Supermarket group Ahold is to sell its troubled US wholesale unit US Foodservice to a consortium of two private investors. Clayton Dubilier & Rice and KKR are paying $7.1bn for the company, on the upper edge of expectations.
Ahold bought the company in 2000 for $3.6bn and made a further $6.6bn in acquisitions to boost its growth, which failed to materialise.
In 2003, US Foodservice became embroiled in a major book-keeping scandal, which caused Ahold’s share price to plummet and cost it over $1.1bn in out-of-court settlements.
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