Big Grocers Put Some Stores on the Block
Cincinnati, Kroger Co. is looking for a buyer for Northern California Ralphs stores, according to a report in the Sacramento Bee newspaper. The stores in the northern part of the state reportedly have been less successful than in Southern California, the chain’s stronghold. Ralphs officials were unavailable for comment.
The possible Kroger activity comes amid reports that Albertson’s is back in discussions to sell some of its stores. The company reportedly reached out to Stater Bros. to buy some of its stores. Albertson’s is restarting talks with some of the investors who were previously in talks for a $9.6 billion deal to take the Boise, Idaho-based grocer private. The deal never materialized.
Bain Capital to Acquire Burlington Coat Factory
Burlington, N.J., Burlington Coat Factory Warehouse Corp. agreed to be acquired by a private investment firm. The 367-store chain said it signed a definitive merger agreement to be acquired by affiliates of Bain Capital Partners, LLC in a $2.06 billion deal.
Under terms of the agreement, Bain Capital will acquire all of the outstanding shares of Burlington Coat Factory Warehouse Corporation for $45.50 per share in cash, for a total consideration of approximately $2.06 billion. “We are thrilled that a transaction with Bain Capital delivers significant value to our stockholders,” said Monroe Milstein, Burlington Coat Factory’s Chairman, President and CEO. “We are very proud of what the Company has accomplished over the past 30 years.”
“Burlington Coat Factory is a well-managed retail business with a strong consumer following, high-quality product offerings, and good growth prospects,” said Jordan Hitch, a managing cirector at Bain Capital. “We are delighted to have the opportunity to partner with the experienced management team to build on the company’s track record of success in merchandising and store operations and to continue to grow the store portfolio.”