Boise, Idaho-based Albertsons Cos. will raise as much as $1.84 billion in an initial public stock offering, the company said Friday. Private-equity firm Cerberus Capital Management combined Albertsons and Safeway earlier this year, and it also operates stores under the Tom Thumb and Jewel-Osco banners.
Low-key, Idaho-based WinCo Foods keeps retail analysts buzzing because of its ability to undercut Wal-Mart Stores on grocery prices, while offering even part-time employees benefits and pensions. WinCo keeps prices low by forging direct deals with farmers and factories, rather than distributors; not accepting credit cards; and asking customers to bag their groceries.
SuperValu plans to keep important corporate operations for Albertsons in its existing headquarters in Boise, Idaho, and will announce new management and executive teams for each department over the next few months, said Chairman and CEO Jeff Noddle.
Supervalu's profits should increase by a double-digit percentage this year, in part due to the "transforming" acquisition of a significant portion of Albertsons, according to Supervalu Chairman and CEO Jeff Noddle. Noddle said he expects the deal to close in early June.
Following the sale of Albertsons to SuperValu, Dennis Johnson, chairman of the Boise Metro Chamber of Commerce, praises the company for its commitment to the state. "I like Idaho's chances of earning a long-term relationship with SuperValu," Johnson said.