Akerman Represents Haggen in Acquisition of 146 West Coast Stores; Multistate Sale-Leaseback and Debt Financing Transactions

LOS ANGELES, Feb. 6, 2015 /PRNewswire/ -- Akerman LLP, a top 100 U.S. law firm serving clients across the Americas, today announced it is representing Haggen Inc. in a 146 grocery-store acquisition, which would expand the Pacific Northwest company into a major regional grocery chain with 164 stores and 106 pharmacies in Arizona, California, Nevada, Oregon and Washington. The acquisition includes 86 stores located in California, which would establish the state as Haggen's largest market on the West Coast. The transaction is scheduled to close during the first half of 2015.

The acquisition is part of the divestment process brought about by the Federal Trade Commission (FTC) review of the Albertson's LLC and Safeway merger. Haggen is the largest store purchaser. Growing from 18 to 164 stores, Haggen will quintuple the number of people it employs to 10,000.

Lawyers from Akerman's Corporate and Real Estate Practice Groups in California, Florida and New York have successfully counseled Haggen during its multi-state acquisition, despite the challenge of a tight timeline, a highly competitive deal process, and the need for FTC approval.

The Corporate team is led by partners Nathan Balint and Jed Freeland in Orlando, and Carl Roston, co-chair of the Mergers & Acquisitions and Private Equity Practice, in the Miami office. Additional M&A lawyers involved in the deal include associate Julia Seider in Miami. The team has handled extensive due diligence and acquisition work within an accelerated timeframe, including the negotiation of all acquisition documents and related corporate issues with respect to the target's grocery, pharmacy and other businesses.

Sue Zabloudil, partner and Real Estate Practice Group leader in Akerman's Los Angeles office, along with partner John Wood in New York, are leading the real estate aspects of the transaction. Additional members of the Real Estate team include Miami-based partners Janice Russell and Sarah Campbell Smith, of counsel Wendy Vargas and associate Sarah Farhadian, as well as associate Jesse Nichols in New York. The group reviewed and conducted due diligence on 146 properties in 30 days, including review of title, survey, property conditions and zoning issues to ensure the client's acquisition of free and clear assets. The acquisition process also entailed complete environmental and regulatory reviews for all stores, including those equipped with fuel stations. In addition, the Akerman lawyers completed all financing negotiations within tight time periods, including multiple sale-leaseback commitments.

Additional Akerman partners have provided significant contributions throughout the course of the deal, including Miami lawyers William Arnhols, chair of the Banking, Lending & Structured Finance Practice; Peter Salomon, chair of the Employee Benefits Practice; antitrust lawyer Lawrence Silverman with the Litigation Practice Group; and William Spratt with the Healthcare Practice Group. Other Akerman partners heavily involved in the transaction include Daryll Marshall with the Corporate Practice Group in Chicago; Felicia Nowels with the Government Affairs & Public Policy Practice Group in Tallahassee; Scott Silverman with Labor & Employment Practice Group in Tampa; and William Sullivan with the Tax Practice Group in Fort Lauderdale.

Haggen is part of the equity portfolio of longtime Akerman client Comvest Partners, the chain's majority shareholder. Within the last year, Akerman has represented Comvest in several other noteworthy transactions, including a portfolio acquisition of Tennessee-based discount retailer Old Time Pottery. In recent months, the firm also advised the client in a merger of equals' transaction, in which Comvest merged its portfolio company, Pipeline Cynergy Holdings, with Priority Payment Systems.

Akerman lawyers have assisted clients through multiple deals that strategically advanced their West Coast operations, predominantly in California. The firm most recently represented AutoNation, Inc. in connection with the sale of its AutoUSA division to Autobytel, Inc. based in Irvine, California. Corporate lawyers previously represented HEICO Corporation in connection with its acquisition of Reinhold Industries, Inc. based in Santa Fe Springs, California.

About Akerman LLP
Akerman LLP is a leading transactions and trial law firm known for its core strengths in middle market M&A, within the financial services and real estate industries, and for a diverse Latin America practice. With more than 600 lawyers and government affairs professionals and a network of 20 offices, it is ranked among the top 100 law firms in the United States by The National Law Journal NLJ 350 (2014). Akerman also is ranked among the top 50 law firms for diversity in The American Lawyer's Diversity Scorecard (2014).

Akerman is recognized by U.S. News - Best Lawyers as a leading U.S. law firm for corporate, M&A, private equity, securities/capital markets and securities regulation law. In addition, Akerman's Corporate Practice Group is recognized by The Legal 500 within the National Firms - Middle Market category and ranks first by Chambers USA for corporate/M&A in Florida. Akerman's Corporate Practice Group advises public and private companies, including private equity funds, on mergers and acquisitions, securities offerings, financings and other transactional matters, with a strong focus on the middle market.

The Akerman Real Estate Practice Group offers comprehensive and fully integrated project counsel services to clients across the United States and in Latin America. With substantial industry experience and prominent local presence, Akerman represents clients in complex real estate transactions and financings, development and redevelopment projects, public private initiatives and litigation. Recognized as a national tier one law firm for Real Estate Law by U.S. News - Best Lawyers, the group advises investors, developers, builders, lenders, retailers, owners and corporate end users, often in high profile matters.

More information can be found at akerman.com or twitter.com/akerman_law.

About Haggen
Founded in 1933, Haggen, Inc. is one of the Pacific Northwest's leading grocery chains. The Bellingham, Washington–based company operates stores in Washington and Oregon under the Haggen Northwest Fresh banner. It is the state's sixth-largest private company with the majority of shares owned by Comvest Partners. Haggen is dedicated to providing its guests with the best of the Northwest. For more than 80 years, it has supported regional farms, ranches, fisheries and other businesses, creating a lasting and sustainable local food economy. Haggen is also deeply rooted in the communities it serves, providing support to local events and partnerships. For more information about what's happening at Haggen, visit haggen.com.

Media Contact:
Marlisa Serrano
Akerman LLP
[email protected] 
305-439-4946

SOURCE Akerman LLP

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