Grocery Outlet Inc agrees to acquisition

Grocery Outlet Inc has entered into a definitive agreement to be acquired by affiliates of Hellman & Friedman LLC along with Grocery Outlet’s senior management team from its principal owner, Berkshire Partners LLC. Terms of the transaction were not disclosed.
With a network of more than 210 stores across six states, Emeryville CA-based Grocery Outlet offers branded grocery products at discounts through a sourcing model of purchasing discounted surplus inventory directly from more than 3,000 supplier partners. The company was founded in 1946 by Jim Read and continues to be operated by the Read family, with third-generation family members MacGregor Read and Eric Lindberg currently leading the business as co-chief executive officers.
Barclays and Goldman, Sachs & Co served as financial advisors to Grocery Outlet in connection with the transaction. Morgan Stanley & Co LLC and Deutsche Bank Securities Inc were financial advisors to Hellman & Friedman. Weil, Gotshal & Manges LLP, Simpson Thacher & Bartlett LLP, and Sullivan & Cromwell LLP served as legal advisors to Grocery Outlet, Hellman & Friedman, and Grocery Outlet’s senior management, respectively.
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