Ian Ritter is national online editor for GlobeSt.com/RETAIL.
GREEN BAY, WI-Private equity firm is Goldner Hawn Johnson & Morrison is acquiring discount chain ShopKo Stores for about $1 billion including debt. In conjunction with the announcement Jack Eugster, ShopKo's chairman resigned from his post and was replaced by two current board members.
Approximately $330 million of Goldner Hawn's acquisition goes toward ShopKo's debt. The retailer's shareholders will have the right to receive $24 in cash for their company. (It's shares closed at $23.03 yesterday.) ShopKo executives say they expect the deal to close in the second quarter.
Minneapolis-based Goldner Hawn Johnson has invested $470 million in 22 transactions between 1989 and 2004, according to the firm's website. No retail companies are currently listed in its portfolio, which includes Samuel Lawrence Furniture Co. and Vitality Foodservice. Goldner Hawn officials were not immediately available to comment on the ShopKo deal.
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