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  "documentTitle": "Blackwells Capital | Activist Presentation Deck | 207 slides",
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  "authorName": "Blackwells Capital",
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  "presentationDate": "2022-01-01 00:00:00",
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  "notes": "Includes a waterfall-style value creation chart and a comparative TSR table.",
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      "text": "Blackwells Value Creation waterfall chart showing price progression from $14.80 to $42-$45",
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      "text": "Blackwells initiated its investment in Supervalu based on the premise that its share price did not reflect the strategic value of its 17mm square feet of wholesale distribution real estate. Management missteps, poor financial performance and a declining stock price led Blackwells to engage management to improve shareholder returns. Blackwells crafted a 4-step strategy to improve shareholder value, which included strategic alternatives, and proposed a refreshment of the Supervalu Board. In private meetings with Supervalu's C-Suite and through its February presentation Blackwells illustrated the attractiveness of putting Supervalu up for sale, specifically demonstrating the returns of selling the company to United National Foods (UNFI). Supervalu was acquired by United National Foods on July 26, 2018, realizing a gain of 67% on the day of and a +128% return for shareholders since we first engaged",
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      "text": "CASE STUDY – SUPERVALU",
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