Solomon Partners Advising SUPERVALU
SUPERVALU INC. has announced a transaction to sell to Schnuck Markets, Inc. 19 of its 36 Shop ‘n Save grocery stores as well as prescription files at 10 other Shop ‘n Save pharmacy locations, primarily located in the St. Louis, Missouri area. As part of the acquisition, SUPERVALU and Schnucks will also enter into an agreement for SUPERVALU to serve as the primary supplier for nine of Schnucks’ existing stores located across northern Illinois, Iowa and Wisconsin.
Solomon Partners is serving as financial advisor to SUPERVALU on the transaction, which is planned to occur with a staggered close process that is currently expected to finish by late October 2018, subject to customary closing conditions.
SUPERVALU INC. is one of the largest grocery wholesalers and retailers in the U.S. with annual sales of approximately $15 billion. SUPERVALU serves customers across the United States through a network of 3,606 stores composed of 3,495 wholesale primary stores operated by customers serviced by SUPERVALU’s food distribution business and 111 traditional retail grocery stores in continuing operations operated under three retail banners in three geographic regions (store counts as of June 16, 2018). Headquartered in Minnesota, SUPERVALU has approximately 23,000 employees (in continuing operations).
Founded in 1979 and headquartered in Kirkwood, Mo., Shop ‘n Save has served the St. Louis market and surrounding area for nearly 40 years, and today employs approximately 2,800 associates.
A link to the press release can be found here: https://www.businesswire.com/news/home/20180917005814/en/SUPERVALU-Announces-Plans-Sell-19-36-St.
