MINNEAPOLIS — Supervalu, Inc. has entered into a definitive agreement to acquire Associated Grocers of Florida, Inc. for approximately $180 million. The transaction is expected to close by the end of the year.
Associated Grocers is a retailer-owned cooperative that distributes full lines of grocery and general merchandise to independent retailers, primarily in South Florida, the Caribbean, Central and South America and Asia. During Associated Grocers’ last fiscal year ended July 29, the company’s revenues were approximately $650 million.
|Mark Gross, president and c.e.o. of Supervalu|
“Associated Grocers represents a great opportunity for us to further expand our wholesale business into another important region,” said Mark Gross, president and chief executive officer of Supervalu. “We believe Supervalu is uniquely positioned to be the supplier of choice across the grocery industry, and this acquisition is another example of how we’re delivering on our growth strategy.”
The transaction will provide Supervalu with the ability to expand its operations into new regions, the company said, as well as offer opportunities to bring Supervalu’s products and services to Associated Grocers’ customer base.
|Christopher Miller, president of Associated Grocers of Florida|
“Being a part of Supervalu will provide us with access to resources, products, services and overall capabilities that are essential to helping us continue to provide top-notch support to our customers,” said Christopher Miller, president of Associated Grocers. “Supervalu and Associated Grocers share a common dedication and commitment to the independent retailer, and together we’ll be in a great position to provide opportunities, innovation and increased value to our customers, both domestically and in foreign markets.”Associated Grocers of Florida is Supervalu’s second acquisition this year. In June, the company completed its $390 million acquisition of Unified Grocers, Inc.