SUPERVALU completes sale of Save-A-Lot
SUPERVALU will continue providing certain back office services to Save-A-Lot.
SUPERVALU INC., Eden Prairie, Minn., finalized the sale of its Save-A-Lot business to an affiliate of Onex Corp., Canada, for $1.365 billion in cash, subject to customary closing adjustments. With the sale of Save-A-Lot, SUPERVALU is now a more focused company.
In connection with the closing of the sale, SUPERVALU and Save-A-Lot have entered into a 5-year professional services agreement pursuant to which SUPERVALU will continue providing certain back office services to Save-A-Lot.
“With the successful completion of the Save-A-Lot sale, we are well positioned for the future with a stronger balance sheet, the opportunity to more strategically invest in our business and the ability to more keenly focus on our core business as a leading grocery wholesaler,” says Mark Gross, SUPERVALU president and CEO. “We also look forward to continuing our relationship with Save-A-Lot as one of our important professional services customers.”
SUPERVALU first announced the sale in October.