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SpartanNash To Expand Into New Markets With Martin’s Deal

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SpartanNash, a Grand Rapids, Michigan-based grocery wholesaler and food retailer, has signed an agreement to acquire Martin’s Super Markets in South Bend, Indiana, the companies announced Nov. 20.

Martin’s is a family-owned and -operated Midwest independent supermarket chain. With the acquisition of Martin’s, SpartanNash will expand its corporate retail footprint into markets adjacent to its current territory—northern Indiana and southwestern Michigan.

Martin’s was founded more than 70 years ago in 1947 by Jane and Martin Tarnow, grandparents of current CEO Rob Bartels.

SpartanNash, Martin'sMartin’s operates 21 stores in South Bend, Mishawaka, Granger, Elkhart, Goshen, Plymouth, Nappanee, Logansport and Warsaw, Indiana, and Niles, Stevensville and St. Joseph, Michigan. The company also operates 17 in-store pharmacies, a pharmacy at Saint Joseph Health System in Mishawaka, a Martin’s Express convenience store in South Bend and a Side Door Café at Elkhart General Hospital—and approximately 3,500 employees. For the fiscal year ended July 29, 2018, Martin’s had more than $450 million in net sales.

“We are excited to welcome Martin’s Super Markets to the SpartanNash family,” said David Staples, president and CEO. “Martin’s has been a valued independent retail customer since 2005, and we have the greatest respect for the Martin’s management team and its commitment to their associates, customers, and the communities they serve. We look forward to working with members of the team to continue to deliver the quality shopping experience and high level of customer service to Martin’s customers. Our longstanding relationship has built the foundation for our future success and will enable us to grow our corporate retail business in Indiana and Michigan consistent with our long-term strategic growth strategy. We also believe this investment in our corporate retail business will help us take full advantage of our opportunities to generate value for all SpartanNash stakeholders.”

The transaction is expected to close early in the first quarter of the fiscal year ending Dec. 28, 2019, subject to customary closing conditions.

Bartels said, “We were seeking a partner we could trust with the family’s legacy of exceptional customer service, quality products and value; we found that partner in SpartanNash. SpartanNash has been a valued and capable partner, and our partnership has grown and strengthened over time. We share similar values, a passion for the business, and cultures based on excellent customer service, stewardship of our brands, and commitment to our communities and teams. We look forward to a robust and dynamic future for the Martin’s family.”

SpartanNash is a Fortune 400 company whose core businesses include distributing grocery products to independent and chain retailers, its corporate-owned retail stores and U.S. military commissaries and exchanges as well as fresh produce distribution and fresh food processing. It serves customer locations in all 50 states and the District of Columbia, Europe, Cuba, Puerto Rico, Bahrain, Djibouti and Egypt. SpartanNash currently operates 139 supermarkets, primarily under the banners of Family Fare Supermarkets, D&W Fresh Market, VG’s Grocery, Dan’s Supermarket and Family Fresh Market. Through its MDV military division, SpartanNash is a leading distributor of grocery products to U.S. military commissaries.

The Food Partners acted as financial advisor, and Warner Norcross & Judd LLP acted as legal advisor to SpartanNash Co. PJ Solomon acted as financial advisor, and Simpson Thacher & Bartlett LLP acted as legal advisor to Martin’s.

 

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