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.