Grocery Outlet Holding Corp.’s $528 Million Secondary Offering


Simpson Thacher represented Grocery Outlet Holding Corp. and an entity affiliated with Hellman & Friedman LLC in connection with a secondary offering of common stock of Grocery Outlet by H&F and other selling stockholders. Davis Polk advised the underwriters.

The offering of 16,000,000 shares of Grocery Outlet’s common stock raised approximately $528 million in gross proceeds, with the selling stockholders receiving all of the proceeds from the offering.

Based in Emeryville, California, Grocery Outlet is a high-growth, extreme value retailer of quality, name-brand consumables and fresh products sold through a network of independently operated stores. Grocery Outlet has more than 300 stores in California, Washington, Oregon, Pennsylvania, Idaho and Nevada. Grocery Outlet stores carry an ever-changing assortment of “WOW!” deals, complemented by everyday staple products.

The Simpson Thacher team included Bill Brentani (Picture), Kelli Schultz, Christine Paster, Jonathan Kachiu and Michaela Dion (Capital Markets); Jennifer Nadborny and James Rapp (Public Company Advisory Practice); David Rubinsky, Caitlin Lucey and Alyssa Ohanian (Executive Compensation and Employee Benefits); Brian Steinhardt, Matthew Farrell and Dorothy Hector (Credit); Katharine Moir (Tax); and Jennie Getsin (FINRA).

The Davis Polk corporate team included partner Emily Roberts and associates Bryan M. Quinn and Kimberly Wang. The tax team included partner Rachel D. Kleinberg and associate Adam R. Brownstone. Counsel Gregory D. Hughes provided executive compensation advice. Counsel Marcie A. Goldstein provided FINRA advice.

Involved fees earner: William Brentani – Simpson Thacher & Bartlett; Michaela Dion – Simpson Thacher & Bartlett; Matthew Farrell – Simpson Thacher & Bartlett; Jennie Getsin – Simpson Thacher & Bartlett; Dorothy Hector – Simpson Thacher & Bartlett; Jonathan Kachiu – Simpson Thacher & Bartlett; Caitlin Lucey – Simpson Thacher & Bartlett; Katharine Moir – Simpson Thacher & Bartlett; Jennifer Nadborny – Simpson Thacher & Bartlett; Alyssa Ohanian – Simpson Thacher & Bartlett; Christine Paster – Simpson Thacher & Bartlett; James Rapp – Simpson Thacher & Bartlett; David Rubinsky – Simpson Thacher & Bartlett; Kelli Schultz – Simpson Thacher & Bartlett; Brian Steinhardt – Simpson Thacher & Bartlett;

Law Firms: Simpson Thacher & Bartlett;

Clients: Grocery Outlet Holding; Hellman & Friedman;

Author: Ambrogio Visconti