MINNEAPOLIS — Supervalu Inc. has agreed to acquire Associated Grocers of Florida Inc. for $180 million.
The purchase extends Supervalu’s operations in Florida and provides opportunities to bring its products and services to Associated Grocers’ diverse customer base in the Caribbean and other international markets. Additionally, Supervalu reached a long-term supply agreement with Associated Grocers’ largest customer that will go into effect upon the closing of the deal, expected by year-end.
Associated Grocers’ customer base of conventional, specialty and ethnic stores complements that of Supervalu. The buyer expects the combined company to be well positioned to efficiently serve its broad range of customers and offer an array of value-added services. Associated Grocers’ revenues for the fiscal year ended on July 29 were about $650 million.
Supervalu president and chief executive officer Mark Gross said Associated had built “a dynamic and diverse retailer base.”