SuperValu exec resigns, company completes Unified Grocers acquisition
SuperValu has completed the previously announced acquisition of Unified Grocers Inc. in a transaction valued at $390 million, comprising $114 million in cash to Unified Grocers’ shareholders for 100 percent of the outstanding stock of Unified Grocers plus the assumption and pay-off at closing of Unified Grocers’ net debt of approximately $276 million.
“The completion of this transaction is a significant step forward for SuperValu and the growth of our wholesale business,” Mark Gross, president and chief executive officer, said in a press release. “Our teams are fully engaged in the important work of integrating these two great organizations with a continued focus on delivering for our customers and stockholders. We’re excited about working with the many talented associates to supply and serve our expanded and highly diverse customer base.”
Additionally, Bruce Besanko, SuperValu's executive vice president, chief operating officer and chief financial officer, will resign from his positions effective July 5 to pursue an opportunity outside the company.
SuperValu announced that Rob Woseth, the company’s executive vice president, chief strategy officer, will assume the additional position of interim CFO, and David Johnson, the company’s vice president, controller, will assume the additional position of interim chief accounting officer, while the company completes a search for a permanent chief financial officer.
“On behalf of SuperValu, I want to thank Bruce for his service over the past four years. Bruce made numerous contributions to this organization, including improvements to the company’s capital structure that have laid the groundwork for our transformation. We wish Bruce well in his future endeavors,” Gross said in a release. “Rob and David are important leaders at the company, and I am very pleased that they will assume these interim roles.”