Supervalu completes sale of 5 store brands to Cerebus
SUPERVALU today announced it has completed the sale of its Albertsons, Acme, Jewel-Osco, Shaw’s and Star Market stores and related Osco and Sav-on in-store pharmacies to AB Acquisition LLC, an affiliate of a Cerberus Capital Management.
In a stock deal valued at $3.3 billion, the sale includes cash and debt assumption. Operations for these banners will transfer overnight, and the new SUPERVALU will open for business on Friday in what the company refers to as a more efficient wholesale and retail company.
“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.
SUPERVALU will continue as one of the largest wholesale grocery providers in America serving nearly 2,000 independent retailers in 43 states. The company plans to continue growing the discount Save-A-Lot format that includes over 1,300 stores nationwide and will operate five, strong regional retail banners.