Grocery store company United Natural Foods (UNFI) has concluded the acquisition of US-based supermarket chain Supervalu for approximately $2.9bn in cash including the assumption of outstanding debt and liabilities.
UNFI closed the deal following the satisfaction of all closing conditions, including approval of Supervalu shareholders and a receipt of all necessary antitrust approvals.
UNFI chairman and chief executive officer Steve Spinner said: “We will take the best from both businesses to create North America’s premier food wholesaler with significant scale, reach and choices for our customers.
“We are pleased to welcome our new colleagues from Supervalu as well as their customers and suppliers to UNFI.
“Our companies share customer-centric cultures and dedicated associates who are committed to continuous improvement, which will help drive our integration programs.”
In addition, Spinner will lead the merged entity with support from the company’s president Chris Testa, chief human resources officer Danielle Benedict, chief administrative officer and chief information officer Eric Dorne, chief supply chain officer Paul Green, chief legal officer, general counsel and corporate secretary Jill Sutton, and chief financial officer Mike Zechmeister.
UNFI has named its chief operating officer Sean Griffin as the chief executive officer of Supervalu and Integration Committee head.
The committee comprises executives from both companies and will drive the implementation of best practices from each company, delivery of synergies and a rapid and smooth integration.
Furthermore, UNFI retail, marketing and private brands executive vice-president Anne Dament and wholesale executive vice-president Mike Stigers will handle Supervalu business operations and report directly to Sean Griffin.