UNFI Completes Acquisition Of SUPERVALU
United Natural Foods, Inc. has completed its previously announced acquisition of SUPERVALU INC. for $32.50 per share in cash, or approximately $2.9 billion, including the assumption of outstanding debt and liabilities. The completion follows the satisfaction of all closing conditions including approval of the transaction by SUPERVALU shareholders and receipt of all necessary antitrust approvals. In connection with the completion of the transaction, SUPERVALU’s common stock ceased trading prior to market open on October 22, 2018 and will be delisted from the New York Stock Exchange.
“Today is an important milestone for UNFI. 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,” said Steve Spinner, UNFI’s Chairman and Chief Executive Officer.
“We are excited to continue to further build out the store to a more diverse customer base across the country, with both broad better-for-you natural, organic brands and fresh perimeter offerings, as we capitalize on opportunities to cross-sell and realize the benefits of the greater scale we now have as a combined company,” said Sean Griffin, Chief Executive Officer of SUPERVALU and Head of the Integration Committee. “Work has already begun for the company to realize the significant projected run-rate cost synergies associated with this transaction – more than $175 million by year three and more than $185 million by year four – and we are committed to improving profitability into the future. We believe that we can achieve these targets and leverage scalable systems to streamline our processes, more efficiently meet the needs of our customers and reduce future capital expenditures. We look forward to providing an update on our integration efforts at our January 16, 2019 investor day.”
Executive Leadership Team
UNFI’s Chairman and Chief Executive Officer Steve Spinner will lead the combined entity, supported by the following executives, who will continue to report to him:
- Chris Testa, President of UNFI
- Danielle Benedict, Chief Human Resources Officer
- Eric Dorne, Chief Administrative Officer & Chief Information Officer
- Paul Green, Chief Supply Chain Officer
- Jill Sutton, Chief Legal Officer, General Counsel & Corporate Secretary
- Mike Zechmeister, Chief Financial Officer
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Sean Griffin, previously UNFI’s Chief Operating Officer, will serve as Chief Executive Officer of SUPERVALU and Head of the Integration Committee. This committee includes executives from both companies to drive the implementation of best practices from each company and delivery of synergies as well as a rapid and smooth integration. The following executives will support the SUPERVALU business operations and report directly to Sean Griffin:
- Anne Dament, EVP Retail, Marketing and Private Brands
- Mike Stigers, EVP Wholesale
Financing the Transaction
As previously noted, the transaction will be primarily debt financed. UNFI finalized new credit facility agreements including a $2.1 billion asset-based revolving credit facility, up to $1.475 billion of which is available at closing, and a $1.950 billion senior secured first lien term loan facility agreement consisting of a $1.8 billion term loan “B” tranche and a $150 million 364-day tranche. In addition, UNFI’s existing asset-based revolving credit facility was terminated upon close.
Local Foods from Swiss Villa #ExpoEast
Local foods promote sustainable agriculture, and bringing small-family-farmed, nutrient-dense organic food into a food hub for regional distribution into health food stores has brought the “villa” into view. Swiss Villa brings authentic, real food for consumers involved in eating well. Local. Raw. Sustainable. Small farmed. Chemical free.
For more information, visit booth #1147 at Natural Products Expo East.
Glass bottled raw milk sales only occur to in-state customers. However, the company’s truly raw milk cheeses (more than 50 selections from cows, goats, sheep and water buffalo) can be sold inter-state. Swiss Villa offers cultured butter from 100 percent grass fed cows.
Also consider the grass-fed Lancaster Local organic cream line of whole milk and yogurt. Local Grade A goat milk from Liberty View Creamery and an all-natural yogurt from September Farms bring more selection to the dairy line. Swiss Villa carries the Pequea Valley Farm yogurt as well.
Its raw kombucha line includes elderberry, black currant, turmeric and ginger. Nine other flavors boast of the raw kombucha benefits, such as raspberry and strawberry.
But then too, note the raw fermented red beets. It doesn’t stop there! Red and green sauerkraut, kimchi, onions and ginger carrots offer color and easier nutrient assimilation items to your cooler shelf. Fermented bread and butter pickles come alive with flavor, and real food includes fermented pickles, garlic and horseradish. Veggies are grown locally and hand-crafted in Lancaster County, Pennsylvania. Swiss Villa presents these goods to stores throughout Pennsylvania, Maryland, DC, Delaware, New Jersey and New York.
Grass-fed beef, pasture-raised pork, organic chicken and turkey along with wild Alaskan caught salmon currently comprise the company’s meat offerings. It offers numerous organ meats and beef marrow bones for extra nutrient supply. It seeks meat sources with chemical free farming and humane treatment for the animals, but it also works with small businesses for providing these goods.
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Swiss Villa Eggs are from grass-fed hens. These chickens have more than just outside access; they live outdoors daily as they wish to. Overnight shelter provides security from predators. Alderfer’s Poultry Farm grades and packs these eggs. Swiss Villa relates with assisting Alderfer’s in marketing its cage-free and organic eggs.
Sylvia’s Bakery produces spelt flour breads, cookies, rolls and more. The homemade deliciousness oozes from the Pennsylvania shoofly pies. But the goodness extends beyond into the pumpkin pies, pecan pies, old fashioned sweet potato pies and coconut custard cream pies. Fall season calls for stocking the pumpkin rolls made with spelt flour.
Swiss Villa has included raw honey from local Pennsylvania sources. It has numerous flower-specific local honeys such as black locust honey, basswood honey and knotweed honey. Chunk honey includes pieces of the comb in the jar with the honey. You can also opt for the comb alone in a retail 10-12 ounce package. It also offers the Stockin’s raw honey.
Oak View Acres produces a nice line of shelf stable apple sauce, and it even offers organic apple butter and organic sauerkraut. Other selections include seven day pickles, pepper relish, stuffed peppers and chow chow.
Trends Help Drive Market Penetration for Little Red Dot Kitchen
Consumer trends toward snacking, free-from and better-for-you foods are driving retail penetration for Little Red Dot Kitchen Bak Kwa meat snacks, inspired by a traditional grilled Singapore and Malaysian street food.
The Bak Kwa now are available in the San Francisco Bay area at Andronico’s Community Markets, Lunardi’s Markets, Draeger’s and Woodlands Market through UNFI of Providence, Rhode Island, said Little Red Dot Kitchen CEO Ching Lee. The high protein meat snacks, which are lower sodium, paleo-friendly, and free from gluten, nitrites, nitrates, antibiotics and hormones, are being carried in Michigan by Papa Joe’s Market, Randazzo Fresh Market and Holiday Market through Carmella Foods of Fraser, Michigan, Lee said.
The meat snacks also now are distributed by First Source of Toano, Virginia, and Renaissance Specialty Foods, and Little Red Dot Kitchen has added brokers Daymon Worldwide of Stamford, Connecticut, and Share Organics of Santa Rosa, California.
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Little Red Dot Kitchen’s Bak Kwa meat snacks come from U.S. family farms dedicated to raising animals humanely and without antibiotics or hormones. They are minimally processed, with most ingredients having non-GMO verification and also are free from artificial ingredients, wheat, dairy and eggs. The meat snacks are available in resealable 1- to 3-ounce packages with a suggested retail price of $6.99 to $7.99. Cases include 12 of the 2- to 3-ounce bags and 18 of the 1-ounce bags.
Bak Kwa meat snacks are available in five flavors, including the 2016 sofi® Award winning Hickory Smoked Spicy Candied Bacon, which has no nitrates or nitrites, Spicy Chipotle Beef Bak Kwa, Lemongrass Beef, Pork Bak Kwa, and free-range Turkey Bak Kwa. A vegan version, Eggplant Baconess Bak Kwa is available in 2-ounce bags with a suggested retail price of $4.99 to $5.99.
More information about Little Red Dot Kitchen is available by connecting online at www.facebook.com/reddotkitchen, www.instagram.com/littlereddotkithen and ,www.twitter.com/reddotkitchen or by calling 408.673.8227.
