Lone Star Funds Evaluating Deal
posted April 10, 2007
The BI-LO grocery chain is uip for sale, owner Lone Star Funds said Tuesday.
BI-LO has 230 stores in the Carolinas, Georgia and Tennessee, including 35 in the Chattanooga area.
Lone Star said it has retained Merrill Lynch & Company as its lead financial adviser and William Blair & Company as the co-adviser to evaluate the sale.
The firm said it would not comment further on the sale until its board has approved a specific transaction.
Lone Star, which is based in Dallas, Tex., acquired BI-LO from the Ahold firm in 2004.
It bought BI-LO and Bruno's for total cash proceeds of up to $660 million.
Lone Star Funds manages more than $13 billion in assets and investments in North America, Europe and Asia.
Ahold, which is based in The Netherlands, acquired BI-LO, headquartered in Mauldin, S.C., in 1977.
BI-LO announced recently it was closing the Lookout Valley store, which is on Cummings Highway near a new Super Wal-Mart.
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