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Calls on Fellow Shareholders to Urge the Board to Avert an Election Contest and Form a Committee of Independent Directors to Review Alternatives, Including a Full Sale
NEW YORK--(BUSINESS WIRE)--
Macellum Advisors GP, LLC ("Macellum") and Ancora Holdings Group, LLC ("Ancora") (together with their affiliates, the “Investor Group” or “we”), who beneficially own approximately 4.5% of the outstanding common shares of SpartanNash Company (NYSE: SPTN) (“SpartanNash” or the “Company”) in the aggregate, today issued the below statement regarding their efforts to avert an election contest and collaborate with the Company on a necessary review of strategic alternatives. As a reminder, the Investor Group has nominated three highly qualified and independent candidates for election to SpartanNash’s Board of Directors (the “Board”) at the 2022 Annual Meeting of Shareholders (the “Annual Meeting”).
Jonathan Duskin, Managing Partner of Macellum, and Fredrick D. DiSanto, Chairman and Chief Executive Officer of Ancora, commented:
“In light of multiple national media outlets reporting that there are parties interested in acquiring all or part of SpartanNash, and our belief that there are several other buyers willing to engage should a process commence, we believe the Board should immediately form a special committee of independent directors to evaluate strategic alternatives that can maximize value for shareholders. Our interactions with other investors suggest there is significant support for this logical step. That is why we recently contacted Chairman Doug Hacker and Chief Executive Officer Tony Sarsam in hopes of aligning on a settlement that can immediately support efforts to review all paths to value creation. Unfortunately, SpartanNash’s leadership ignored our desire to collaborate and opted to issue a seemingly disingenuous letter to shareholders that glosses over years of abysmal shareholder returns, dismal capital allocation and governance, failed acquisitions and overall mismanagement. We believe shareholders should be appalled by the Board’s apparent entrenchment agenda. Rather than have to take part in an election contest, we would be willing to agree to a settlement that establishes a special committee of independent directors, including a newly appointed shareholder representative and individuals with relevant industry expertise. We stand ready and willing to pursue this type of framework, and hope our fellow shareholders encourage the Board to begin engaging with interested parties and working to maximize value.”
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About Macellum
Macellum Capital Management is an activist investment firm, with deep expertise in the retail and consumer sectors, founded in 2009 by Jonathan Duskin. Macellum invests in undervalued companies that it believes can appreciate significantly in value as a result of a change in corporate strategy or improvements in operations, capital allocation or corporate governance. Macellum’s investment team, advisors and network of industry experts draw upon their extensive strategic, operating and boardroom experience to assist companies in designing and implementing initiatives to improve long-term shareholder value. Macellum prefers to constructively engage with management to improve its governance and performance for the benefit of all shareholders. However, when management is entrenched, Macellum has run successful proxy contests to effectuate meaningful change. Macellum has run successful election contests to effectuate meaningful change at many companies, including at The Children’s Place Inc., Citi Trends, Inc., Bed Bath and Beyond and Big Lots, Inc. Learn more at www.macellumcapitalmanagement.com.
About Ancora
Founded in 2003, Ancora Holdings Group, LLC offers integrated investment advisory, wealth management and retirement plan services to individuals and institutions across the United States. The firm's comprehensive service offering is complemented by a dedicated team that has the breadth of expertise and operational structure of a global institution, with the responsiveness and flexibility of a boutique firm. For more information about Ancora, please visit https://ancora.net.
our history of serving the independent grocer dates back 125 years when nash finch first distributed fresh fruit; soon after, spartan stores got its start as grand rapids wholesale company. ever since then, locally owned and operated supermarkets have been our best customers – that’s something we’re proud of and continue to build upon every day. today, here’s what spartannash looks like: • a fortune 500 company with over $7.9 billion in revenue and over 16,000 associates • the second largest publicly traded food distributor in the u.s. • the largest food distributor in terms of revenue, serving 172 military commissaries and over 400 military exchanges in the u.s. alone • operate 21 wholesale distribution centers in 44 states • own and operate 159 supermarkets, 34 fuel centers, and partner with 2,100 independent grocers • market and distribute an extensive line of private brands, including over 8,600 grocery, fresh, general merchandise, health and beauty, and non-food items
