Nash Finch Company has sold four of its five Avanza stores to a Texas-based supermarket chain after receiving an unsolicited offer for them.
Bob Dimond, CFO, executive vice president, and treasurer of Edina-based Nash Finch, told Twin Cities Business on Friday that Nash Finch hadn't been looking for a buyer to purchase its Hispanic-oriented Avanza stores. But when Littlefield, Texas-based Lowe's Market submitted a bid, the company conducted an evaluation and determined that the offer was in its best interest.
Dimond declined to reveal the financial terms of the transaction, which he said closed within the past two weeks.
The four Avanza stores that Nash Finch sold are located in Colorado. Dimond said Lowe's Market indicated that it plans to keep the Avanza name and the Hispanic orientation of the stores that it bought.
Lowe's Market is licensed to use the Avanza name exclusively in the Colorado market and is permitted to open additional stores within the state should it choose to do so, according to Dimond.
Nash Finch will continue to operate its fifth Avanza store, which is in Omaha.
Avanza is Spanish for "advance." The company opened its first Avanza stores in 2002.
Nash Finch is a food distribution company that serves independent retailers and military commissaries in 36 states, Washington, D.C., Europe, Cuba, Puerto Rico, the Azores, and Egypt. Its revenue for the fiscal year that ended January 1 totaled approximately $5 billion, which ranks it among Minnesota's 15-largest public companies.