REPORT: SUPERMARKET M&A ACTIVITY UP IN 2003
nies were among the most acquisitive entities in the food industry in the first half, largely because of Fleming's asset sales, according to a report issued last week by The Food Institute, based here. The 20 supermarket transactions in the first half compare with 12 in the first half of 2002. Overall, food-industry merger and acquisition activity was down 11% in the first half, vs. the first half of 2002, with 194 total transactions. While M&A activity among food-processing firms was about even with last year (46 transactions vs. 49 a year ago), investment firms and banks only made 13 acquisitions, about half the number they did in the first six months of 2002.
HY-VEE TO ACQUIRE THREE EAGLE COUNTRY MARKETS
WEST DES MOINES, Iowa -- Hy-Vee here agreed to acquire three supermarkets from Eagle Food Centers, Milan, Ill., for about $10.83 million in cash, Eagle said last week. Eagle, which filed for bankruptcy protection earlier this year, said it reached a separate agreement to sell an additional store in Rochelle, Ill., to J.B. Sullivan Inc. for $800,000, plus inventory costs. Both agreements are subject to bankruptcy court approval. The stores Hy-Vee agreed to acquire are located in Dubuque, Iowa; Bettendorf, Iowa; and Moline, Ill.
FOOD FOR ALL CONGRESSIONAL GOLF TOURNEY SEPT. 29
WASHINGTON -- Food Marketing Institute, Grocery Manufacturers of America and International Foodservice Distributors Association will host the Second Annual Food For All Congressional Golf Tournament to Fight Hunger at the Lowes Island Golf Club near here on Sept. 29. The event, which is completely underwritten by FMI, GMA and IFDA, brings together Congressional and business leaders to raise funds for Food For All-sponsored charities. For information about participating, sponsoring a hole or donating prizes, contact Denis Zegar at (703) 237-3677.