Iceland Foods Ltd. Chief Executive Officer Malcolm Walker teamed up with investors including DFS Furniture founder Graham Kirkham to acquire the budget U.K. supermarket chain from its Icelandic owners for 1.45 billion pounds ($2.3 billion) after fending off rival bids.
Iceland Foods Ltd.’s majority owners Landsbanki Islands hf and Glitnir hf will provide 250 million pounds ($392 million) to help Chief Executive Officer Malcolm Walker fund a buyout, two people familiar with the matter said.
Malcolm Walker, chief executive officer of Iceland Foods Ltd., secured the backing of Canadian pension fund Alberta Investment Management Corp. to finance a 1 billion pound ($1.6 billion) bid for the U.K. budget grocery chain, the Sunday Times said, citing an interview with Walker.
Iceland Foods Ltd. Chief Executive Officer Malcolm Walker won’t enter the first round of bids for a 77 percent stake in the U.K. supermarket chain being sold by Landsbanki Islands hf and Glitnir Bank hf, the Sunday Telegraph reported, without saying where it got the information.
Bain Capital LLC, BC Partners Ltd. and William Morrison Supermarkets Plc are the remaining bidders for Iceland Foods Ltd., the U.K. budget grocery chain, according to four people with knowledge of the plan.