United Natural Foods has completed the previously announced acquisition of Supervalu for $32.50 per share in cash, or $2.9 billion, including the assumption of outstanding debt and liabilities.
The completion of the purchase follows the satisfaction of all closing conditions including approval of the transaction by Supvervalu shareholders and receipt of necessary antitrust approvals.
UNFI’s chairman and CEO Steve Spinner will lead the combined-entity leadership team with the support of:
- Chris Testa, president
- Danielle Benedict, chief human resources officer
- Eric Dorne, chief administrative officer and chief information officer
- Paul Green, chief supply chain officer
- Jill Sutton, chief legal officer, general counsel and corporate secretary
- Mike Zechmeister, chief financial officer
In addition, Sean Griffin, previously UNFI’s COO, will serve as Supervalu CEO and head of the integration committee. The committee includes executives from both companies tasked to drive the implementation of best practices and delivery of synergies while ensuring a rapid and smooth integration.
Within the Supervalu business, reporting to Griffin, Anne Dament will act as evp/retail, marketing and private brands, and Mike Stigers will serve as evp/wholesale.
“Today is an important milestone for UNFI,” Spinner said. “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.”
Griffin added, “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.”