US: Supervalu "moving towards" Albertsons, Save-a-Lot sale
Supervalu "nearing" sale of Albertsons, Save-a-Lot
US retailer Supervalu Inc is reportedly moving toward a deal to sell two of its retail chains, Albertsons and Save-a-Lot, to private-equity group Cerberus Capital Management.
Last week, Supervalu confirmed it was in "active discussion with several parties" over potential disposals. The move follows a strategic review of the retailer's operations.
The group reiterated today (6 December) there is "no assurance" the ongoing negotiations "will result in any transaction or any change in the company's overall structure or its business model".
A spokesperson for supermarket operator told just-food Supervalu has "nothing additional to add" at this stage.
Supervalu purchased the Albertsons chain of stores in 2006. At this time, Cerberus was part of a consortium of investors that purchased 600 Albertsons stores not taken on by Supervalu. The private-equity group still owns 200 of these locations.
While Cerberus is tipped as the front-runner for Save-a-Lot and Albertsons, US reports have also linked investment vehicle KKR to a bid for the discount chain.
Cerberus had purportedly made a move for the entire Supervalu business, but failed to find financing at attractive enough terms.
Cerberus was unavailable for comment at time of press.
Private-equity firm Cerberus Capital Management, which earlier this year bought five food retail chains from Supervalu Inc, is said to be looking at more targets - including regional grocer Harris Tee...
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