Cerberus Capital Management, a private equity firm in New York City, is looking to line up capital to acquire Eden Prairie, Minn., grocery operator Supervalu, Inc.
The Wall Street Journal reports Cerberus is looking to ink a multibillion-dollar bid for the struggling company, which has sought a sale since this summer and sacked CEO Craig Herkert in July. Supervalu manages a network of 2,434 stores, including a number of Albertsons supermarkets in Idaho.
In 2006, Supervalu purchased more than 1,000 Albertsons locations from the Boise-based chain created by Joe Albertson in 1939. That year, Cerberus led a team of investors to purchase 650 other Albertsons stores, which weren't considered by Supervalu.
Operated out of East Boise under the title Albertsons LLC, Cerberus' stock of Albertsons stores has shed 200 stores, according to the WSJ. Should Cerberus acquire Supervalu, the company would take control of all stores that bear the Albertson name.
Supervalu owns 33 Albertsons stores in Idaho, employing approximately 3,300 people.