On Wednesday, May 16, Albertsons Companies Inc (NYSE: ACI) will begin trading on the New York Stock Exchange. The grocery store chain announced its plans to go public in March, saying it would use the proceeds to pay down debt and for general corporate purposes.
Founded in 1939, Albertsons is one of the largest supermarket chains in the United States, with more than 2,200 stores across the country. The company had been privately owned since 2015, when it was acquired by a group of investors led by Cerberus Capital Management.
Albertsons has been on a bit of a roller coaster ride in recent years. In 2015, it completed a merger with Safeway, only to see that deal come undone two years later when Safeway was sold to Albertsons’ rival, Kroger (NYSE: KR).
More recently, Albertsons has been focused on expanding its footprint through acquisitions. In 2018, it bought Plated, a meal-kit company, and just last year it acquired Rite Aid (NYSE: RAD), a drugstore chain.
The grocery store sector has been under pressure lately as Amazon.com (NASDAQ: AMZN) continues to make inroads with its AmazonFresh and Whole Foods businesses. But Albertsons appears to be weathering the storm well so far. In its most recent quarter, ended February 3, the company reported comparable sales growth of 3.5%.
What day is Albertsons going public?
Albertsons will begin trading on the New York Stock Exchange on Wednesday, May 16.
