Bi-Lo Holdings, LLC, parent company of the BI-LO and Winn-Dixie grocery store chains, said Tuesday that it has entered into a definitive agreement with Belgian food retailer Delhaize Group (DEG) via Bi-Lo Holdings' wholly owned subsidiary, BI-LO, LLC, under which Bi-Lo Holdings will acquire substantially all of the stores in the Sweetbay, Harveys and Reid's supermarket chains from Delhaize for $265 million in cash.
Bi-Lo Holdings will acquire 72 Sweetbay stores, plus leases for 10 prior Sweetbay locations, 72 Harveys stores and 11 Reid's stores, totaling 165 stores with about 10,000 employees throughout the southeastern United States. In 2012, the 165 stores included in the transaction generated revenues of about $1.8 billion.
The deal is expected to close in the fourth quarter of 2013. Until the deal is complete, Sweetbay, Harveys and Reid's will continue to operate independently from Bi-Lo Holdings and its subsidiaries.
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