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Fairness Opinion Detail

SPTN FOOpen source

SpartanNash to C&S Wholesale Grocers

Food Distribution/Jun 2025/BofA

Deal Information

Target
SpartanNash
Acquiror
C&S Wholesale Grocers
Sector
Food Distribution
Target Type
Public
Acquiror Type
Strategic
Advisors
BofA

Transaction Metrics

Enterprise Value
$1.8B
EV / LTM Sales
EV / LTM EBITDA
6.8x
EV / Fwd EBITDA

Advisor Transaction Comparables

Comparable transactions cited by the advisor, excluding the subject transaction.

Advisor: BofA

EV / LTM Adjusted EBITDA selected range: 5.5x - 7.3x

14 comps
Oct 2022Albertsons Companies, Inc.The Kroger Co.$24.6B-5.4x-
Apr 2019Smart & Final Stores, Inc.Apollo Global Management, LLC$1.1B-6.1x-
Jun 2017Whole Foods Market, Inc.Amazon.com, Inc.$13.7B-10.2x-
Oct 2016MORAN FOODS, LLC (dba Save-A-Lot)Onex Corporation$1.4B-6.8x-
Mar 2016The Fresh Market, Inc.Apollo Global Management, LLC$1.4B-7.1x-
Nov 2015Roundy's, Inc.The Kroger Co.$800M-7.0x-
Mar 2014Safeway Inc.Albertson's Holdings LLC$9.0B-6.4x-
Dec 2013Arden Group, Inc.TPG Partners, LLC$394M-9.9x-
Jul 2013Harris Teeter Supermarkets, Inc.The Kroger Co.$2.5B-7.4x-
Oct 2012Smart & Final Holdings Corp.Ares Management LLC$975M-7.5x-
Jul 2018SUPERVALU INC.United Natural Foods, Inc.$3.0B-7.2x-
Oct 2017ASSOCIATED GROCERS OF FLORIDA, INC.SUPERVALU INC.$193M-9.7x-
Apr 2017Unified Grocers, Inc.
Raw cell text printed as '1 1.1 x' — likely a typographical spacing artifact for 11.1x.
SUPERVALU INC.$390M-11.1x-
Jul 2013Nash-Finch CompanySpartan Stores, Inc.$782M-6.6x-
Mean-7.7x-
Median-7.2x-