Supervalu Seeking Buyers for Whole Company: Report
Advisors to Supervalu Inc. are reportedly asking potential buyers to bid for the entire business, though at least three buyers have expressed interested in acquiring individual parts of the beleaguered Minneapolis-based grocer.
According to Bloomberg News, Cerberus Capital Management LP is interested in Supervalu’s Alberstons unit, Koninklijke Ahold NV is interested in the Shoppers chain, and C&S Wholesale Grocers expressed its interest in buying Supervalu’s distribution 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.
Sales has announced a revitalization plan that includes cutting costs, slashing prices and expanding the company’s Save-A-Lot hard discount banner. Meanwhile, Supervalu has hired Goldman Sachs Group Inc. and Greenhill & Co. as advisors to the potential sale.