In other Supervalu news, the company reported its second-quarter financials , among which were consolidated net sales of $3.80 billion and a net loss from continuing operations of $25 million, including a $27 million after-tax asset impairment charge and $16 million of after-tax merger and … Founded in 1945, Associated Grocers of Florida 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. Supervalu has closed its $193 million acquisition of Associated Grocers of Florida Inc., which adds a new layer of expansion to the Minneapolis-based company’s national distribution network. The grocery wholesalers expects the combined company will be well positioned to efficiently serve its broad range of customers and offer an array of value added services, helping Associated Grocers and SUPERVALU customers compete and thrive in an increasingly demanding grocery environment. “Associated Grocers represents a great opportunity for us to further expand our wholesale business into another important region,” said Mark Gross, SUPERVALU’s President and Chief Executive Officer. Further making good on its intent to bolster its wholesale business, Supervalu infused additional firepower into its plan by acquiring Associated Grocers of Florida, which is valued at approximately $180 million. Supervalu also reported a net loss from continuing operations of $25 million, which included a $27 million after-tax asset impairment charge and $16 million of after-tax merger and integration costs. During its last fiscal year ended July 29, 2017, AG’s posted roughly $650 million in revenue, as estimated by Supervalu under its accounting policies. Supervalu Inc. and Associated Grocers of Florida Inc. have entered into a definitive merger agreement for Supervalu to acquire Associated Grocers for about $180 million. The net sales decrease reflects identical store sales of negative 3.5 percent and closed stores, partially offset by sales from acquired and new stores. The deal, which was approved by the companies’ respective boards of directors, is currently expected to close by the end of calendar year 2017, subject to approval by Associated Grocers’ shareholders and other customary closing conditions. Wholesale operating earnings in the second quarter were $61 million, or 2.2 percent of net sales. “I’m very excited about this announcement,” said Associated Grocers’ President, Christopher Miller. The deal marks the second completed acquisition of 2017 for Supervalu as it continues to invest in growing its wholesale business. © Copyright 2020, Hispanic Marketing Consultants. Supervalu’s second quarter wholesale net sales were $2.74 billion vs. $1.73 billion last year, an increase of 58 percent. “Associated Grocers represents a great opportunity for us to further expand our wholesale business into another important region,” said Supervalu President and CEO Mark Gross. SUPERVALU Acquires Associated Grocers of Florida for $180M September 4, 2020 October 18, 2017 by Hernando Ramírez-Santos SUPERVALU took a further step in its expansion into multicultural markets with the acquisition of Associated Grocers of Florida, a transaction valued at approximately $ 180 million. Listen in to WGB’s flagship podcast, 10 Items or Less, featuring insights from retailers and industry professionals. “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.”. With annual sales of approximately $16 billion, Supervalu serves customers across the United States through a network of 3,337 stores composed of 3,120 wholesale primary stores operated by customers serviced by its food distribution business and 217 traditional retail grocery stores operated under five retail banners in six geographic regions. Related: Supervalu Took Over, Goodbye Unified Grocers. One of the largest grocery wholesalers and retailers in the United States, with annual sales of about $16 billion, Supervalu serves customers across the country through a network of 3,337 stores comprising 3,120 wholesale primary stores operated by customers serviced by its food distribution business and 217 traditional retail grocery stores operated under five retail banners in six geographic regions. All Rights Reserved. Further making good on its intent to bolster its wholesale business, Supervalu infused additional firepower into its plan by acquiring Associated Grocers of Florida, which is valued at approximately $180 million. Supervalu has entered into a definitive agreement to acquire Associated Grocers of Florida, a leading wholesale business, in a $180m deal. “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. Ferrero Fulfills Sweet Tooth with Ferrara Candy Acquisition. Following completion of the merger, Associated Grocers will be a wholly-owned subsidiary of SUPERVALU.
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