Dutch retail giant Ahold has announced that it has completed the sale of its US retail subsidiaries BI-LO and Bruno’s to an affiliate of Lone Star Funds.
Ahold announced in December that it had agreed to sell the two food retail chains to private investment firm LONE STAR Funds. Completion was subject to the fulfilment of customary closing conditions, including antitrust approval.
Both chains operate in the southeastern region of the United States and have a combined store count of over 450 supermarkets and combined 2003 net sales of approximately €4.7bn (US$6.1bn).
“We are pleased to be able to complete the divestment of BI-LO and Bruno’s to Lone Star as planned,” said Ahold’s president and CEO Anders Moberg.
“This transaction is part of our strategy to optimise our portfolio and strengthen our financial position by reducing debt. We are nearing completion of our divestment programme ahead of time and are well on our way along the Road to Recovery,” he added.