriServe is a subsidiary of Holberg
Industries, Inc., a diversified service company located in Greenwich, CT., with
1998 pro forma sales of more than $10 billion and 20,000 employees.

         AmeriServe's 1998 Annual Report on Form 10-K to be filed on March 25,
1999 will be available on the Internet at www.sec.gov. If you wish to receive a
printed copy of the 10-K, please call (972) 364-2238. More information about
AmeriServe is available at www.ameriserve.com.

         This press release contains certain forward-looking statements within
the meaning of Section 21E of the Securities Exchange Act of 1934 and Section
27A of the Securities Act of 1933. Actual results could differ materially from
those projected in such forward-looking statements. Readers are cautioned not
to place undue reliance on the forward-looking statements, which speak only as
of the date hereof. The Company undertakes no obligation to update these
forward-looking statements to reflect events or circumstances after the date
hereof or to reflect the occurrence or nonoccurrence of anticipated events.
Certain factors that could cause actual results to differ materially from
projected results can be found in the Management's Discussion and Analysis
section in the Company's 1998 Annual Report on Form 10-K, as well as other
documents referenced to therein.

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                       AmeriServe Food Distribution, Inc.
                   Results of Operations on a Pro Forma Basis
                                 (in millions)

<TABLE>
<CAPTION>
                                                   THREE MONTHS ENDED                                 YEAR ENDED 
                                    --------------------------------------------     ---------------------------------------------
                                    December 26,           December 27,              December 26,             December 27,
                                        1998          %        1997          %           1998           %         1997         %
                                    ------------    -----  ------------    -----     ------------     -----   ------------   -----
<S>                                   <C>           <C>      <C>           <C>         <C>            <C>       <C>          <C>  
Net sales..........................   $2,433.6      100.0    $2,440.1      100.0       $9,081.0       100.0     $8,907.6     100.0

Cost of goods sold.................    2,223.4(b)    91.4     2,217.2       90.9        8,269.6(b)     91.1      8,093.4      90.9
                                      --------      -----    --------      -----       --------       -----     --------     -----
Gross profit.......................      210.2        8.6       222.9        9.1          811.4         8.9        814.2       9.1

Distribution, selling and
    administrative expenses........      184.3        7.6       190.7        7.8          684.9         7.5        675.2       7.6
                                      --------      -----    --------      -----       --------       -----     --------     -----
Operating income before
    depreciation, amortization
    and restructuring and other
    unusual costs..................       25.9        1.1        32.2        1.3          126.5         1.4        139.0       1.6

Cost inefficiencies (a) and
    management fees to Holberg.....        8.4                    5.8                      22.9                     10.4 
                                      --------               --------                  --------                 --------
EBITDA as reported.................   $   34.3        1.4    $   38.0        1.6       $  149.4         1.6     $  149.4       1.7
                                      ========      =====    ========      =====       ========       =====     ========     =====
</TABLE>


(a)   Cost inefficiencies represent management's estimate of operating cost
      reductions that could be achieved within the distribution networks of
      AmeriServe (pre-acquisitions) and ProSource, even before savings from the
      integration of the AmeriServe, PFS and ProSource networks. No amounts
      were estimated for ProSource for the periods prior to its acquisition,
      and no amounts were estimated for the PFS network as it was assumed to be
      reasonably efficient.


(b)   Includes $4.0 million in unusual, one-time charges.