ROBESONIA, PA – A U.S. judge has ruled in favor of Associated Wholesalers Inc. (AWI), officially paving the way for its acquisition by C&S Wholesale Grocers. Earlier this week, ANUK reported on the news that C&S had placed the winning bid in AWI's competitive bankruptcy auction with a $288 million offer. Now with the court's approval, C&S will go forward with its acquisition, which is reported to encompass AWI and all of its subsidiaries, including the White Rose distribution business.
"We are pleased to receive Court approval for the sale of AWI and White Rose to C&S,” shared Matt Saunders, President and Chief Executive Officer of AWI. “The auction process was robust and competitive and we believe that the winning bid from C&S is in the best interest of AWI and its stakeholders."
“C&S shares AWI's commitment to providing customers and independent stores great deals on products and on helping them grow their businesses,” he continued. “AWI will further enhance C&S's position as the leading wholesale grocery supply company and we look forward to completing the sale. I would like to thank AWI and White Rose employees whose continued hard work and dedication enabled us to move through this process."
According to a press release, AWI and White Rose will continue to operate independently of C&S until the transaction officially closes. This is expected to take place in early November.
Throughout this process, Saul Ewing LLP and Rhoads & Sinon LLP have been serving as legal advisers to AWI. Similarly, Lazard Middle Market is acting as AWI's financial adviser, while Carl Marks Advisors is playing the part of the company's restructuring adviser.
Stay tuned to AndNowUKnow for coverage of C&S and AWI as this acquisition moves closer to completion.