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SUPERVALU Inc. (NYSE: SVU), Minneapolis, MN, has agreed to sell 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 L.P.-led investor consortium, for $3.3 billion.
As part of the transaction, which includes 877 stores, AB Acquisition-owned Albertson’s LLC will reunite its Albertson’s stores with the acquired NAI Albertsons stores.
SUPERVALU will be headed by Sam Duncan, as president and CEO, replacing current President, CEO and Chairman Wayne Sales. In addition, five current SUPERVALU directors will resign. The size of the Board will be reduced to seven members from the current ten members. This seven-member Board will consist of five current SUPERVALU directors and two board members designated by Symphony Investors, one of whom is Robert Miller, current president and CEO of Albertson’s LLC, who will serve as non-executive chairman of the board.
SUPERVALU Inc. is one of the largest companies in the U.S. grocery channel with annual sales of $35 billion. SUPERVALU has a network of 4,350 stores in the U.S.