The relationship between SpartanNash Co. and Keene, N.H.-based C&S Wholesale Grocers started with a transaction months before the two companies announced a $1.77 billion deal, which itself came with an 11th hour surprise and price reduction.
Those are among the revelations in a 202-page proxy statement SpartanNash issued to shareholders on July 31 that detailed how the transaction came together and how the surprise loss of a contract led C&S to trim its offer just days before announcing the acquisition.
In a prelude to the deal, C&S initiated contact with SpartanNash in August 2024 to gauge its interest in selling its lease on a 386,000-square-foot distribution center and related assets in Lumberton, N.C. Ultimately, SpartanNash subsidiary Nash-Finch Co. entered into a purchase agreement with C&S on Dec. 27 for the assets…