MINNEAPOLIS — Supervalu Inc. has entered into a definitive agreement to sell its Albertsons, Acme, Jewel-Osco, Shaw’s and Star Market stores and related in-store pharmacies to AB Acquisition LLC, an affiliate of a Cerberus Capital Management LP-led consortium, in a transaction valued at $3.3 billion. The sale includes 877 stores and the acquisition of stock from New Albertsons, Inc., a subsidiary of Supervalu, for $100 million in cash, plus $3.2 billion in debt that will be retained by New Albertsons.
Following the acquisition, Albertsons and its subsidiaries will consist of 1,069 stores and 12 distribution centers, and employ approximately 110,000. Supervalu will consist of the Independent Business, a food wholesaler with 1,950 stores; Save-A-Lot, a discount grocery chain with approximately 1,300 stores; and regional retail food banners Cub, Farm Fresh, Shoppers, Shop ‘n Save and Hornbacher’s.
There also will be a leadership change at Supervalu. Sam Duncan will replace Wayne Sales as Supervalu’s president and chief executive officer.