C&S Wholesale Grocers Acquires Associated Wholesalers
Associated Wholesalers, Inc. (AWI), Robesonia, Pa., entered into an asset purchase agreement with C&S Wholesale Grocers, Keene, N.H., in which C&S will acquire substantially all of AWI's assets, including its White Rose distribution business.
To facilitate the transaction process, AWI and its subsidiaries, including White Rose, filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware.
AWI and White Rose are expected to continue operating in the normal course during the sale process.
"We believe that the asset purchase agreement with C&S is in the best interest of AWI and its stakeholders," says Joyce Fasula, chairman, and Mike Rothwell, vice chairman of AWI. "After conducting a thorough process, which included the exploration of a range of alternatives and reaching out to multiple interested parties, we determined the best course of action for AWI was to enter this agreement with C&S and to undertake the court-supervised sale process."
"As we move through this transaction process, we will continue to focus on serving our customers,” says Matt Saunders, president and CEO. “We also intend to work closely with our suppliers and the winning bidder to help ensure that our customers continue to receive the level of service they expect."
"The addition of AWI and White Rose would expand C&S's footprint and enhance our significant capabilities in servicing independent grocers," says Rick Cohen, chairman and CEO of C&S. "AWI and White Rose have a terrific customer base, and their distribution capabilities are a natural complement to our existing portfolio. We believe we are strongly positioned to provide all of their customers with the goods and services they need to successfully run and even grow their businesses."