PHOENIX -- Yucaipa Cos. has completed its acquisition of Smitty's Super Valu here.
mpany will remain a separate corporation with its headquarters here.
Yucaipa will work with Smitty's management, the spokesman said, "to continue the improvement of Smitty's stores and operations" with a $25 million capital commitment.
The funds will be used over the next 24 months to remodel and upgrade existing Smitty's stores and to "aggressively pursue the company's new-store development program," the company said.
Yucaipa, based in Claremont, Calif., paid $137.5 million for the 28-store chain, including cash, assumption of long-term debt and repayment of debt.
The 28 Smitty's stores, located here and in Tucson, Ariz., reported sales of approximately $600 million for the fiscal year ended last August.
