GRAND RAPIDS — SpartanNash Co. plans to acquire Martin’s Super Markets Inc., a family-owned grocery chain based in South Bend, Ind.
The acquisition would extend the retail footprint for Grand Rapids-based SpartanNash (Nasdaq: SPTN) into adjacent markets in northern Indiana and in Southwest Michigan, where Martin’s operates 21 stores and has about 3,500 employees. Martin has three stores in Michigan, in Niles, Stevensville and St. Joseph.
For the fiscal year ended July 29, Martin’s had more than $450 million in net sales.
“Martin’s has been a valued independent retail customer since 2005, and we have the greatest respect for the Martin’s management team and its commitment to their associates, customers, and the communities they serve,” SpartanNash President and CEO David Staples said in a statement. “Our long-standing relationship has built the foundation for our future success and will enable us to grow our corporate retail business in Indiana and Michigan consistent with our long-term strategic growth strategy.”
The deal should close first quarter of 2019. Terms were undisclosed.
SpartanNash was advised on the deal by Washington, D.C.-based investment banking firm The Food Partners (financial) and by the Grand Rapids-based law firm of Warner Norcross + Judd LLP.
New York City-based PJ Solomon was the financial adviser to Martins, which was represented by New York City law firm Simpson Thacher & Bartlett LLP.
SpartanNash sells groceries wholesale to clients and run 139 retail stores, primarily under the banners of Family Fare Supermarkets, D&W Fresh Market, VG’s Grocery, Dan’s Supermarket and Family Fresh Market.
News coverage in the food/agribusiness section of MiBiz is made possible by advertising support from Dan Vos Construction Company. Dan Vos Construction strives to serve people and to enhance life, while maintaining long-term relationships with customers, sub-contractors and employees. This advertisement has no effect on editorial consideration in MiBiz.