Spartan to Pay $38.5 Million for Felpausch

GRAND RAPIDS, Mich. -- Spartan Stores here said it has agreed to pay $38.5 million for its previously announced acquisition of certain assets of G&R Felpausch Co., Hastings, Mich., including $2 million that will be held for 18 months pending indemnification and other matters. Spartan also will purchase the store inventories. The company revealed the purchase price in a filing with the Securities and Exchange Commission. As previously reported, Spartan plans to acquire 20 supermarkets, two fuel centers and three convenience stores, with the deal set to close by this June. The closing is subject to several conditions, including completion of due diligence by Spartan, and is subject to the approval of Spartan‘s board of directors and the shareholders of Felpausch, which is party owned by its employees.