UNFI Completes Acquisition Of SUPERVALU

Published October 22, 2018

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.