Hellman & Friedman has closed its previously announced buy of Grocery Outlet from Berkshire Partners. Grocery Outlet’s senior management team teamed up with Hellman & Friedman on the transaction. No financial terms were disclosed. Based in Emeryville, Calif., Grocery Outlet is a discount supermarket chain.
Emeryville, Calif., Oct. 7, 2014 – Grocery Outlet, Inc. (www.groceryoutlet.com), the largest “extreme-value” grocer in the U.S., today announced the successful completion of its acquisition by affiliates of Hellman & Friedman LLC and the Grocery Outlet senior management team from Berkshire Partners LLC.
Grocery Outlet offers branded grocery products at significant discounts through a unique sourcing model of purchasing discounted surplus inventory directly from over 3,000 supplier partners. The company was founded in 1946 by Jim Read and continues to be operated by the Read family, with third generation family members MacGregor Read and Eric Lindberg currently leading the business as Co-Chief Executive Officers. Grocery Outlet has a network of more than 210 stores across six states, which are managed principally by local, independent operators.
“We are excited to partner with Hellman & Friedman to build on the success of Grocery Outlet and develop new opportunities for growth,” said MacGregor Read and Eric Lindberg, Co-CEOs of Grocery Outlet. “Grocery Outlet has a 68-year history of bringing extreme value to customers and building trusted partnerships with suppliers and we look forward to continuing that tradition for years to come.”
About Grocery Outlet
Based in Emeryville, California, Grocery Outlet offers extreme bargains on brand name merchandise, with prices often up to 60% cheaper than conventional retailers. The largest “extreme-value” grocer in the U.S., Grocery Outlet has over 210 locations in California, Idaho, Nevada, Oregon, Washington, and Pennsylvania. Grocery Outlet carries refrigerated and frozen foods, fresh produce, fresh meat, organics, dry groceries, beer and wine, health and beauty care, over-the-counter drugs, and household products. A third-generation family-led company founded in 1946, Grocery Outlet’s mission has always been to provide customers a fun place to find extreme values on name brands they trust. Most stores are independently owned and operated by locally-based families. For more information, please visit www.groceryoutlet.com.
About Hellman & Friedman LLC
Hellman & Friedman LLC is a leading private equity investment firm with offices in San Francisco, New York, and London. Since its founding in 1984, H&F has raised and, through its affiliated funds, managed over $25 billion of committed capital. The firm focuses on investing in superior business franchises and serving as a value-added partner to management in select industries including internet, digital & traditional media, business, marketing & information services, software, insurance, financial services, energy & industrials, and healthcare. For more information on Hellman & Friedman, please visit www.hf.com.