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Southeastern Grocers Debuts IPO

Winn-Dixie Southeaster Grocers
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Southeastern Grocers­ — parent company of BI-LO, Fresco y Más, Harveys Supermarket and Winn-Dixie — has launched an initial public offering of 8.9 million shares of its common stock to be sold by some of its shareholders at an expected price of $14-$16 per share, according to a statement. The company has applied to be listed on the New York Stock Exchange under the ticker symbol “SEGR.”

The investors selling shares also will grant the underwriters a 30-day option to purchase up to an additional 1.3 million shares of the company’s common stock. Southeastern Grocers is not selling any shares in the offering and will not receive any net proceeds from the sale of its common stock by the selling stockholders.

One of the largest conventional supermarket companies in the U.S., with stores in Alabama, Florida, Georgia, Louisiana, Mississippi, North Carolina and South Carolina, Southeastern Grocers emerged from bankruptcy in 2018, shuttering 94 stores to free up capital for a revitalization of its business. Last June, the company sold 62 of its BI-LO and Harveys Supermarket stores to Food Lion, all of which will eventually carry the Food Lion banner.

In fiscal 2019, Southeastern Grocers reported net sales of $8.3 billion, although when adjusted to remove stores sold or closed during that period, net sales for the year totaled $6.7 billion, according to the SEC filing. The company also saw positive comparable store sales in every quarter of fiscal 2019, including 17.8% growth for the first 40 weeks ended September 30, 2020.

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The offering will be made only by means of a prospectus that can be obtained from BofA Securities or Goldman Sachs & Co., which are acting as joint lead book running managers and representatives of the underwriters for the offering.

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