US retailer Albertson’s has announced that the acquisition of part of its operations by a group of investors led by Cerberus Capital Management has been completed.
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The Cerberus-led group also includes Kimco Realty, Schottenstein Stores Corporation, Lubert-Adler Partners and Klaff Realty. The group has acquired 661 operating stores and 100% of the distribution centres and offices in Albertson’s Dallas/Fort Worth division and in the Florida, Northern California, Rocky Mountain and Southwestern regions. These businesses are now to operate under the ownership of Albertson’s LLC which is the successor company to Albertson’s with Robert Miller as CEO.
“Being part of a smaller, privately held organisation, we can now accomplish things at the local level that were not practical before,” Miller said. “We will have a more targeted focus on what is right for the customer and be able to make those decisions much more quickly and closer to them.”
In a separate announcement, Minneapolis-based retail group Supervalu said that it had completed its acquisition of a package of Albertson’s retail operations which includes Acme Markets, Bristol Farms, Jewel, Shaw’s Supermarkets, Star Markets, and Albertsons banner stores in the Intermountain West, Northwest and Southern California regions.
Supervalu has also acquired the related in-store pharmacies under the Osco Drug and Sav-on banners. As a result of the acquisition, which totals more than 1,100 stores, the enlarged Supervalu becomes the third-largest supermarket chain in the US by sales.
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By GlobalData“Today, Supervalu begins a new era with significant momentum as a national retail powerhouse,” said Supervalu’s chairman and CEO Jeff Noddle. “This transformational transaction creates a company with some of the nation’s most prestigious supermarket banners, a network of approximately 2,500 store locations in many of the best geographies – with leading shares in several major markets – and a massive supply chain to fuel both our own retail operations and serve our valued independent retail customers better than anyone else can. Today, we are a stronger retailer that’s well-positioned for the future.”
Albertson’s announced in January that it had entered into definitive agreements to sell the entire company to a consortium of investors which included Supervalu, CVS Corporation and the investor group led by Cerberus Capital Management.
