Southeastern Grocers (SEG) has completed its strategic divestiture of Fresco y Más to Fresco Retail Group, LLC. SEG continues to own and operate Harveys Supermarket and Winn-Dixie grocery stores.
As previously announced in August, SEG entered into definitive agreements with ALDI and Fresco Retail Group to effectuate a comprehensive strategic divestiture of its businesses.
President and CEO of Southeastern Grocers Anthony Hucker said, “The successful sale of Fresco y Más marks an important milestone on our path forward. As we continue to lead our Harveys Supermarket and Winn-Dixie stores, we remain focused on being the most preferred grocer in the neighborhood and delivering an exceptional grocery shopping experience complete with the quality, service, and value our customers and communities have come to expect.”
Founded in 2016, Fresco y Más has 28 grocery stores and four pharmacies throughout South Florida. Fresco Retail Group, LLC plans for all stores and pharmacies in the Fresco y Más banner to continue operating as they are present.
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The company reported that under the proposed merger agreement, ALDI will acquire all outstanding SEG capital stock in an all-cash transaction, encompassing all SEG grocery operations under the Harveys Supermarket and Winn-Dixie banners.
SEG anticipates that the proposed merger with ALDI will be completed in the first half of 2024. SEG will continue operating its Harveys Supermarket and Winn-Dixie grocery stores in the ordinary course of business until the transactions are completed.
This includes approximately 400 stores and approximately 180 liquor stores in Alabama, Georgia, Louisiana, Mississippi, and Florida, where 75% of the grocery stores are located.
Last August, when the acquisition was announced, Jason Hart, CEO of ALDI, said the transaction supports the company’s long-term growth strategy across the United States, including plans to add 120 new stores nationwide to reach more than 2,400 stores by year-end.