Grocery Outlet Announces Sale to Hellman & Friedman
EMERYVILLE, CA - After weeks of bidding, Hellman & Friedman LLC, along with senior management from Grocery Outlet's principal owner, Berkshire Partners LLC, have entered into a definitive agreement to aquire the operations of Grocery Outlet. As of the time of writing this article, specific details on the terms of this transaction have yet to be released, according to the Digital Journal. All parties however are expressing their optimism about this deal, and its ability to make a positive impact for the future of the retailer.
“We are proud of Grocery Outlet’s 68 year history of bringing extreme value to our customers and building trusted partnerships with our suppliers,” shared MacGregor Read and Eric Lindberg, Co-CEOs of Grocery Outlet. “We thank Berkshire Partners for their contributions to Grocery Outlet’s growth and development over the past five years and welcome Hellman & Friedman as our new partner. We are excited to continue to build on the success of Grocery Outlet for our customers, independent operators and employees.”
“We are proud to have been part of Grocery Outlet’s successful growth over the past five years,” agreed Chris Hadley, Managing Director of Berkshire Partners. “During our partnership, we worked closely with Grocery Outlet’s exceptional management team to enhance the company’s capabilities and to grow the company’s store base. We look forward to seeing the next stage of the company’s development.”
Hellman & Friedman spoke similarly of its excitement to come onboard the Grocery Outlet team.
“Grocery Outlet’s unique operating model delivers tremendous value to consumers and suppliers alike,” said Erik Ragatz, Managing Director of Hellman & Friedman. “With a network of high quality independent operators and an outstanding base of employees, Grocery Outlet is very well positioned to continue on its growth trajectory. We look forward to partnering with Eric and MacGregor and the rest of the management team as the company moves into its next phase of growth.”
Congratulations to Grocery Outlet on completing this major deal. For more details on specific numbers involved in this acquisition, stay tuned to AndNowUKnow.
