Save A Lot Expands Retail Partnership With Yellow Banana Through Sale of Corporate Stores in Texas and Florida
Yellow Banana expands its presence by six additional locations
DALLAS & JACKSONVILLE, Fla., Nov. 2, 2021 – (BUSINESS WIRE) – Save A Lot, one of the largest discount grocery chains in the United States, today announced the sale of six company-owned stores in Dallas, Texas, Jacksonville, Florida, to Yellow Banana, LLC as part of Save A Lot’s ongoing efforts to convert company-owned businesses into local ownership. The acquisition of Yellow Banana will enable these six stores to remain open and provide critical support to both the communities concerned and the nearly 100 branch employees employed.
Yellow Banana is owned by 127 Wall Holdings, LLC, which was co-founded by Walker Brumskine, Ademola Adewale-Sadik, and Michael Nance. The three met when they received JDs from Yale Law School; Brumskine and Adewale-Sadik also earned MBAs from Harvard Business School. This is joined by the experienced operator and co-founder of 127 Wall, Joseph Canfield.
This news follows Yellow Banana’s acquisition of 32 Save A Lot stores in September 2021 in the Cleveland, Chicago and Milwaukee metropolitan areas, bringing Yellow Banana’s total Save A Lot stores to 38 stores in five states. New locations now owned by Yellow Banana in Texas and Florida include:
Texas
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3021 Martin Luther King Jr. Boulevard, Dallas
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2611 South Lancaster Road, Dallas
Florida
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762 Edgewood Avenue North, Jacksonville
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5276 Blanding Boulevard, Jacksonville
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8000 Lem Turner Road, Jacksonville
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5995 University Boulevard, Jacksonville
“We are pleased to deepen our close relationship with Save A Lot and expand our mission to combat food deserts in the United States through this expansion of Yellow Banana’s business into the promising Texas and Florida markets,” said Ademola Adewale, president by Yellow Banana -Sadik.
Joseph Canfield, CEO of Yellow Banana added, “The Yellow Banana team has great confidence in the Save A Lot brand and format, and we look forward to providing affordable, high quality to working families in major southern cities of Dallas and Jacksonville To deliver groceries. “
The story goes on
Yellow Banana intends to keep all of the nearly 100 employees in its six branches and to maintain their current wages, health insurance and retirement benefits. Stores will continue to value convenience, offer high quality products, offer great value for money, and promote an easy shopping experience. Yellow Banana also plans to expand each store’s range of local and regional products and recruit talent from the local communities.
Each of the stores will also be extensively remodeled in 2022 to fully reflect Save A Lot’s updated brand image. This will provide an improved shopping environment both inside and outside the stores, including new decorations, improved flooring and lighting, and updated food and meat boxes.
As an expression of Yellow Banana’s commitment to positive community engagement and in an effort to make a meaningful impact on those in need, the company will seek new partnerships with local food supplies and other key community organizations.
“We are pleased that Yellow Banana is increasing the number of Save A Lot stores,” said Tim Schroder, Save A Lot’s chief sales and marketing officer. “Their strong commitment to connecting the company with the local community and their willingness to grow the business will ensure that Save A Lot continues to serve its customers for years to come.”
Squire Patton Boggs acted as legal advisor to 127 Wall in connection with the transaction.
About 127 Wall Holdings, LLC
127 Wall supports high-potential entrepreneurs and companies by providing the thoughtful capital and operational insights they need to scale effectively. Our flexible investment mandate enables us to offer solutions for the entire spectrum of transactions, from declining owners and operators who need a full exit to expanding companies aiming for accelerated growth. Learn more at www.one27wall.com.
About Yellow Banana, LLC
Yellow Banana is a grocery retail platform that operates 38 stores under the Save A Lot banner in metropolitan areas of Cleveland, Chicago, Milwaukee, Jacksonville and Dallas. Founded in 2021, Yellow Banana strives to provide working families with vital nutrients at affordable prices.
About saving a lot
Save A Lot was founded in 1977 and is one of the largest discount grocery chains in the United States, with around 1,000 stores in 32 states. Save A Lot remains true to its mission to be a neighborhood grocer, providing unsurpassed quality and value to local families. Compared to traditional grocery stores, customers benefit from significant savings on great-tasting, high-quality private labels, national branded products, USDA-approved meat, freshly produced fruits and vegetables and other non-food items. For more information, visit www.SaveALot.com and follow Save A Lot on Facebook (facebook.com/savealot) and Instagram (@SaveALotFoodStores).
View source version on businesswire.com: https://www.businesswire.com/news/home/20211102005011/de/
contacts
media
127 Wall Holdings, LLC
Michael Nance
info@one27wall.com
Saves a lot
SaveALot@icrinc.com
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