M&A · Industrials · Wholesale-Groceries, General Line
C&S Wholesale Grocers, LLC to acquire SpartanNash Co
Announced Jun 23, 2025 · Closed Sep 22, 2025
Deal value$1.77BEV $1.64B
Premium52.5%To unaffected price
EV / Adj. EBITDA7.3x0.2x EV / Revenue
ConsiderationAll cash$26.90 per share
Transaction
- Acquirer
- C&S Wholesale Grocers, LLC
- Target
- SpartanNash Co (SPTN)
- Buyer type
- Strategic
- Offer price per share
- $26.90
- Enterprise value
- $1.64B
- Status
- Closed Sep 22, 2025
Deal protections
- Break fee (target pays)
- $35.4M · 2.0%
- Reverse fee (buyer pays)
- $55.0M · 3.1%
- Go-shop
- No-shop
- Financing
- Committed · Wells Fargo
Advisors
- To the acquirer
- Solomon Partners
- To the target
- BofA Securities
Sector context · Industrials
- Comparable deals
- 88 in the prior 24 months
- Premium
- 52.5% vs. 39.0% sector median
- EV / Adj. EBITDA
- 7.3x vs. 9.1x sector median
- Break fee
- 2.0% vs. 2.7% sector median
Timeline
- AnnouncedJun 23, 2025
- Proxy filedJul 18, 2025
- Definitive proxyJul 31, 2025
- Shareholder voteSep 9, 2025
- ClosedSep 22, 2025
Valuation · fairness opinions
Trading comparables$18.50$26.00
Precedent transactions$18.75$29.75
Discounted cash flow$17.25$24.25
Discounted cash flow$17.25$25.75
52-week trading range$17.43$22.59
Offer $26.90
Implied value per SpartanNash Co share by analysis, from BofA Securities · DCF discount rate 8.25%–9.25%.