WSJ: Cerberus submits bid for Harris Teeter

NEW YORK — The Wall Street Journal on Wednesday reported that Cerberus Capital Management has made a bid for Harris Teeter Supermarkets. Citing a person familiar with the matter, the Journal reported Cerberus is considering keeping part of the grocery operator a public company. 

The market capitalization is about $2.3 billion, according to the Journal

In March, AB Acquisition, which is an affiliate of Cerberus Capital Management, acquired from Supervalu the Albertsons, Acme, Jewel-Osco, Shaw’s and Star Market stores and related Osco and Sav-on in-store pharmacy operations — a move that reunited all Albertsons stores under one operator.

And though Harris Teeter isn't the kind of troubled supermarket operator Cerberus historically targets for acquisition — the Carolina grocery chain generates higher margins and features more premium offerings — Cerberus will look to realize synergies between Harris Teeter and its Supervalu properties, the Journal reported. 

 

 

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