Save A Lot sold 33 company-owned stores across the greater Orlando, Fla., area to Ascend Grocery LLC, as part of the discount grocer’s ongoing efforts to convert corporate-owned stores to local ownership.
Ascend Grocery was co-founded and is led by Chris Sherrell, founder and former CEO of Fresh Thyme Farmers Market and former CEO of Sunflower Farmers Market, according to a news release.
“It’s an honor to partner with Save A Lot. By combining the brand’s great quality and low prices with our understanding of how to provide superior customer service and an outstanding shopping experience, I believe we can make a real impact for customers in the greater Orlando area,” Sherrell said in the release.
As part of the conversion, Ascend Grocery will retain the 400 store associates who work at the 33 Save A Lot stores, which will continue serving each neighborhood. Stores will also increase the assortment of ethnic and locally sourced food items to better serve customers, with a focus on providing a wider variety of fresh and quality produce and meats.
Beginning in 2022, all Ascend Grocery stores will be remodeled to fully reflect Save A Lot’s updated brand image. The remodel includes new décor, upgraded flooring and lighting as well as updated produce and meat cases.
The company will seek to form new partnerships with food pantries, charities, local associations and other key community organizations.
“Ascend Grocery is a world-class, high-caliber team of grocers who will bring an extraordinary level of experience to our stores in Orlando,” Save A Lot Chief Sales and Marketing Officer Tim Schroder said in the release. “Their commitment to serve customers, community and employees, together with Save A Lot’s mission of providing convenient access to high-quality foods, will be a winning combination.”
Solomon Partners served as financial advisor to Save A Lot in connection with the transaction.
Ascend Grocery was founded by a team of grocery and investment executives to acquire and open new Save A Lot Hometown Grocer locations in established and new markets.
Founded in 1977, Save A Lot today has more than 900 stores in 32 states.