Grocery Outlet may sell for more than $1 billion
Grocery Outlet may sell for more than $1 billion
The sale of another retail chain may be on the horizon. Berkeley, CA-based Grocery Outlet, a third-generation family-run discount chain, is exploring a sale valued at more than $1 billion, according to a Reuters report.
The article, which cited people familiar with the matter who asked not to be named because it is not public, noted that Grocery Outlet has about $100 million in earnings and Barclays and Goldman Sachs were hired to run the sale.
The chain currently has more than 200 independently operated stores in Arizona, California, Idaho, Nevada, Oregon, Pennsylvania and Washington. Most stores are independently operated by locally based families.
The company was founded by Jim Read in 1946, at which time it sold military surplus at a discount. Since that time it has evolved to provide its customers with a wide variety of offerings, including fresh produce and organics.
Read's grandson, MacGregor Read, has been a co-chief executive officer since 2006. Prior to working at Grocery Outlet, MacGregor worked at Lucky Stores and Del Monte Foods.