Shaw's Supermarkets sold to Cerberus
An investment group led by Cerberus Capital Management has reached a $3.3 billion sale agreement with Shaw's Supermarket parent Supervalu Inc. in a move that will transfer five of the supermarket chain's largest brands.
The Associated Press reported that the sale to the Cerberus-led AB Acquisition investment group will include 877 stores nationwide, including 22 Shaw's locations in Maine, in exchange for $100 million in cash and nearly $3 billion in debt.
The sale includes Supervalu's Shaw's, Albertsons, Acme, Jewel-Osco and Star Market stores.
Supervalu will retain its wholesale grocery stores, including Save-A-Lot and the regional chains Cub, Farm Fresh, Shoppers, Shop 'n Save and Hornbachers.
The Minneapolis-based Supervalu will also replace its current chief executive, Wayne Sales, with Sam Duncan, who was president and CEO of OfficeMax from 2005 to 2011.
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