Canadian private equity firm Onex Corp has completed its acquisition of Save-A-Lot, one of the largest discount grocery retailers in the United States, from SuperValu Inc. The deal, announced in October, reflected a purchase price of US$1.365 billion in cash, subject to closing adjustments. Onex Partners IV made an equity investment of about US$660 million in the acquisition. Reuters reported earlier this year that Onex was in the lead among private equity firms bidding for the Save-A-Lot business.
Onex Completes Acquisition of Save-A-Lot
TORONTO, ONTARIO–(Marketwired – Dec 5, 2016) –
Onex Corporation (“Onex”) (ONEX.TO) today announced it has completed the acquisition of the Save-A-Lot business (“Save-A-Lot”) from SUPERVALU INC. (“SUPERVALU”) for $1.365 billion in cash, subject to customary closing adjustments. Save-A-Lot is one of the largest hard-discount grocery retailers for value-seeking shoppers in the United States. Onex Partners IV made an equity investment of $660 million, of which Onex’ share was $186 million as a limited partner in the Fund.
Onex is one of the oldest and most successful private equity firms. Through its Onex Partners and ONCAP private equity funds, Onex acquires and builds high-quality businesses in partnership with talented management teams. At Onex Credit, Onex manages and invests in leveraged loans, collateralized loan obligations and other credit securities. The Company has approximately $23 billion of assets under management, including $6 billion of Onex proprietary capital, in private equity and credit securities. With offices in Toronto, New York, New Jersey and London, Onex invests alongside its fund investors and is the largest limited partner in each of its private equity funds.
Onex’ businesses have assets of $42 billion, generate annual revenues of $25 billion and employ approximately 152,000 people worldwide. Onex shares trade on the Toronto Stock Exchange under the stock symbol ONEX. For more information on Onex, visit its website at www.onex.com. The Company’s security filings can also be accessed at www.sedar.com.
This news release may contain forward-looking statements that are based on management’s current expectations and are subject to known and unknown uncertainties and risks, which could cause actual results to differ materially from those contemplated or implied by such forward-looking statements. Onex is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or otherwise..
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Director, Investor Relations
Photo courtesy of Reuters/Stefan Wermuth