Southeastern Grocers Inc. says it has completed a strategic divestiture of Fresco y Más, selling all 28 stores and four pharmacies under the banner to Fresco Retail Group LLC, an investment group strategically focused on food and grocery.
Fresco Retail Group LLC plans for the stores and pharmacies in the Fresco y Más banner to continue operating as they are presently, according to a news release.
“The successful sale of Fresco y Más marks an important milestone on our path forward,” Anthony Hucker, president and CEO of Southeastern Grocers, said in the release. “As we continue to lead our Harveys Supermarket and Winn-Dixie stores, we remain focused on being the Most Preferred Grocer in the Neighborhood and delivering an exceptional grocery shopping experience complete with the quality, service and value our customers and communities have come to expect.”
Related: Aldi to acquire Winn-Dixie and Harveys Supermarket
As previously announced, Southeast Grocers entered into definitive agreements with Aldi and Fresco Retail Group to effectuate a comprehensive strategic divestiture of its businesses. Under the proposed merger agreement, Aldi will acquire all outstanding Southeast Grocers capital stock in an all-cash transaction, which encompasses all Southeast Grocers grocery operations under the Harveys Supermarket and Winn-Dixie banners.
Southeast Grocers currently anticipates that the proposed merger with Aldi will be completed in the first half of 2024, according to the release. Southeast Grocers will continue to operate its Harveys Supermarket and Winn-Dixie grocery stores in the normal course of business up to and until the transactions are completed. This includes approximately 400 stores in Alabama, Georgia, Louisiana, Mississippi and Florida, where 75% of the stores are located.
