Albertsons Cos., the second-largest U.S. grocery-store chain following its $9.4 billion purchase of rival Safeway Inc. this year, started the process of going public Wednesday.
The Boise, Idaho-based grocer, privately owned by an investor group led by Cerberus Capital Management, said in a regulatory filing that it plans to raise up to $100 million in an initial public offering. That figure, used to calculate registration fees, is likely to change.
In addition to Safeway stores, Albertsons operates grocers under banners including Jewel-Osco, Acme and Tom Thumb. To win regulatory approval for its Safeway acquisition, Albertsons agreed to divest 168 stores.
As of June, the store tally was 2,205 locations in 33 states plus the District of Columbia. Kroger Co., the corporate parent of King Soopers and City Market stores in Colorado, is the only U.S. grocery-store chain larger than Albertsons.
Albertsons said it intends to use the proceeds to pay down debt and for general corporate purposes.
