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Save A Lot Announces Sale of 32 Stores to Yellow Banana; Chris Hooks, Joseph Canfield, and More Comment

Save A Lot Announces Sale of 32 Stores to Yellow Banana; Chris Hooks, Joseph Canfield, and More Comment

Wednesday, September 8th, 2021

While some in the retail sector pursue the power of an entirely corporate footprint, Save A Lot is taking a unique approach that caters to the market’s rising demand for local-focused strategies. As part of its plans for converting more stores to local ownership, the company has sold off 32 of its locations to Yellow Banana. This transaction positions Yellow Banana as one of the retailer’s largest partners, giving the operator control over stores across the Greater Cleveland, Chicago, and Milwaukee regions, which generate revenues over $130 million annually.

Chris Hooks, Executive Vice President and Chief Merchandising Officer, Save A Lot“We are thrilled to have the passionate team at Yellow Banana join our Save A Lot network,” said Chris Hooks, Executive Vice President and Chief Merchandising Officer of Save A Lot. “Their mindset and commitment to service, together with Save A Lot’s mission of providing convenient access to high-quality foods, will be a winning combination. Their near-term investment to substantially and visibly upgrade all stores will only further lead to a profound impact on how customers enjoy the Save A Lot experience for many years to come.”

Yellow Banana is controlled by 127 Wall Holdings, a minority-owned holding company that was founded by Walker Brumskine, Ademola Adewale-Sadik, and Michael Nance, according to a press release. The three met at Yale Law School and are joined by seasoned operator, 127 Wall Holdings Co-Founder, and Yellow Banana Chief Executive Officer Joseph Canfield.

Walker Brumskine, Co-Founder, 127 Wall Holdings“We are thrilled to partner with Save A Lot on this opportunity to invest in underserved, predominantly minority communities in three major cities,” stated Walker Brumskine, a Co-Founder of 127 Wall Holdings, on the recent transaction with Save a Lot and Yellow Banana.

Looking to maintain current wages, health insurance, and retirement benefits, Yellow Banana intends to employ all of the more than 400 store associates currently working at the Save A Lot locations. The stores will also continue to emphasize convenience while offering high-quality products, delivering value, and promoting an easy-to-shop store experience.

Ademola Adewal-Sadik, Co-Founder, 127 Wall HoldingsAdemola Adewale-Sadik, another Co-Founder of 127 Wall Holdings, also commented on the sale and its impact on the community, stating, “As the COVID-19 pandemic has made clear, providing affordable, high-quality nutrition to working families is an essential service that creates meaningful impact.”

Additionally, Yellow Banana plans to expand each store’s assortment of local and regional products as well as hire new talent from the local communities.

Joseph Canfield, Chief Executive Officer, Yellow Banana“In many cases, our stores are the only accessible option for healthy, affordable groceries, and we will work hard to earn our place as the beloved hometown grocer across our communities,” noted  Joseph Canfield, the Chief Executive Officer of Yellow Banana, on the company’s renewed stance.

Under Yellow Banana’s ownership, each of the stores will undergo a significant remodel in 2022 to reflect Save A Lot’s updated brand image. Together, the updates will enhance the shopping environment inside and outside of the stores, including new décor, updated flooring and lighting, and updated fresh produce and meat cases.

Save A Lot recently finalized the sale of 32 of its locations to Yellow Banana, making the company one of the retailer’s largest partners nationwide

“It is an honor to invest in communities like the one in which I was raised. The philosophy that guides our collaboration with Save A Lot is centered on providing both food and job security to those communities that are most in need,” said Nance.

Throughout the deal, Corbel Capital Partners served as financing partner, and Squire Patton Boggs served as legal counsel to 127 Holdings in connection to the transaction.

Michael Jones, Principal, Corbel Capital Partners“It is a pleasure to facilitate this deal between 127 Wall Holdings, Yellow Banana, and Save A Lot, and to see an important need filled by offering quality foods at affordable prices for countless communities,” said Michael Jones, Principal at Corbel Capital Partners. “We expect this to be only the start of future growth and collaboration with 127 Wall Holdings, Corbel, and Save A Lot.”

Can we expect to see Save A Lot sell even more of its store portfolio? Stay tuned as we report.

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