Meijer Taps Academic as President
Grand Rapids, Mich., Meijer announced on Wednesday the selection of Mark Murray, president of Grand Valley State University, as its future president. He fills the slot left vacant after the departure of Larry Zigerelli on Nov. 30.
Murray, a member of the board of directors of Meijer, will join the chain in August, after the conclusion of the academic year at Grand Valley State University, Prior to joining the college in 2001, he was treasurer of the State of Michigan as well as the state’s director of management and board.
“We are delighted to have a person with Mark’s experience and proven leadership abilities to join our company as president,” said Hank Meijer, co-CEO/co-chairman. “Mark’s service on our board of directors has allowed him in-depth exposure to our company and its culture. He shares our commitment to making Meijer a strong and independent leader in our highly competitive industry.”
MarineMax Buys Midwest Boat Dealership
Clearwater, Fla., Boat retailer MarineMax Inc. has agreed to purchase Port Arrowhead Group, a $70 million boat dealership primarily serving Missouri and Oklahoma and neighboring states. MarineMax will pay $27.5 million in cash, plus working capital adjustments and the assumption of liabilities. The transaction is expected to close in the first quarter.
Linens ’N Things Deal Gets U.S. Antitrust
Washington, U.S. antitrust authorities on Tuesday said that they approved plans by private equity firm Apollo Management L.P. and its affiliates to buy Linens ‘N Things.
Under the terms of the Apollo deal, financing is contingent upon Linens ‘N Things reporting a fourth-quarter same-store sales decline of no more than 6% and earnings before interest, taxes, depreciation and amortization of not less than $140 million.