Smart & Final will sell its Florida operations
Aug 7, 2003 12:00 PM, from staff and wire reportsSmart & Final Inc has executed definitive agreements regarding the previously announced sale of its Florida foodservice direct-delivery and stores businesses to Gordon Food Service (GFS). The transaction is expected to close in early September. Proceeds of the transaction will be based on the level of working capital at the closing date and will be used to reduce Smart & Final’s debt.
Under terms of the agreements, GFS will purchase Smart & Final’s Florida foodservice direct-delivery business and nine of Smart & Final’s 14 Florida stores. After a transition period, GFS will convert the acquired stores to its GFS Marketplace stores format. The other five stores will close during August.
GFS, a foodservice distributor based in Grand Rapids MI, has a distribution network that services more than 30,000 customers with more than 14,000 products. The company also operates 93 Marketplace retail stores in the Midwest.
Los Angeles CA-based Smart & Final operates 228 non-membership warehouse stores for food and foodservice supplies in California, Oregon, Washington, Arizona, Nevada, Idaho and northern Mexico. It also operates a foodservice distribution business in Northern California.