Sale and Acquisition
Citing increased competition, Marsh announced on November 29, 2005, that it had engaged Merrill Lynch to investigate the possible sale of the company. In April 2006 the company signed a letter of intent to be purchased by an affiliate of Sun Capital Partners, a Florida-based investment firm that specializes in leveraged buyouts. The deal would allow Sun Capital to purchase all outstanding Marsh shares for $11.16 per share, for a total of approximately $88 million.
On September 27, 2006, MSH Supermarkets, Inc., an affiliate of Sun Capital, completed the acquisition of Marsh Supermarkets, Inc. (Nasdaq: MARSA) (Nasdaq: MARSB) (Marsh) for a total purchase price of approximately $325 million. Frank Lazaran was appointed President and CEO of Marsh, as a result of Don Marsh's previously announced resignation.
In June 2007, Sun Capital Partners announced that they would be splitting Village Pantry Convenience Stores from Marsh. Village Pantry now reports directly to Sun Capital Partners.
In May 2011, Frank Lazaran departed as the Marsh President and CEO for family reasons. Sun Capital brought in Joe Kelley as the new President and CEO. Joe Kelley brought over 25 years of experience to Marsh from his past positions at Purity Supreme, A&P, Bozzuto’s, Inc., Adams Hometown Markets and Price Chopper Supermarkets. Kelley left in May 2012 to become president of Stop & Shop's New England Division. Marsh COO Bill Holsworth was appointed as interim CEO as Sun Capital began conducting a nationwide search for a permanent CEO.
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