Grocery, Pharmacy & Restaurants
ADVISING THE FAMILIES WHO FEED AMERICA’S FAMILIES™
The PJ SOLOMON Grocery, Pharmacy & Restaurants team provides investment banking advisory services to public and private clients across various grocery sectors, including traditional and specialty grocery stores, pharmacies, club stores, discount grocers, convenience stores, wholesalers and restaurants.
The practice is led by Scott Moses, whose experience includes some of the largest and most significant grocery and pharmacy M&A transactions in the past two decades, with a combined transaction value of over $50 billion. The team also features the extraordinary talents of renowned executives Justin Dye and Edna Morris (both Senior Advisors), Managing Directors Gregory Grambling and Syed Husain; Vice Presidents Gaurav Ghosh and Joshua Heft.
Together over the past few years, their extensive work in the Grocery & Restaurants sector has included working with clients such as:
- Kroger (on its $800mm acquisition of Roundy’s)
- Boxed.com (on its pending merger with Seven Oaks Acquisition Corp.)
- Sprouts Farmers Market (on its merger with Henry’s Farmers Market, then owned by Apollo)
- Sunflower Farmers Market (on its merger with Sprouts Farmers Market)
- New Seasons Market (on its sale to Emart / Good Food Holdings)
- Save A Lot (on its ~$1bn recapitalization and refinancing)
- El Rancho (on its sale of a growth investment by Albertsons)
- Mi Pueblo (on its sale to KKR/Cardenas)
- United Supermarkets (on its sale to Albertsons)
- Southeastern Grocers (on its sale of Bi-Lo stores to Ahold Delhaize and Alex Lee; its sale of Bi-Lo Rx assets to CVS Health and Walgreens; and its sale of Winn-Dixie Rx assets to CVS Health)
- Kings Balducci’s (on its sale to Albertsons)
- Fairway Markets (on its sale of stores to Village Super Market, Amazon, Bogopa and Key Food)
- Lucky’s Market (on its sale of stores to various acquirers including Aldi, Publix, Southeastern Grocers, Dollar General and the founders, Bo and Trish Sharon, et. al., as well as the original sale of a meaningful equity stake to Kroger)
- Best Market (on its sale to Lidl US)
- Martin’s Super Markets (on its sale to SpartanNash)
- Thai Union (on its acquisition of Golden Gate Capital’s equity stake in Red Lobster)
- Apollo (on its $305 million acquisition of Qdoba)
- Supervalu (on its sale of Shop ‘N Save assets to Schnuck Markets)
- Fred’s (on its sale of Rx assets to Walgreens and CVS)
- Central Grocers (on its sale of Strack & Van Til to Indiana Grocery Group and its sale of its DC to Supervalu)
- Marsh Supermarkets (on its sales to Kroger and Fresh Encounter)
- Haggen Food & Pharmacy (on the sale of its core business to Albertsons; the sale of its non-core stores to Smart & Final, Albertsons, Gelson’s, Sprouts, Stater Bros., 99 Ranch and Bristol Farms, et. al.; and its previous operating company sale to Comvest Partners, family-owned real estate sale to Merlone Geier and Rx assets sale to Walgreens)
Mr. Moses also worked on Cerberus’ acquisition of Albertson’s “non-core” stores (as part of a $17.4 billion acquisition consortium); Kroger’s $800mm acquisition of Roundy’s; Sprouts Farmers Market’s merger with Henry’s Farmers Market (owned by Apollo); Sunflower Farmers Market’s merger with Sprouts Farmers Market; United Supermarkets’ sale to Albertsons; Haggen’s sale to Albertsons; Ahold’s $7.1 billion sale of U.S. Foodservice to KKR and CD&R; Jean Coutu’s $3.4 billion sale of Eckerd Drugs and Brooks Pharmacy to Rite Aid; Caremark’s $22 billion merger with CVS; and Seven & I’s $1.3 billion take-private of 7-Eleven; GameStop’s $1.4 billion acquisition of Electronics Boutique and GameStop’s $700 million spin-off from Barnes & Noble.
GROCERY & RESTAURANTS SECTOR COVERAGE
Our senior team experience includes some of the largest Grocery, Drug Retail & Restaurant M&A transactions in the past two decades, with a combined transaction value of over $50 billion.
We advise clients in all Grocery, Drug Retail & Restaurant sectors, including:
- Traditional Grocery Stores
- Specialty Grocery Stores
- Drug Stores
- Club Stores
- Convenience Stores
- Foodservice Distribution
- Grocery Wholesalers
NEWS & INSIGHTS
PJ SOLOMON Serves as Financial Advisor to Boxed in its Pending Merger with Seven Oaks Acquisition Corp.
PJ SOLOMON’s Edna Morris and Ned Lyerly, CEO of CKE Restaurants, Discuss Innovation in the Restaurant Sector
GLOBAL EXPERTISE FROM OUR NATIXIS PARTNERSHIP
Today, PJ SOLOMON is an independently-run affiliate of Natixis, part of Groupe BPCE, a top ten European and top 20 global bank. Our partnership provides our clients with global coverage across the Americas, EMEA and APAC.
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