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US supermarket operator The Great Atlantic & Pacific Tea Company (A&P) has said that it has completed the previously announced sale of its Eight O’Clock Coffee division to Gryphon Investors, a San Francisco based private equity firm.

The company said it realised proceeds of US$107.5m and received a contingent note for up to $20m, the value and payment of which is based on certain elements of the future performance of the Eight O’Clock business. 

A&P operates 643 stores in the US and Canada under banners such as A&P, Waldbaum’s, The Food Emporium, Super Foodmart, Super Fresh, Farmer Jack, Sav-A-Center, Dominion, The Barn Markets, Food Basics and Ultra Food & Drug.

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By GlobalData