SpartanNash Acquiring Fresh Encounter Inc., Growing Retail Footprint by 33%
SpartanNash (Nasdaq: SPTN) has announced the acquisition of Fresh Encounter Inc. (FEI), a 49-store supermarket chain operating in Ohio, Indiana, and Kentucky.
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Rhea-AI Summary
SpartanNash (Nasdaq: SPTN) has announced the acquisition of Fresh Encounter Inc. (FEI), a 49-store supermarket chain operating in Ohio, Indiana, and Kentucky. This acquisition expands SpartanNash's retail footprint by 33% and marks the company's second retail acquisition in 2024. FEI, a long-time SpartanNash customer for 58 years, will bring 2,500 new team members to the SpartanNash family.
The deal aligns with SpartanNash's strategic growth plans and is expected to contribute to the company's 2025 long-term goals. FEI operates under various retail banners including Community Markets, Remke Markets, Chief Markets, and Needler's Fresh Market. The transaction is set to close in late November, subject to customary conditions. Financial terms were not disclosed.
Positive
- Expands retail footprint by 33%, entering Kentucky market and growing presence in Ohio and Indiana
- Adds 49 stores to SpartanNash's retail portfolio
- Acquisition aligns with company's strategic growth plans and 2025 long-term goals
- Integrates 2,500 new team members into SpartanNash's workforce
Negative
- None.
Details
News Market Reaction – SPTN
The recorded move for SPTN in the trading session of this news was +0.51%.
Data tracked by StockTitan Argus. Session date unavailable.
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The 49-store chain with locations in
"Fresh Encounter has been a successful family-owned and operated business for decades, and we are proud to continue this legacy," said SpartanNash CEO Tony Sarsam. "This acquisition is an exciting milestone in our Company's strategic growth plans. Not only will we welcome 2,500 new Associates to the SpartanNash family, we will also begin serving shoppers in
The FEI acquisition expands SpartanNash's retail footprint by
"We are proud of the business our family has built and look forward to advancing our relationship with SpartanNash," said FEI CEO Needler. "As their customer, we have seen firsthand the People First culture at SpartanNash, and we appreciate the career opportunities and growth this will unlock for Fresh Encounter team members."
FEI operates under the retail store banners Community Markets, Remke Markets, Chief Markets and Needler's Fresh Market. The transaction is expected to close in late November, subject to customary closing conditions. Terms of the deal were not disclosed.
About SpartanNash
SpartanNash (Nasdaq: SPTN) is a food solutions company that delivers the ingredients for a better life. Committed to fostering a People First culture, the SpartanNash family of Associates is 17,500 and growing. SpartanNash operates two complementary business segments – food wholesale and grocery retail. Its global supply chain network serves wholesale customers that include independent and chain grocers, national retail brands, e-commerce platforms, and
PRESS CONTACT:
Adrienne Chance
SVP, Chief Communications Officer
SpartanNash
press@spartannash.com
INVESTOR CONTACT:
Kayleigh Campbell
Head of Investor Relations
kayleigh.campbell@spartannash.com
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SOURCE SpartanNash
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