Form 4: SpartanNash Acquired by C&S Wholesale Grocers

SpartanNash Company's acquisition by C&S Wholesale Grocers, LLC for $26.90 per share has been completed, converting all outstanding shares and executive equity awards into cash.

Summary

• SpartanNash Company was acquired by C&S Wholesale Grocers, LLC on September 22, 2025, pursuant to an Agreement and Plan of Merger dated June 22, 2025.
• All outstanding SpartanNash common stock was cancelled and converted into the right to receive a cash payment of $26.90 per share.
• Jason Monaco, EVP, Chief Financial Officer, converted 28,768 shares of common stock into cash at $26.90 per share.
• Monaco's 54,172 restricted stock units (RSUs) automatically vested and converted into a cash payment of $26.90 per share.
• Monaco's 137,075 performance-based restricted stock units (PSUs) automatically vested (at the greater of target or actual performance) and converted into a cash payment of $26.90 per share.
• Following these transactions, Jason Monaco beneficially owns 0.00 shares of SpartanNash Company.

Sentiment

Score: 7

Explanation: The sentiment is positive for shareholders who received a cash premium for their shares, and for executives whose equity awards vested and converted to cash. The completion of a pre-announced merger provides certainty.

Positives

• Shareholders received a definitive cash payment of $26.90 per share, providing a clear return on investment.
• Executive equity awards, including restricted stock units and performance-based restricted stock units, automatically vested and converted into cash, providing liquidity to executives like Jason Monaco.
• The successful completion of the merger provides certainty for investors who held shares up to the effective date.

Negatives

• SpartanNash Company is no longer a publicly traded entity, removing it from public investment opportunities.
• Former shareholders no longer have equity participation in the company's future growth or potential upside.

Future Outlook

SpartanNash Company has been acquired by C&S Wholesale Grocers, LLC and is no longer an independent publicly traded entity. Its future operations and strategic direction will be integrated into C&S Wholesale Grocers, LLC.

Management Comments

• On September 22, 2025, C&S Wholesale Grocers, LLC acquired the Issuer pursuant to an Agreement and Plan of Merger dated June 22, 2025.
• The amount shown represents the gross cash payment, but the actual payment will be less any applicable withholding for taxes.

Industry Context

This acquisition represents a significant consolidation within the food distribution and grocery wholesale industry, reflecting ongoing trends of larger players seeking to expand market share and operational efficiencies through strategic mergers and acquisitions.

Comparison to Industry Standards

• NA. This filing reports a specific acquisition event rather than operational performance metrics that would typically be benchmarked against industry peers. A detailed comparison would require analysis of the merger multiple (e.g., EV/EBITDA) relative to other transactions in the food distribution sector, which is not provided in this Form 4.

Stakeholder Impact

• Shareholders: Received a cash payment of $26.90 per share, concluding their investment in SpartanNash Company.
• Employees: Now part of C&S Wholesale Grocers, LLC, with potential changes in organizational structure and roles.
• Management (e.g., Jason Monaco): Equity awards vested and converted to cash, and their roles will transition under the new ownership.

Next Steps

• Shareholders of SpartanNash Company will receive their cash payment of $26.90 per share.
• SpartanNash Company will be delisted from public exchanges and integrated into C&S Wholesale Grocers, LLC.

Key Dates

Keywords

SpartanNash, SPTN, C&S Wholesale Grocers, Merger, Acquisition, Form 4, Insider Transaction, Stock Conversion, Restricted Stock Units, Performance Stock Units, Food Distribution, Grocery Wholesale