Supervalu Attracts Buyout Barons
Amid exploration of strategic options for its future, struggling Minneapolis-based grocer Supervalu Inc. reportedly has attracted the interest of billionaire Ronald Burkle and buyout firms KKR & Co. and TPG Capital.
Burkle and the private-equity firms are looking at parts of Supervalu rather than the whole, reported Bloomberg.com, adding that Cerberus Capital Management LP also has looked at some of Supervalu’s assets. Grand Rapids, Mich.-based retailer and distributor Spartan Stores Inc. reportedly has also shown interest in some of Supervalu’s stores in the Midwest.
Supervalu reportedly would prefer a deal for the entire company and has extended its offer deadline past Oct. 15, according to Bloomberg.
While advisors to Supervalu are reportedly asking potential buyers to bid for the entire business, Supervalu’s new CEO Wayne Sales has expressed his commitment to rebuilding the company after being appointed in July to replace Craig Herkert, who was ousted after 18 consecutive quarters of negative growth and a billion-dollar loss in fiscal year 2012.
http://www.progressivegrocer.com/top-stories/headlines/industry-intelligence/id36375/supervalu-attracts-buyout-barons/
