|Supervalu to be acquired by United Natural Foods
United Natural Foods Inc. (UNFI) and Supervalu have entered into a definitive agreement under which UNFI will acquire Supervalu for $32.50 per share in cash, or about $2.9 billion, including the assumption of outstanding debt and liabilities. The news comes the same day that Supervalu announced its Q1 2019 earnings. Also, ushering in the end of an era, UNFI revealed that it plans “over time … to divest Supervalu retail assets in a thoughtful and economic manner.”
“This transaction accelerates UNFI’s ‘Build out the Store’ growth strategy by immediately enhancing our product range, equipping us to bring an attractive, comprehensive product portfolio to an expanded universe of customers,” said Steve Spinner, CEO and chairman of Providence, R.I.-based distributor. “Combining our leading position in natural and organic foods with Supervalu’s presence in fast-turning products makes us the partner of choice for a broader range of customers. Together, we can provide our ‘better for you’ products as well as other high-growth segments, improving customers’ competitive advantages in a dynamic marketplace. These benefits, plus our increased efficiency and productivity, will enable us to create value for our shareholders, enhance opportunities for our suppliers, provide a broader assortment for our customers and create new prospects for our associates over the long term.” “The combination of UNFI and Supervalu provides a substantial premium and delivers certainty of value to our stockholders, meaningful benefits to our customers, expanded opportunities for our employees, and the ability for us and our vendors to efficiently serve a varied customer base,” said Mark Gross, CEO of Minneapolis based Supervalu, who will be stepping away from the company as part of the deal.
“We have been executing an ambitious strategic transformation for over two years. We believe that this transaction is the best and natural next step for our stockholders, customers and employees. I am very proud of the unwavering commitment and focus of our employees in driving our strategic transformation and serving our customers. I am confident that, together, Supervalu and UNFI will be well positioned to succeed – and to help our customers succeed – in today’s grocery landscape.”
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