Arcadia is buying PrairieStone with 10.1-million shares of its common stock, which is trading in the $2 range today. Management expects to close the deal by the end of next month.
PrairieStone, which operates 400-sf units in locations like grocery stores, will have its locations operated by supermarket company Lund Food Holdings. Lund is the owner of the regional Lunds and Byerly's chains in Minnesota and has PrairieStone operations in 15 of its units.
Marvin Richardson will remain as PrairieStone's president. He is a former senior vice president at Rite Aid with about 30 years of experience in the retail pharmacy businesss.
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