Without debate, the proposed Kroger-Albertsons deal was the biggest merger announcement of 2022 — and arguably for the past decade, as well.
But that $24.6 billion mega-merger, which is currently undergoing regulatory review, wasn’t the only significant acquisition news this year as other grocers, along with adjacent technology firms and private equity players, bought up companies with the aim of growing their footprint and expanding their capabilities.
Some, like Walmart and Instacart, focused on acquisitions that bolstered their digital innovations and technology. Other deals saw the industry consolidate further, such as Misfits Market merging with fellow e-grocer Imperfect Foods; SpartanNash buying Shop-N-Save Food Centers, a family owned chain of three grocery stores in northwestern Michigan; and Hispanic grocery chain Cardenas Markets snapping up six Rio Ranch Market stores in Southern California.
Apollo, a high-growth, global alternative asset manager, had a number of supermarket deals this year, including buying Cardenas Markets and Chicago-based specialty grocer Tony’s Fresh Market. After buying The Fresh Market in 2016, Apollo sold a majority stake of the specialty chain to South American retailer Cencosud earlier this year.
Experts predict M&A activity will continue into 2023. David Ritter, managing director of consumer retail practice for Alvarez and Marsal, said M&A activity will likely accelerate if the proposed Kroger-Albertsons merger results in store divestitures.
As the year comes to a close, here’s a look back at some of the top deals the grocery industry saw in 2022 in addition to Kroger-Albertsons.
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Walmart to buy Alert Innovation
• Oct. 6, 2022
The retailer is acquiring the Massachusetts-based automated fulfillment company as it continues to level up its order-routing capabilities. Read the full article ➔
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Misfits Market to acquire Imperfect Foods
• Sept. 7, 2022
Complementary logistics capabilities and the opportunity to scale with a closely aligned brand helped spur the deal, Misfits founder and CEO Abhi Ramesh said in an interview. Read the full article ➔
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Instacart buys e-commerce tech provider Rosie
• Sept. 7, 2022
Rosie’s services are now part of the Instacart Platform, and its staff lead development of the e-commerce giant’s strategy for serving independent retailers. Read the full article ➔
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Instacart buys AI-powered pricing and promotions platform Eversight
• Sept. 1, 2022
Instacart said the acquisition will give its retailer and CPG partners access to individualized pricing tools and insights that link offline and online shopper behavior. Read the full article ➔
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Walmart to buy its gig-labor management partner
• Aug. 19, 2022
The purchase of the partner behind the retailer’s Spark Driver platform comes at a time when Walmart is quickly growing its last-mile and omnichannel capabilities. Read the full article ➔
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SpartanNash buys Shop-N-Save Food Centers
• June 15, 2022
The Midwestern retailer has converted the three-store chain, which has locations in Benzonia, Fremont and Ludington, Michigan, to its Family Fare banner. Read the full article ➔
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Apollo to acquire Cardenas Markets
• June 13, 2022
The private equity firm will combine the chain with Tony’s Fresh Market to create a nearly 80-store ethnic and Hispanic-focused grocer. Read the full article ➔
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Cardenas Markets expanding SoCal footprint with 6-store acquisition
• June 10, 2022
The Hispanic chain, which operates more than 50 locations in three states, is beefing up its footprint east of Los Angeles. Read the full article ➔
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South American retailer to buy majority stake in The Fresh Market for $676M
• May 11, 2022
The deal with current owner Apollo Global Management will let Cencosud acquire 67% of the specialty grocer. Read the full article ➔
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Tony’s Fresh Market sold to Apollo Global Management
• April 20, 2022
The private equity firm is taking control of the Chicago-based specialty grocery chain, which has been family owned since its founding in 1979. Read the full article ➔
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Save Mart bought by private equity firm
• March 28, 2022
The acquisition of the grocery company, which runs roughly 200 stores under the Save Mart, Lucky California and FoodMaxx banners in California and Nevada, marks the latest sale of a regional grocery chain. Read the full article ➔