SpartanNash — a Fortune 400 company that distributes grocery products to independent retailers,national accounts, corporate retail stores and military commissaries — acquired certain assets of Caito Foods Service and Blue Ribbon Transport last week.
SpartanNash paid $217.5 million in cash, in addition to reimbursing Caito for certain transaction costs and providing to earn-out opportunities that have the potential to pay the sellers and additional $12.4 million collectively if the business achieves certain performance targets.
Cait, founding in 1965, supplies fresh-cut fruit and vegetables to retailers and foodservice distributors across 22 states. Caito and BRT generate combined annual revenue of $600 million and serve customers from distribution facilities in Indiana, Ohio and Florida. Caito has a central fresh-cut fruit and vegetable facility in Indianapolis and is completing construction on its new 118,000 square foot Fresh Kitchen facility, also in Indianapolis. The $32 million facility will process, cook and package fresh protein-based foods and complete meals and is expected to be fully operations in the first quarter of 2017.
