Shaw's to be Sold in $3.3 Billion Deal
The owner of Shaw's and Star Market is selling stores to Cerberus Capital Management.
Shaw's and Star Market agreed to sell several stores to Cerberus Capital Management as part of $3.3 billion deal, according to a report in the Boston Globe Thursday.
Cerberus Capital Management is a private equity firm that also controls Steward Hospital Health Care System.
Supervalu Inc. of Minnesota owns Shaw's and Star Market and is expect to sell 169 stores as part of the deal for $100 million in cash, while Cerberus will assume $3.2 billion in existing debt the Globe reports.
While the Boston Herald wrote "no immediate changes are planned for the West Bridgewater-based Shaw’s and Star Market grocery chains," the paper reported the deal "prompted speculation that some Shaw’s and Star Markets could return to the block after the deal closes," giving the opportunity for other area supermarket chains to possibly acquire current Shaw's locations.