Ahold to Sell U.S. Foodservice to CD&R and KKR for $7.1 Billion
U.S. Foodservice is the second largest foodservice distributor in the United States with 2006 net sales of USD 19.2 billion. It is a full-service foodservice distributor, which distributes food and related products across the United States.
03/05/07 Ahold announced that it has reached a definitive agreement on the sale of U.S. Foodservice to a consortium of Clayton, Dubilier & Rice Fund VII, L.P. and Kohlberg Kravis Roberts & Co L.P. for a purchase price of USD7.1 billion. Closing of the transaction is expected in the second half of 2007 subject to the fulfilment of customary conditions, including anti-trust clearance and approval by Ahold's shareholders.
Both the Supervisory Board and Corporate Executive Board of Ahold are recommending that shareholders approve the sale. Shareholder approval will be sought at an Extraordinary General Meeting to be held on June 19, 2007. More detailed information on the transaction will be made available to shareholders ahead of this meeting.
Anders Moberg, Ahold President & CEO, commented: "I am extremely pleased to be able to announce that we have reached this important milestone for U.S. Foodservice, for Ahold and for our shareholders. We have focused on restructuring U.S. Foodservice, strenghthening its capabilities and restoring profitability. The agreement we have been able to reach with CD&R and KKR is the result of the hard work and dedication of everyone at U.S. Foodservice."
U.S. Foodservice is the second largest foodservice distributor in the United States with 2006 net sales of USD 19.2 billion. It is a full-service foodservice distributor, which distributes food and related products across the United States to over 250,000 foodservice customers, including restaurants, hospitals, hotels, schools, the government and other establishments where food is prepared away from home.
