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Supervalu has closed the sale of its Albertsons, Acme, Jewel-Osco, Shaw’s and Star Market stores to an investor group led to AB Acquisition LLC, an affiliate of a Cerberus Capital Management L.P.
In a stock deal valued at $3.3 billion, including $100 million in cash and $3.2 billion in debt assumption, the new SUpervalu will open for business on Friday as a company with annual sales of approximately $17 billion.
“The successful completion of this transaction marks a significant milestone for Supervalu and our shareholders, customers and employees,” said Sam Duncan, Supervalu’s president and chief executive officer, in a press release. “As we move forward, Supervalu will continue as one of the largest wholesale grocery providers in America serving nearly 2,000 independent retailers in 43 states."
Robert Miller, president and chief executive officer of Albertsons LLC, will be Supervalu's new non-executive Chairman of the Board replacing Wayne Sales, who has served as executive Chairman since August 2012. Mr. Miller has spent more than 50 years in retailing with an impressive track record of improving the financial and operating performance of both public and private corporations. Lenard Tessler, a designee of Symphony Investors, was appointed to the Supervalu Board of Directors today.
With the transaction complete, Supervalu now consists of three business units made up of Independent Business, a leading food wholesaler which serves nearly 2,000 stores across the country; Save-A-Lot, the largest hard discount grocery chain in the United States with more than 1,300 stores; and Supervalu’s five, strong regional retail banners: Cub, Farm Fresh, Shoppers, Shop ‘n Save and Hornbacher’s.