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A recently completed acquisition could help SpartanNash Co. (NASDAQ: SPTN) expand its presence in the food distribution space

Published in In the News
Sunday, 13 November 2016 14:03

MiBiz Growth Report: Nov. 14, 2016

Here is the MiBiz Growth Report for Nov. 14, 2016: 

• M&A: Byron Center-based SpartanNash Co. (Nasdaq: SPTN) signed a definitive agreement to acquire certain assets of Caito Foods Service Inc. and its Blue Ribbon Transport business for about $217.5 million in cash, according to a statement. The deal includes an earn-out potential of an additional $12.4 million if the business hits performance targets. SpartanNash, which expects the transaction to be accretive to 2017 earnings, will fund the deal with proceeds from its lending facility. Subject to regulatory and other approvals, the deal is anticipated to close in early January 2017. The combined Caito and Blue Ribbon Transport businesses generate annual revenues exceeding $600 million. Caito supplies fresh fruit and vegetables to groceries and distributors in 22 states in the Southeast, Midwest and Eastern regions of the country. The company has facilities in Indiana, Ohio and Florida. SpartanNash was advised on the deal by Deutsche Bank (financial) and Morgan Lewis (legal).

Published in In the News

What executives tout as a “merger of equals” with Chemical Financial Corp. represents what one institutional shareholder for Talmer Bancorp Inc. considers a deal that should get voted down.

Published in In the News

Mylan N.V.’s move to acquire Perrigo Co. plc is headed to a potential hostile takeover bid that will play out in the coming months.

Published in Health Biz

When Byron Center-based Spartan Stores Inc. merged with Nash Finch Co. of Minneapolis last fall, the way the deal was structured helped position the newly formed SpartanNash Co. to immediately take on the task of integration without worrying about being overleveraged.

Published in CFO Award Profiles

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