SpartanNash to Acquire Martin’s Super Markets
GRAND RAPIDS, Mich.--(BUSINESS WIRE)--Nov 20, 2018--SpartanNash Company (the “Company”) (Nasdaq: SPTN) today announced it has reached an agreement to acquire Martin’s Super Markets, Inc. (“Martin’s”), a leading family-owned and operated Midwest independent supermarket chain, in a transaction that will expand its corporate retail footprint into the adjacent markets of northern Indiana and southwestern Michigan.
Founded in 1947 and headquartered in South Bend, Indiana, Martin’s currently operates 21 stores in Northern Indiana and Southwest Michigan with approximately 3,500 employees. For the fiscal year ended July 29, 2018, Martin’s had more than $450 million in net sales.
“We are excited to welcome Martin’s Super Markets to the SpartanNash family,” said David Staples, SpartanNash Company’s President and Chief Executive Officer. “Martin’s has been a valued independent retail customer since 2005, and we have the greatest respect for the Martin’s management team and its commitment to their associates, customers, and the communities they serve. We look forward to working with members of the team to continue to deliver the quality shopping experience and high level of customer service to Martin’s customers. Our long-standing relationship has built the foundation for our future success and will enable us to grow our corporate retail business in Indiana and Michigan consistent with our long-term strategic growth strategy. We also believe this investment in our corporate retail business will help us take full advantage of our opportunities to generate value for all SpartanNash stakeholders.”
The transaction is expected to close early in the first quarter of the fiscal year ending December 28, 2019, subject to customary closing conditions.
Rob Bartels, Martin’s President, and grandson of its founders, noted, “We were seeking a partner we could trust with the family’s legacy of exceptional customer service, quality products and value; we found that partner in SpartanNash. SpartanNash has been a valued and capable partner, and our partnership has grown and strengthened over time. We share similar values, a passion for the business, and cultures based on excellent customer service, stewardship of our brands, and commitment to our communities and teams. We look forward to a robust and dynamic future for the Martin’s family.”
The Food Partners acted as financial advisor and Warner Norcross & Judd LLP acted as legal advisor to SpartanNash Company. PJ SOLOMON acted as financial advisor and Simpson Thacher & Bartlett LLP acted as legal advisor to Martin’s.
SpartanNash (Nasdaq: SPTN) is a Fortune 400 company whose core businesses include distributing grocery products to a diverse group of independent and chain retailers, its corporate-owned retail stores and U.S. military commissaries and exchanges; as well as premier fresh produce distribution and fresh food processing. SpartanNash serves customer locations in all 50 states and the District of Columbia, Europe, Cuba, Puerto Rico, Bahrain, Djibouti and Egypt. SpartanNash currently operates 139 supermarkets, primarily under the banners of Family Fare Supermarkets, D&W Fresh Market, VG’s Grocery, Dan’s Supermarket and Family Fresh Market. Through its MDV military division, SpartanNash is a leading distributor of grocery products to U.S. military commissaries.
About Martin’s Supermarkets, Inc.
Martin’s Super Markets, Inc. was founded in 1947 and currently has 21 stores in South Bend, Mishawaka, Granger, Elkhart, Goshen, Plymouth, Nappanee, Logansport and Warsaw, Indiana, and Niles, Stevensville and St. Joseph, Michigan. The company also operates 17 in-store pharmacies, a pharmacy at Saint Joseph Health System in Mishawaka, a Martin’s Express convenience store in South Bend and a Side Door Café at Elkhart General Hospital.
This press release contains “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. These include statements preceded by, followed by or that otherwise include the words “expects,” “strategy,” “opportunities,” and similar expressions. Forward-looking statements relating to expectations about future results or events are based upon information available to SpartanNash as of today’s date, and are not guarantees of the future performance of the Company, and actual results may vary materially from the results and expectations discussed. Additional risks and uncertainties are contained in SpartanNash’s most recently filed Annual Report on Form 10-K and other SEC filings.
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KEYWORD: UNITED STATES NORTH AMERICA INDIANA MICHIGAN
INDUSTRY KEYWORD: SUPPLY CHAIN MANAGEMENT RETAIL SUPERMARKET
SOURCE: SpartanNash Company
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PUB: 11/20/2018 08:30 AM/DISC: 11/20/2018 08:30 AM