The Food Partners Advises Fleming in Successful Bid to Acquire Furr’s

Investment banking firm instrumental in helping Fleming mount successful bid to acquire ailing firm’s assets, says Fleming’s Hildreth.

June 29, 2001, Washington, DC – The Food Partners (TFP), a national investment banking firm focusing exclusively on the food chain, said today that it advised Lewisville, TX-based Fleming Companies, Inc. in connection with the company’s successful bid to acquire the assets of Albuquerque, NM-based Furr’s Supermarkets, Inc.

Fleming’s bid, for up to 66 Furr’s stores, was accepted by the bankruptcy court on June 29, 2001. The company intends that the majority of the stores, which are located in New Mexico and West Texas, will ultimately be owned and operated by independent and chain supermarkets with Fleming serving as the supplier. Approximately 10 store locations will be converted to a price impact retail format as part of Fleming’s retail group.

“TFP’s experience within the industry and understanding of the process assisted Fleming in reacting quickly and effectively to the complicated and often rapid developments of this transaction,” said Matt Hildreth, senior vice president – finance and treasurer, Fleming.

“There is no question that they were instrumental in enabling us to mount a successful bid for Furr’s assets,” he added.

Headquartered in Albuquerque, NM, Furr’s is the state’s largest privately held company. Furr’s operates 66 stores throughout New Mexico and West Texas and employs approximately 5,000 people. The company voluntarily filed a petition for reorganization under Chapter 11 in February of this year.

Fleming is the industry leader in distribution and has a growing presence in value retailing. Fleming’s primary business is buying and selling merchandise. The company serves approximately 3,000 supermarkets, including more than 700 North American stores of global supermarketer IGA and other regional banners, 5,000 convenience stores and nearly 1,000 supercenters, discount, limited assortment, drug, specialty and other businesses across the country.

The Food Partners, with offices in Washington, DC, and Seattle, WA, is a national investment banking firm focusing exclusively on the food chain. TFP provides merger, acquisition, divestiture, capital raising and strategic advisory services to the food industry. Clients served by TFP span the entire food chain and include privately and publicly held companies and cooperatives. TFP’s web site can be found at www.

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