Firm News
SRZ Advises Cerberus on $3.3 Billion Deal with SUPERVALU
March 21, 2013
SRZ advised Cerberus Capital Management LP as the lead investor in a consortium’s $3.3 billion acquisition from SUPERVALU INC. of its Albertsons, Acme, Jewel-Osco, Shaw's and related Osco and Sav-on in-store pharmacies (the "Banners"). SUPERVALU, a publicly-traded company, is one of the largest U.S. grocery businesses. The Banner acquisition, which closed March 21, 2013, involved cash payment and assumption of debt. As part of the transaction, the consortium also conducted a tender offer for up to 30 percent of SUPERVALU's outstanding common stock. The $4 per-share price represented a 50 percent premium over SUPERVALU'S 30-day average closing price prior to announcement of the transaction on Jan. 10, 2013. Following the closing, the Cerberus-led consortium has three designees on the SUPERVALU eleven-member board. Kimco Realty, Klaff Realty, real estate investment company Lubert-Adler Partners and the Schottenstein Real Estate Group joined Cerberus as part of the consortium.
The cross-practice team representing Cerberus and Albertsons Companies included mergers & acquisitions partners Stuart D. Freedman and Robert B. Loper; tax partners Alan S. Waldenberg and Kurt F. Rosell; employment & employee benefits partner Ronald E. Richman and special counsel Scott A. Gold; finance partner Ronald B. Risdon; intellectual property, sourcing & technology special counsel Scott M. Kareff; environmental partner Howard B. Epstein; antitrust and litigation partner Michael E. Swartz; antitrust and mergers & acquisitions partner Peter Jonathan Halasz; real estate partners Jeffrey A. Lenobel and Julian M. Wise; special counsel Seth R. Henslovitz; and former Schulte lawyers Jae Y. Kim and Matthew J. Gruenberg.
Related People
Related Insights
Alerts
On March 1, 2024, New York Governor Kathy Hochul signed into law an amended version of the New York LLC Transparency Act (“NYLTA”),[1] requiring certain limited liability companies (“LLCs”) formed or authorized to do business in New York (each, a “NY Reporting Company”) to file a beneficial ownership information (“BOI”) report with the NY Department of State (“NY DOS”). Each NY Reporting Company will be required to disclose on its BOI report identifying information pertaining to each individual who directly or indirectly exercises substantial control or owns or controls 25 percent or more of the ownership interests of a NY Reporting Company (each, a “Beneficial Owner”) and the individuals involved in the NY Reporting Company’s formation or registration to do business in New York (each, an “Applicant”). Information reported to NY DOS will be maintained in a private database not accessible to the public. The NYLTA goes into effect on Jan. 1, 2026 and requires the NY DOS to promulgate regulations implementing the legislation.
Alerts
The US Securities and Exchange Commission (“SEC”) and the Commodity Futures Trading Commission (“CFTC”) have overhauled Form PF and private fund managers have until March 12, 2025, to begin reporting on the new Form. The changes to the reporting requirements mandated by the amendments to the Form (“Form PF Amendments”) will require substantial preparation by many managers.[1]
Alerts
On March 1, 2024, New York Governor Kathy Hochul signed into law an amended version of the New York LLC Transparency Act (“NYLTA”),[1] requiring certain limited liability companies (“LLCs”) formed or authorized to do business in New York (each, a “NY Reporting Company”) to file a beneficial ownership information (“BOI”) report with the NY Department of State (“NY DOS”). Each NY Reporting Company will be required to disclose on its BOI report identifying information pertaining to each individual who directly or indirectly exercises substantial control or owns or controls 25 percent or more of the ownership interests of a NY Reporting Company (each, a “Beneficial Owner”) and the individuals involved in the NY Reporting Company’s formation or registration to do business in New York (each, an “Applicant”). Information reported to NY DOS will be maintained in a private database not accessible to the public. The NYLTA goes into effect on Jan. 1, 2026 and requires the NY DOS to promulgate regulations implementing the legislation.
Alerts
The US Securities and Exchange Commission (“SEC”) and the Commodity Futures Trading Commission (“CFTC”) have overhauled Form PF and private fund managers have until March 12, 2025, to begin reporting on the new Form. The changes to the reporting requirements mandated by the amendments to the Form (“Form PF Amendments”) will require substantial preparation by many managers.[1]