Bashas’ Family of Stores has signed a definitive agreement to be acquired by Califoria-based independent regional grocer Raley’s Holding Co. According to the companies, “The agreement brings together two leading grocers with rich legacies and shared values: employee achievement, exceptional customer service and a deep commitment to local communities.”
In a joint video presentation held on Oct. 1 Edward “Trey” Basha, president and CEO of Bashas’, and Keith Knopf, president and CEO of Raley’s, told Bashas’ employees that the company’s store banners, employment and operations in Arizona would continue without change or interruption.
Basha, the grandson of the company’s co-founder, said: “Today’s announcement represents the beginning of Bashas’ next, exciting chapter as a fully formed operating company within the larger Raley’s enterprise. In Raley’s, we will have a partner who will ensure we continue delivering exceptional customer and member experiences at a time when regional grocery competition has never been tougher – while staying true to the values that have shaped our history over 90 years.”
He added: “Customers, [associates] and local Arizona communities will also benefit from the seamless alignment of culture and values that we share with Raley’s. While the Basha family will no longer have ownership roles, we look forward to seeing the business thrive for generations to come.”
Noted Knopf: “Today marks an important milestone in the ongoing legacy of two great companies. We are humbled to assume stewardship of the Bashas’ organization. Raley’s history of respecting the legacy of the brands we acquire assures continuity for Bashas’ customers, employees and business partners and, on behalf of our 13,000 employees, I want to welcome Bashas’ team members to our organization. The Bashas’ company is strong and well positioned in the market. We are confident that with our robust digital capabilities and combined purchasing power, we can further enhance the overall customer experience.”
According to the agreement:
For the transaction, The Food Partners acted as the strategic and financial advisor to Raley’s, and Snell & Wilmer was legal counsel to Raley’s. Citi served as a strategic and financial advisor, and Burch & Cracchiolo P.A. acted as lead legal counsel for Bashas’. The deal is expected to close by the end of 2021.
Privately owned and family-run Raley’s operates more than 120 stores under four banners: Raley’s, Bel Air Markets, Nob Hill Foods and Raley’s O-N-E Market, with approximately 13,000 employees across California and Nevada. The West Sacramento-based company is No. 61 on The PG 100, Progressive Grocer’s 2021 list of the top food and consumables retailers in North America.Bashas’ Supermarkets Inc. is a family-owned company based in Chandler, Ariz., with more than 100 grocery stores. The company is No. 78 on PG’s list