Bi-Lo Holdings agrees to acquire Sweetbay, Harveys, Reid’s chains

May 30, 2013
Bi-Lo Holdings LLC has entered into a definitive agreement with Delhaize Group via Bi-Lo Holdings’ wholly owned subsidiary BI-LO LLC.

Bi-Lo Holdings LLC, parent company of the BI-LO and Winn-Dixie grocery store chains, has entered into a definitive agreement with Delhaize Group via Bi-Lo Holdings’ wholly owned subsidiary BI-LO LLC. Through the agreement, Bi-Lo Holdings will acquire substantially all the stores in the Sweetbay, Harveys, and Reid’s supermarket chains from Delhaize for $265 million in cash.

Subject to regulatory review and approval, Bi-Lo Holdings will acquire 72 Sweetbay stores, plus leases for 10 prior Sweetbay locations, 72 Harveys stores, and 11 Reid’s stores. This is a total of 165 stores with approximately 10,000 employees throughout the southeastern United States.

“We are pleased to announce this transaction, which will build on the strength of our BI-LO and Winn-Dixie stores and allow us to extend our great products at great value to a broader customer base,” said Randall Onstead, president and chief executive officer of Bi-Lo Holdings. “Sweetbay, Harveys, and Reid’s are well-recognized and trusted businesses that share our passion for exceptional service. We look forward to welcoming the outstanding associates of all three chains to the BI-LO Winn-Dixie family.”

The transaction is anticipated to close in fourth quarter 2013 and is subject to the satisfaction of customary closing conditions. These include expiration of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. Until the transaction is complete, Sweetbay, Harveys, and Reid’s will continue to operate independently from Bi-Lo Holdings and its subsidiaries.

Credit Suisse, The Food Partners, and Alvarez & Marsal Transaction Advisory Group are acting as financial advisors.Gibson, Dunn & Crutcher LLP is acting as legal advisor to Bi-Lo Holdings.

Bi-Lo Holdings is the ninth-largest traditional supermarket chain in the United States. The company has nearly 60,000 employees serving 686 grocery stores and 482 in-store pharmacies throughout the eight southeastern states of Alabama, Florida, Georgia, Louisiana, Mississippi, North Carolina, South Carolina, and Tennessee.

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