Harris Williams & Co. is pleased to announce that Ukrop's Super Markets, Inc. has signed a definitive asset purchase agreement to sell 25 grocery stores for approximately $140 million to the Giant-Carlisle Division of Royal Ahold, an international group of leading supermarket companies based in Europe and the United States. The transaction is scheduled to close during the first quarter of 2010. Harris Williams & Co. is acting as the exclusive advisor to Ukrop's. The transaction is being led by Chris Williams, Derek Lewis and John Klim from the firm's Richmond office.
"Ukrop's has been serving central Virginia for more than 70 years and is recognized throughout the industry for its innovation and service. It has been a privilege to work with the Ukrop family who has given so much to the community," said Chris Williams, managing director and co-founder of Harris Williams & Co. "This partnership will continue the heritage which the Ukrop family has built."
In 2009, Harris Williams & Co. sold more than 65% of its client companies to strategic buyers, many of which were to international strategic buyers. Earlier this month, Harris Williams & Co. announced its international expansion in anticipation of increased global M&A activity.
Ukrop's Super Markets, Inc. (www.ukrops.com) is a privately-held business founded and headquartered in Richmond, Virginia since 1937. Ukrop's operates a total of 26 food stores, Joe's Market (a regional specialty market), a central bakery and kitchen, and a distribution center. The company has a longstanding commitment to customer and community service. Each year, Ukrop's gives a minimum of 10 percent of its pre-tax profits back to the community. Ukrop's was a pioneer in both loyalty marketing and meal solutions when it launched its Valued Customer program in 1987 and its chilled prepared foods in 1989. In addition, Ukrop's operates 19 in-store pharmacies and it co owns, with Markel Corporation, 24 First Market Bank branches in Ukrop's locations along with 14 free-standing branches. |
