Minyard Sells Warehouse, Corporate Campus To Private Equity Investment Firm

Minyard Food Stores Inc. has sold its 800,000-square-foot corporate campus, which includes a major distribution center, headquarters offices, storage and maintenance facilities, plus 30 acres of undeveloped land to KTR Capital Partners, a New York City private equity firm.

Minyard CEO Michael D. Byars said the 75-year-old grocery chain will lease back its office space and remain based in Coppell. In January, Minyard announced an agreement to outsource its warehouse and distribution functions to Kansas City, Kan. based Associated Wholesale Grocers and Byars said the transition to AWG is on schedule to be completed this fall.

KTR has announced that it intends to upgrade the facility and develop an additional 500,000 square feet of industrial space across four new buildings beginning next year.

"We are delighted to have found a buyer who will be able to make full use of our warehouse, campus and acreage," Byars said. "KTR will bring economic development and new jobs to the area, while allowing us to manage our transition to Associated Wholesale Grocers."

Minyard Food Stores is AWG's largest co-op member. The agreement to outsource warehouse and distribution functions will free up financial and human resources and allow the company to continue to upgrade its portfolio of supermarkets.

"Minyard Food Stores has served this community for 75 years, and we plan to remain a North Texas institution," Byars said. "Our new flagship Carnival Super Market and our remodeled Carnival stores have been a resounding success, and we are taking further steps to position our company to compete with renewed vigor."

About Minyard Food Stores Inc.
Headquartered in Coppell, Texas, Minyard Food Stores Inc. consists of 61 supermarkets, 36 pharmacies and 15 fuel stations in the Dallas/Fort Worth Metroplex, including 23 Minyard, 24 Carnival and 14 Sack ‘n Save stores.

SOURCE: Minyard Food Stores Inc