Spartan Stores completes acquisition
Jan 5, 2009 11:32 AM
Spartan Stores Inc. has completed the previously announced acquisition of 17 retail supermarkets and 15 pharmacies from VG’s Food Center Inc. and VG’s Pharmacy Inc., a privately held Fenton MI-based retail grocery operator and the company’s largest independent distribution customer.
The transaction is expected to increase annual retail segment sales by approximately $300 million, with annual consolidated sales increasing about $150 million, as VG’s is an existing distribution customer. The acquisition is expected to be slightly dilutive to net earnings in the fiscal 2009 fourth quarter, but accretive during fiscal year 2010.
Grand Rapids MI-based Spartan Stores is the nation’s tenth-largest grocery distributor with warehouse facilities in Grand Rapids and Plymouth MI. It distributes more than 40,000 private-label and national brand products to about 350 independent grocery stores in Michigan, Indiana, and Ohio. Spartan Stores also owns and operates 101 retail supermarkets in Michigan.
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