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  "documentTitle": "Macellum Spartan Nash Presentation May 2022",
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  "presentationDate": "2022-05-01 00:00:00",
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  "notes": "Uses a logical chain to demonstrate value destruction relative to initial merger projections.",
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      "text": "The initial combination of Spartan Stores, Inc. and Nash Finch Company generated $230.8 million in EBITDA in 2014. The Company outlined a plan to achieve an additional $32 million in cost synergies. As such, the Company should have been on a run rate of at least $262.8 million.",
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      "text": "By comparison, similarly sized grocer Ingles grew EBTIDA by 98% and food distribution peer United Natural Foods grew 169% over the same period",
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      "text": "Source: SEC Filings, Bloomberg LP. 1: SpartanNash Investor Presentation from December 12th, 2014 (Cost synergies were projected to be $52 million in total) Macellum Advisors GP, LLC",
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      "text": "Yet, seven years later, the Company announced just $214 million in EBITDA for 2021. Even with the material industry-specific benefits of COVID-19, this was 20% below the post merger goal",
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      "kind": "title",
      "text": "ISSUE #3: THE BOARD HAS OVERSEEN FAILED M&A",
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