Bruno’s Supermarket, a bankrupt company previously backed by Lone Star Funds, has signed an agreement to sell 31 stores to an affiliate of C&S Wholesale Grocers for $45.8 million. Bidders for the assets included Gordon Brothers Group, Hilco Merchant Resources LLC and a joint venture made up of liquidators Great American Group, Tiger Capital, SB Capital and Hudson Capital Partners.
Bruno’s Supermarkets, LLC today announced that through an auction it has signed an Asset Purchase Agreement with Southern Family Markets Acquisitions II LLC, (“Southern Family”) an affiliate of C&S Wholesale Grocers Inc. valued at $45.8 million. Under the terms of the agreement, Southern Family has purchased 31 store locations on a “going concern” basis and has purchased the remaining 25 on a liquidating basis. Bruno’s will seek approval of the Asset Purchase Agreement in a Court hearing scheduled for Monday, May 4th at 9 AM CT.
“I am pleased that we were able to come to an agreement with Southern Family that not only preserves jobs at our store locations but also delivers more value to our creditors than other potential outcomes would,” said Jim Grady, Chief Restructuring Officer for Bruno’s. “We are grateful to all of our Teammates for their hard work, our customers for their loyalty and our communities for their support to Bruno’s throughout this process.”
Additional details related to the agreement with Southern Family and other general information about the auction, including details related to certain prescription and inventory sales, will be available at www.kccllc.net/brunos.
Bruno’s Supermarkets, LLC, is the parent company of Bruno’s and FOOD WORLD grocery stores in Alabama and the Florida Panhandle. Founded in 1933, Bruno’s has operated as an independent company since 2007 after undergoing several transitions and changes in ownership starting in 1995.