{
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  "docSlug": "jarvis-macellum-spartan-nash-presentation-may-2022",
  "documentTitle": "Macellum Spartan Nash Presentation May 2022",
  "authorId": "macellum-spartan-nash-presentation-may-2022",
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  "documentKindSlug": "activist-deck",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2022-05-01 00:00:00",
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  "notes": "The slide compares current market valuation against a hypothetical sale scenario including real estate monetization (SLB).",
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      "kind": "list",
      "text": "The entire Company is trading at a significant discount compared to traditional food distribution and grocery businesses\nWe believe there are numerous buyers for both the distribution and grocery businesses that would be able to realize significant synergies and pay a material premium",
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      "text": "Factoring in both the value of the real estate and the value of the individual businesses\nSold separately or together to strategic buyers could result in a 60% premium",
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      "text": "Source: Bloomberg LP; Company SEC Filings, Macellum Estimates.\nNotes: 1 Current Equity Value is based on 03/17/2022 stock price, the day before Macellum publicly released a letter to SPTN shareholders.\nMacellum Advisors GP, LLC",
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      "kind": "table",
      "text": "SPTN Sum of the Parts table showing 2022E EBITDA, multiples, firm value, net debt, and equity value for current vs market value for sale scenarios.",
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      "kind": "title",
      "text": "WE BELIEVE THERE IS A SIGNIFICANT OPPORTUNITY TO PURSUE STRATEGIC ALTERNATIVES",
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      "evidence": "The document presents Macellum's nominees as a solution, with a clear vision for value creation",
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      "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta",
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