(For more retail coverage, click GlobeSt.com/RETAIL.)

INDIANAPOLIS-Marsh Supermarkets Inc. has signed a letter of intent to be purchased by an affiliate of Sun Capital Partners for $88 million. Sun Capital, a private investment firm specializing in leveraged buyouts of market-leading companies, would purchase all outstanding shares for an all-cash price of $11.13 per share.

Last year, Marsh’s board of directors created a special committee of independent director and hired Merrill Lynch & Co. to consider strategic alternatives. The committee approved entering into the letter of intent, but the final transaction will be left up to the company’s shareholders. Under the agreement, Marsh has vowed not to solicit alternative transactions before May 11, 2006.

Gary Talarico, managing director of Sun Capital, implied in a released statement that Sun Partners would make little changes with Marsh’s management structure. “We are enthusiastic about Marsh’s dominance in its core markets and look forward to working with the management team and employees of the company to continue to deliver excellent value to customers and the communities that Marsh serves,” he said.

This is the latest in a series of grocery-chain shakeups. Recently announced, Supervalu will be closing its $12.6-billion acquisition of Albertsons stores by mid June. At the end of March, Kings Supermarkets, a chain of 26 stores mostly in New Jersey, announced its sale to British retailer Marks & Spencer, for $61.5 million. And last year, Jacksonville, FL-based Winn-Dixie filed for bankruptcy and has since announced 326 store closings, leaving it with 587 units.

Working under several banners, the grocery-chain retailer operates 69 Marsh supermarkets, 38 LoBill Foods stores, eight O’Malia Food Markets, 154 Village Pantry convenience stores, and two Arthur’s Fresh Market stores in Indiana and Western Ohio.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.