Sunday, August 2, 2015

'First and foremost,' we'll improve Acme Markets, pledges buyer Adler

"A successful operating business is worth significantly more than the dark value of real estate"

'First and foremost,' we'll improve Acme Markets, pledges buyer Adler

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Acme Markets opened a brand new supermarket in Bryn Mawr at the site of its former store.  Manager Nick Caridesright helps a customer in the produce section. (Charles Fox / Staff Photographer)
Acme Markets opened a brand new supermarket in Bryn Mawr at the site of its former store. Manager Nick Caridesright helps a customer in the produce section. (Charles Fox / Staff Photographer)

In taking over Philadelphia area's Acme Markets and its sister supermarket chains in Boston, Chicago and Los Angeles, “the number one priority is to stabilize and enhance the operations of the business," says Dean Adler, whose Lubert Adler Partners, Philadelphia, joined Cerberus and three other partners pledging $100 million and promised to assume $3.2 billion in debt to purchase the 877 stores from Supervalu Inc. yesterday. 

So they're not just gonna close stores and liquidate the real estate? "There is significant valuable real estate that provides downside protection," Adler told me. But "first and foremost the goal is to stabilize and enhance the operating platforms," he added.

"The value of establishing a successful operating business is worth significantly more than the dark value of real estate," Adler said. "I’m not an operator. Bob Miller and the operating team of Albertsons LLC," who will run the combined chains, "have historically demonstrated their ability to stabilize and enhance supermarket operations.”

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PhillyDeals posts drafts, transcripts and updates of Joseph N. DiStefano's columns and stories about Philly-area business, which he's been writing since 1989.

DiStefano studied economics, history and a little engineering at Penn and taught writing at St. Joseph's. He has written thousands of columns and articles for the Inquirer, Bloomberg and other media, wrote the book Comcasted, and raised six children with his wife, who is a saint.

Reach Joseph N. at JoeD@phillynews.com, distefano251@gmail.com, 215.854.5194 or 302.652.2004.

Reach Joseph N. at JoeD@phillynews.com or 215 854 5194.

Joseph N. DiStefano
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