PROVIDENCE, RI - United Natural Foods (UNFI) announced today it has completed the acquisition of SuperValu for approximately $2.9 billion and is restructuring its leadership team.
"Today is an important milestone for UNFI. We will take the best from both businesses to create North America's premier food wholesaler with significant scale, reach and choices for our customers. We are pleased to welcome our new colleagues from SuperValu as well as their customers and suppliers to UNFI. Our companies share customer-centric cultures and dedicated associates who are committed to continuous improvement, which will help drive our integration programs," said Steve Spinner, UNFI's Chairman and Chief Executive Officer.
Spinner will lead the combined teams of UNFI and SuperValu, supported by the following executives, who will continue to report to him:
- Chris Testa, President of UNFI
- Danielle Benedict, Chief Human Resources Officer
- Eric Dorne, Chief Administrative Officer & Chief Information Officer
- Paul Green, Chief Supply Chain Officer
- Jill Sutton, Chief Legal Officer, General Counsel & Corporate Secretary
- Mike Zechmeister, Chief Financial Officer
Sean Griffin, previously UNFI's Chief Operating Officer, will serve as Chief Executive Officer of SuperValu and Head of the Integration Committee. According to a news release, this committee includes executives from both companies to drive the implementation of best practices from each company and delivery of synergies as well as a rapid and smooth integration. The following executives will support the SuperValu business operations and report directly to Sean Griffin:
- Anne Dament, EVP Retail, Marketing and Private Brands
- Mike Stigers, EVP Wholesale
"We are excited to continue to further build out the store to a more diverse customer base across the country, with both broad better-for-you natural, organic brands and fresh perimeter offerings, as we capitalize on opportunities to cross-sell and realize the benefits of the greater scale we now have as a combined company," stated Griffin. "Work has already begun for the company to realize the significant projected run-rate cost synergies associated with this transaction more than $175 million by year three and more than $185 million by year four—and we are committed to improving profitability into the future. We believe that we can achieve these targets and leverage scalable systems to streamline our processes, more efficiently meet the needs of our customers, and reduce future capital expenditures. We look forward to providing an update on our integration efforts at our January 16, 2019 investor day."
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