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Grocery Outlet under new ownership
Regional food retailer Grocery Outlet has swapped one private equity owner for another as it looks to drive growth beyond its existing 210 store footprint in six Western states.
The company, which bills itself as an “extreme value” grocer, said it 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. The terms of the transaction were not disclosed.
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New not enough to drive General Mills sales
The worldwide introduction of 250 new items in the couldn’t help General Mills overcome other challenges that caused sales and profits to decline during the company’s first quarter.
Total company sales during the quarter ended August 24 declined 2% to $4.27 billion and earnings per share fell to 55 cents from 70 cents last year with the U.S. retail climate causing much of the company’s difficulties.
