Spartan Stores, Nash Finch Complete Merger
New corporate name is SpartanNash
GRAND RAPIDS, Mich. -- Spartan Stores Inc., a leading regional grocery distributor and grocery, convenience store and fuel retailer, and Nash Finch Co., a leading food distribution company, have completed their merger. Spartan Stores will use the corporate name of SpartanNash Co., with the official name change to SpartanNash expected to become effective at the annual shareholders meeting in May 2014.
The common stock of SpartanNash will trade under the symbol "SPTN" on the Nasdaq Stock Exchange beginning Nov. 20. The combined company will continue to conduct business as Spartan Stores, Nash Finch and MDV in their respective markets.
"This merger brings together two highly complementary organizations to form a leader in the grocery wholesale, retail and military commissary and exchange channels," said Dennis Eidson, president and CEO of Spartan Stores. "We look forward to leveraging our new platform with its broader customer base and geographic reach to create significant long-term value for our shareholders."
Spartan Stores and Nash Finch shareholders approved the merger during separate shareholder meetings.
SpartanNash's board of directors includes seven directors from Spartan Stores' previous board and four directors from Nash Finch's previous board. In addition to Craig Sturken, who will serve as chairman and Eidson, president and CEO, the other members of the board include M. Shan Atkins, Frank M. Gambino, Yvonne R. Jackson, Elizabeth A. Nickels and Timothy J. O'Donovan, former members of the board of Spartan Stores and William R. Voss, Mickey P. Foret, Douglas A. Hacker and Hawthorne L. Proctor, former members of the board of Nash Finch.
Along with completing the merger, SpartanNash has changed its fiscal year end from the last Saturday in March to the Saturday closest to Dec. 31.
SpartanNash expects that the transaction will create cost synergies of approximately $20 million, $35 million and $52 million in fiscal years 2014, 2015 and 2016, respectively. Integration and transaction closing related costs of approximately $17 million to $18 million will be recorded in the quarter ended December 28, 2013. Integration costs of $10 million to $11 million, $4 million to $5 million and $1 million to $2 million are expected to be incurred in fiscal years 2014, 2015 and 2016, respectively.
Spartan Stores, Grand Rapids, Mich., distributes more than 40,000 private and national brand products to approximately 390 independent grocery locations in Michigan, Indiana and Ohio, and to the company's 102 corporate-owned stores located in Michigan, including Family Fare Supermarkets, Family fare Quick Stop c-store/fuel centers, Glen's Markets, Glen's Quick Stop c-store/fuel centers, D&W Fresh Markets, D&W Fresh Market Quick Stop c-store/fuel centers, VG's Food & Pharmacy, VG's Quick Stop c-store/fuel centers and Valu Land.
Nash Finch, Minneapolis, is the largest food distributor serving military commissaries and exchanges in the United States. Its core businesses include distributing food to military commissaries and exchanges and independent grocery retailers located in 37 states, the District of Columbia, Europe, Cuba, Puerto Rico, the Azores, Bahrain and Egypt. The company also owns and operates a base of retail stores, primarily supermarkets under the Family Fresh Market, Econofoods, Family Thrift Center, No Frills, Bag 'n Save, AVANZA and Sun Mart trade names.
Grand Rapids, Mich.-based SpartanNash is the largest food distributor serving military commissaries and exchanges in the United States, in terms of revenue. The company's core businesses include distributing food to military commissaries and exchanges and independent and corporate-owned retail stores located in 44 states and the District of Columbia, Europe, Cuba, Puerto Rico, the Azores, Bahrain and Egypt. SpartanNash currently operates 177 supermarkets, primarily under the banners of Family Fare Supermarkets, No Frills, Bag 'n Save and Econofoods, as well as the c-stores and fuel centers.