Shaw’s checks out of Connecticut

A year after letting the lease expire on its Westport Shaw”™s Supermarket store, SuperValu Inc. is checking out of Connecticut by selling its remaining Shaw”™s locations, with rival Stop & Shop buying stores in Darien and New Fairfield and Wakefern Food Corp. getting the rights to 11 stores, including locations in Fairfield and Stratford which it will convert to its ShopRite brand.
Minneapolis-based SuperValu said it was still looking to secure buyers for two of the stores in New Haven and Manchester.
Most of the stores employ between 110 and 140 workers.

“While these decisions are always difficult, given the impact on associates and customers, they ultimately allow us to operate more efficiently and effectively within a highly competitive retail environment,” said Pete Van Helden, vice president of retail operations at SuperValu.

Fresh Market took over the former Shaw”™s location in Westport.

OAK HILL CAPITAL
For nearly $1.1 billion including $457 million in assumed debt, Oak Hill Capital Partners L.P. is selling the Duane Reade Holdings Inc. pharmacy chain to Walgreen Co.

Oak Hill Capital has offices in Stamford, New York City, and Menlo Park, Calif. The company spent nearly $700 million in 2004 to acquire Duane Reade.

Duane Reade is based in New York City and has more than 250 stores in the tri-state area. Through the first three quarters of 2009, Duane Reade lost $39 million on $1.4 billion in revenue and estimated it completed the year with about $1.8 billion in total sales.

“We are very pleased that this national leader has recognized the successful transformation under way at Duane Reade, which is built upon a 50-year history of serving the needs of New Yorkers and has been supported by our shareholders, including Oak Hill Capital Partners,” said John Lederer, CEO of Duane Reade. “We will continue to be the drugstore New Yorkers turn to, just as Walgreens has been a trusted community pharmacy in other markets for more than 100 years.”

Deerfield, Ill.-based Walgreen indicated it expects some consolidation of stores and headquarters functions, but offered no immediate specifics except to say it expected the merger to result in at least $120 million in annual savings within three years.

ARCH CHEMICALS
Sherwin-Williams Co. sealed a deal to buy out the Sayerlack wood lacquers business of Arch Chemicals Inc. for $54 million, including the unit”™s headquarters in Italy and operations in North America, the United Kingdom, Spain, and Singapore.

Norwalk-based Arch acquired Sayerlack in 2000 as part of its acquisition of Hickson International. In a press release, Arch CEO Michael Campbell indicated the company is selling the unit to focus on its biocides business providing decontaminants for pool water and household products like shampoo.

Sherwin-Williams”™ purchase price is subject to an unspecified post-closing working capital adjustment.

Arch generated $147 million last year from Sayerlack products, which include surface stains and decorative finishes for furniture. Sherwin-Williams brands include Dutch Boy, Krylon, Minwax, Thompson”™s WaterSeal.

 

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WINDSONG BRANDS
Windsong Brands L.L.C. has chased down Cloudveil Mountain Works, a mountain and skiing apparel vendor Windsong is acquiring from Spyder Active Sports Inc. for an undisclosed amount.

Cloudveil was founded in 1994 in Jackson, Wyo., and was acquired in February 2008 by Boulder, Colo.-based Spyder. Cloudveil coats and apparel are sold in 450 outdoor specialty stores, including the Complete Angler in Darien; Outdoor Sports Center in Wilton; Threads and Treads in Greenwich; and Westport Outfitters in Norwalk.

Windsong is based in Westport and owns several consumer product brands, including Field & Stream and Sharper Image. Founder and CEO William Sweedler previously led the Joe Boxer division of Iconix Brand Group.

EMCOR
Emcor Group Inc. has acquired Scalise Industries Corp., which like Emcor manages the maintenance of complex facility systems such as heating, cooling and electrical, with Scalise also helping fabricate systems in the construction phase and consulting on energy efficiency measures.

Emcor did not immediately indicate what it paid for Scalise, which is based southwest of Pittsburgh in Lawrence, Pa. Scalise had $70 million in revenue in 2009.

Last month, Emcor closed on a $550 million revolving credit facility with a syndicate led by BMO Capital Markets, Bank of America Merrill Lynch, and US Bank. The credit facility, which matures in February 2013, replaces the company”™s existing $375 million credit facility which was scheduled to mature this October.

CENVEO
Commercial printing giant Cenveo Inc. worked out a term sheet for the assets of Clixx Direct Marketing Services Inc., which provides a range of direct mail and fulfillment services.

Stamford-based Cenveo did not immediately state what it paid for Clixx, which is located in Toronto.