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Section 1: S-1 (FORM S-1)

Form S-1
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Table of Contents
As filed with the Securities and Exchange Commission on March 6, 2020.
Registration
No.
 333-
            
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
S-1
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
Albertsons Companies, Inc.
(Exact name of registrant as specified in its charter)
         
Delaware
 
5411
 
47-4376911
(State or other jurisdiction of
incorporation or organization)
 
(Primary Standard Industrial
Classification Code Number)
 
(I.R.S. Employer
Identification No.)
 
 
 
 
 
 
 
 
250 Parkcenter Blvd.
Boise, ID 83706
(208)
395-6200
(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices)
Robert A. Gordon, Esq.
Executive Vice President and General Counsel
Albertsons Companies, Inc.
250 Parkcenter Blvd.
Boise, ID 83706
(208)
395-6200
(Name, address, including zip code, and telephone number, including area code, of agent for service)
Copies to:
     
Stuart D. Freedman, Esq.
Antonio L. Diaz-Albertini, Esq.
Schulte Roth & Zabel LLP
919 Third Avenue
New York, NY 10022
Phone: (212)
756-2000
Fax: (212)
593-5955
 
William J. Miller, Esq.
Cahill Gordon & Reindel LLP
80 Pine Street
New York, NY 10005
Phone: (212) 701-3000
Fax: (212) 378-2500
 
 
 
 
 
 
 
 
Approximate date of commencement of proposed sale to the public:
As soon as practicable after this registration statement is declared effective.
If any of the securities being registered on this form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box.  
If this form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.  
If this form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.  
If this form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated
filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule
12b-2
of the Exchange Act.
             
Large accelerated filer
 
 
Accelerated filer
 
             
Non-accelerated filer
 
 
Smaller reporting company
 
             
Emerging growth company
 
 
 
 
 
 
 
 
 
 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act.  
CALCULATION OF REGISTRATION FEE
         
 
Title of Each Class of
Securities to be Registered
 
Proposed
Maximum
Aggregate
 Offering Price(1)(2)
 
Amount of
Registration 
Fee(3)(4)
Common Stock, par value $0.01 per share
 
$100,000,000
 
$12,980
Series A mandatory convertible preferred stock, par value $0.01 per share (5)
 
$100,000,000
 
$12,980
Common Stock, par value $0.01 per share (6)
 
$                      
 
$            
Total
 
$                      
 
$            
 
 
 
(1)
Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(o) under the Securities Act of 1933, as amended (the “Securities Act”).
 
(2)
Includes the aggregate offering price of additional shares that the underwriters have the option to purchase from the registrant.
 
(3)
Calculated pursuant to Rule 457(o) based on an estimate of the proposed maximum aggregate offering price.
 
(4)
An aggregate registration fee of $11,620 in respect of shares of the registrant’s common stock was previously paid on July 8, 2015 in connection with the registration statement on Form
S-1
(No.
333-205546).
Additionally, an aggregate registration fee of $202,188 in respect of shares of the registrant’s common stock was previously paid on September 25, 2015 in connection with
Pre-Effective
Amendment No. 2 to the registration statement on Form
S-1
(No.
333-205546).
Additionally, an aggregate registration fee of $13,091 in respect of shares of the registrant’s common stock was previously paid on October 2, 2015 in connection with
Pre-Effective
Amendment No. 3 to the registration statement on Form
S-1
(No.
333-205546).
Thus, the aggregate filing fee associated with the registrant in connection with the registration statement on Form
S-1
(No.
333-205546)
was $226,899. The registrant withdrew the registration statement on Form
S-1
(No.
333-205546)
by filing a Form RW on April 6, 2018. The withdrawn registration statement on Form
S-1
(No.
333-205546)
was not declared effective, and no securities were sold thereunder. Pursuant to Rule 457(p), the registrant utilized $225,641 previously paid in connection with the withdrawn registration statement on Form
S-1
to offset the filing fee in respect of shares of the registrant’s common stock in connection with the registration statement on Form
S-4
(No.
333-224169)
filed with the Securities and Exchange Commission on April 6, 2018. The registrant terminated the offering and, on August 9, 2018, filed a Post-Effective Amendment No. 1 to Form
S-4
(No.
333-224169),
which Post-Effective Amendment No. 1 to Form
S-4
was declared effective on August 14, 2018, to deregister any and all securities registered but unsold or otherwise unissued under the registration statement on Form
S-4.
Pursuant to Rule 457(p), the registrant hereby offsets $226,899 of the filing fee previously paid in connection with the withdrawn registration statement on Form
S-1,
of which $225,641 was used to offset the filing fee paid in connection with the terminated offering pursuant to the registration statement on Form
S-4,
against the filing fee for this registration statement on Form
S-1.
 
 
 
 
 
 
 
 

Table of Contents
(5) In accordance with Rule 457(i) under the Securities Act, this registration statement also registers the shares of our common stock that are initially issuable upon conversion of the Series A preferred stock registered hereby. The number of shares of our common stock issuable upon such conversion is subject to adjustment upon the occurrence of certain events described herein and will vary based on the public offering price of the common stock registered hereby. Pursuant to Rule 416 under the Securities Act, the number of shares of our common stock to be registered includes an indeterminable number of shares of common stock that may become issuable upon conversion of the Series A preferred stock as a result of such adjustments.
 
 
 
 
 
 
 
 
(6) This registration statement also registers shares of common stock that may be issued as dividends on the Series A preferred stock in accordance with the terms thereof.
 
 
 
 
 
 
 
 
The registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until the registration statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.

Table of Contents
EXPLANATORY NOTE
This Registration Statement contains a prospectus relating to an offering of shares of our common stock (for purposes of this Explanatory Note, the Common Stock Prospectus), together with separate prospectus pages relating to an offering of shares of our Series A preferred stock (for purposes of this Explanatory Note, the Series A Preferred Stock Prospectus). The complete Common Stock Prospectus follows immediately. Following the Common Stock Prospectus are the following alternative and additional pages for the Series A Preferred Stock Prospectus:
  front and back cover pages, which will replace the front and back cover pages of the Common Stock Prospectus;
 
 
 
 
 
 
 
  pages for the “Table of Contents” section, which will replace the “Table of Contents” section of the Common Stock Prospectus;
 
 
 
 
 
 
 
  pages for the “Prospectus Summary—The Offering” section, which will replace the “Prospectus Summary—The Offering” section of the Common Stock Prospectus;
 
 
 
 
 
 
 
  pages for the “Risk Factors—Risks Related to this Offering and Owning Our Series A Preferred Stock and Common Stock” section, which will replace the “Risk Factors—Risks Related to this Offering and Owning Our Common Stock” section of the Common Stock Prospectus;
 
 
 
 
 
 
 
  pages for the “Description of Series A Preferred Stock” section, which will replace the “Concurrent Offering of Series A Preferred Stock” section of the Common Stock Prospectus;
 
 
 
 
 
 
 
  pages for the “Material U.S. Federal Income Tax Consequences to Holders of Our Series A Mandatory Convertible Preferred Stock” section, which will replace the “Material U.S. Federal Income Tax Consequences to Non-U.S. Holders of Our Common Stock” section of the Common Stock Prospectus; and
 
 
 
 
 
 
 
  pages for the “Underwriting” section, which will replace the “Underwriting” section of the Common Stock Prospectus.
 
 
 
 
 
 
 
In addition, the following disclosures contained within the Common Stock Prospectus will be replaced in the Series A Preferred Stock Prospectus as follows:
  references to “this offering” contained in “Explanatory Note,” “Prospectus Summary—Our Corporate Structure,” “Prospectus Summary—Our Sponsors,” “Use of Proceeds,” “Capitalization,” “Dilution,” “Management,” “Certain Relationships and Related Party Transactions,” “Principal and Selling Stockholders,” “Description of Capital Stock” and “Shares Eligible for Future Sale,” “Description of Indebtedness,” and “Where You Can Find Additional Information” of the Common Stock Prospectus will be replaced with references to “the concurrent initial public offering of our common stock” in the Series A Preferred Stock Prospectus;
 
 
 
 
 
 
 
  references to “common stock” or “our common stock” contained in the first paragraph under “Prospectus Summary,” “Prospectus Summary—Risks Related to Our Business and This Offering,” in the first paragraph under “Risk Factors,” “Legal Matters” and “Where You Can Find Additional Information” of the Common Stock Prospectus will be replaced with a reference to “Series A preferred stock” in the Series A Preferred Stock Prospectus;
 
 
 
 
 
 
 
  references to “on the cover page of this prospectus” contained in “Prospectus Summary—Our Corporate Structure,” “Prospectus Summary—Our Sponsors,” “Principal and Selling Stockholders,” and “Description of Capital Stock” of the Common Stock Prospectus will be replaced with references to “on the cover page of the prospectus relating to the concurrent initial public offering of our common stock” in the Series A Preferred Stock Prospectus;
 
 
 
 
 
 
 
  references to “the offering of Series A preferred stock” or “the Series A preferred stock offering” contained in “Prospectus Summary—Our Sponsors,” “Use of Proceeds,” “Capitalization,”
 
 
 
 
 
 
 

Table of Contents
  “Dilution,” “Certain Relationships and Related Party Transactions,” “Description of Capital Stock,” and “Shares Eligible for Future Sale” of the Common Stock Prospectus will be replaced with references to “this offering” in the Series A Preferred Stock Prospectus;
 
 
 
 
 
 
 
  the reference to “—Risks Related to this Offering and Owning Our Common Stock—” contained in the last line of the section titled “Prospectus Summary—Our Sponsors” of the Common Stock Prospectus will be replaced with a reference to “—Risks Related to this Offering and Owning of Our Series A Preferred Stock and Common Stock—” in the Series A Preferred Stock Prospectus;
 
 
 
 
 
 
 
  the first paragraph under “Use of Proceeds” of the Common Stock Prospectus will be removed from the Series A Preferred Stock Prospectus;
 
 
 
 
 
 
 
  the reference to “—Risks Related to this Offering and Owning Our Common Stock—” contained in the second paragraph of “Dividend Policy” of the Common Stock Prospectus will be replaced with a reference to “—Risks Related to this Offering and Owning of Our Series A Preferred Stock and Common Stock—” in the Series A Preferred Stock Prospectus;
 
 
 
 
 
 
 
  the section titled “Principal and Selling Stockholders” of the Common Stock Prospectus will be renamed the “Principal Stockholders” in the Series A Preferred Stock Prospectus; and
 
 
 
 
 
 
 
  the reference to “Concurrent Offering of Series A Preferred Stock” contained in “Description of Capital Stock—Preferred Stock” of the Common Stock Prospectus will be replaced with a reference to “Description of Series A Preferred Stock” in the Series A Preferred Stock Prospectus.
 
 
 
 
 
 
 
Each of the complete Common Stock Prospectus and Series A Preferred Stock Prospectus will be filed with the Securities and Exchange Commission in accordance with Rule 424 under the Securities Act of 1933, as amended. The closing of the offering of common stock is conditioned upon the closing of the offering of Series A preferred stock and the closing of the offering of Series A preferred stock is conditioned upon the closing of the offering of common stock.

Table of Contents
The information in this preliminary prospectus is not complete and may be changed. These securities may not be sold until the registration statement filed with the Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell nor does it seek an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.
Subject to Completion, dated March 6, 2020.
         Shares
 
Albertsons Companies, Inc.
Common Stock
 
This is an initial public offering of shares of common stock of Albertsons Companies, Inc. The selling stockholders named in this prospectus are selling                  shares of our common stock. All of the shares of common stock are being sold by the selling stockholders. We will not receive any of the proceeds from the sale of common stock by the selling stockholders.
Prior to this offering, there has been no public market for the common stock. It is currently estimated that the initial public offering price per share will be between $                 and $                . We will apply to list the common stock on the New York Stock Exchange, or NYSE, under the symbol “ACI.”
Concurrently with this offering, we are also making a public offering of                  shares of our         % Series A mandatory convertible preferred stock, $0.01 par value (“Series A preferred stock”). In that offering, we have granted the underwriters an option to purchase up to an additional                  shares of Series A preferred stock to cover over-allotments. We cannot assure you that the offering of Series A preferred stock will be completed or, if completed, on what terms it will be completed. The closing of this offering is conditioned upon the closing of the offering of Series A preferred stock and the closing of our offering of Series A preferred stock is conditioned upon the closing of this offering.
 
Investing in our common stock involves a high degree of risk. See “Risk Factors” on page 24 to read about factors you should consider before buying shares of the common stock.
 
Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of these securities or passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal offense.
 
                 
 
Per Share
   
Total
 
Initial public offering price
  $
    $
 
Underwriting discounts and commissions(1)
  $
    $
 
Proceeds to selling stockholders(1)
  $
             
    $
             
 
 
 
 
 
 
 
 
 
 
 
(1) See “Underwriting” for additional information regarding underwriting compensation.
 
 
 
 
 
 
 
 
 
The underwriters may also purchase up to an additional                  shares of common stock from the selling stockholders, at the initial public offering price, less the underwriting discount and commissions, within 30 days from the date of this prospectus. We will not receive any of the proceeds from the sale of common stock by the selling stockholders in this offering, including from any exercise by the underwriters of their option to purchase additional common stock.
The underwriters expect to deliver the shares against payment on or about                 , 2020.
 
BofA Securities
 
Goldman Sachs & Co. LLC
 
 
 
J.P. Morgan
 
 
Citigroup
 
 
                 
                 
Credit Suisse
 
Morgan Stanley
 
Wells Fargo Securities
 
Barclays
 
Deutsche Bank Securities
 
 
                 
                 
BMO Capital Markets
 
Evercore ISI
 
Guggenheim Securities
 
Oppenheimer & Co.
 
RBC Capital Markets
 
 
             
             
Telsey Advisory Group
 
MUFG
 
Academy Securities
 
Blaylock Van, LLC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The date of this prospectus is                     , 2020.

Table of Contents
 

Table of Contents
TABLE OF CONTENTS
         
   
vi
 
   
1
 
   
24
 
   
47
 
   
49
 
   
50
 
   
51
 
   
52
 
   
53
 
   
54
 
   
82
 
   
101
 
   
113
 
   
139
 
   
145
 
   
148
 
   
152
 
   
157
 
   
162
 
   
171
 
   
176
 
   
182
 
   
182
 
   
182
 
   
F-
1
 
 
Until                , 2020 (25 days after the date of this prospectus), all dealers that buy, sell, or trade shares of our common stock, whether or not participating in this initial public offering, may be required to deliver a prospectus. This delivery requirement is in addition to the obligation of dealers to deliver a prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions.
Unless indicated otherwise, the information included in this prospectus assumes that (i) the shares of common stock to be sold in this offering are sold at $             per share, which is the midpoint of the estimated offering range set forth on the cover page of this prospectus and (ii) all shares offered by the selling stockholders in this offering are sold (other than pursuant to the underwriters’ option to purchase additional shares described herein).
 
We and the selling stockholders have not, and the underwriters have not, authorized anyone to provide any information other than that contained in this prospectus or in any free writing prospectus prepared by or on behalf of us or to which we have referred you. We, the selling stockholders and the underwriters take no responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you. The selling stockholders and the underwriters are offering to sell, and seeking offers to buy, shares of our common stock only in jurisdictions where offers and sales are permitted. The information in this prospectus is accurate only as of the date of this prospectus, regardless of the time of delivery of this prospectus or any sale of shares of our common stock.
i

Table of Contents
DEFINITIONS
Unless otherwise indicated or as the context otherwise requires, a reference in this prospectus to:
  “ACI” refers to Albertsons Companies, Inc., a Delaware corporation;
 
 
 
 
 
 
 
 
 
  “ACI Institutional Investors” refers to Klaff Realty, L.P., Schottenstein Stores Corp., Lubert-Adler Partners, L.P. and Kimco Realty Corporation, and each of their respective controlled affiliates and investment funds;
 
 
 
 
 
 
 
 
 
  “Albertsons” refers to Albertson’s LLC, a Delaware limited liability company and a wholly-owned subsidiary of ACI;
 
 
 
 
 
 
 
 
 
  “Cerberus” refers to Cerberus Capital Management, L.P., a Delaware limited partnership, and investment funds and accounts managed by it and its affiliates;
 
 
 
 
 
 
 
 
 
  “Code” refers to the Internal Revenue Code of 1986, as amended;
 
 
 
 
 
 
 
 
 
  “Exchange Act” refers to the U.S. Securities Exchange Act of 1934, as amended;
 
 
 
 
 
 
 
 
 
  “GAAP” refers to accounting principles generally accepted in the United States of America;
 
 
 
 
 
 
 
 
 
  “NALP” refers to New Albertsons L.P., a Delaware limited partnership and a wholly-owned subsidiary of ACI;
 
 
 
 
 
 
 
 
 
  “Safeway” refers to Safeway Inc., a Delaware corporation and a wholly-owned subsidiary of ACI;
 
 
 
 
 
 
 
 
 
  “SEC” refers to the Securities and Exchange Commission;
 
 
 
 
 
 
 
 
 
  “Securities Act” refers to the U.S. Securities Act of 1933, as amended;
 
 
 
 
 
 
 
 
 
  “Sponsors” refers to Cerberus, the ACI Institutional Investors and their respective controlled affiliates and investment funds; and
 
 
 
 
 
 
 
 
 
  “we,” “our” and “us” refers to ACI and its direct or indirect subsidiaries.
 
 
 
 
 
 
 
 
 
EXPLANATORY NOTE
ACI is a Delaware corporation. AB Acquisition LLC (“AB Acquisition”) is a Delaware limited liability company. ACI was formed for the purpose of reorganizing the organizational structure of AB Acquisition and its direct and indirect consolidated subsidiaries. Prior to December 3, 2017, ACI had no material assets or operations. On December 3, 2017, Albertsons Companies, LLC, a Delaware limited liability company, and its parent, AB Acquisition, completed a reorganization of their legal entity structure whereby the existing equityholders of AB Acquisition each contributed their equity interests in AB Acquisition to Albertsons Investor Holdings LLC (“Albertsons Investor”) or KIM ACI, LLC (“KIM ACI”). In exchange, equityholders received a proportionate share of units in Albertsons Investor and KIM ACI, respectively. Albertsons Investor and KIM ACI then contributed all of the equity interests they received to ACI in exchange for common stock issued by ACI. As a result, Albertsons Investor and KIM ACI became the parents of ACI, owning all of the outstanding common stock of ACI, with AB Acquisition and its subsidiary, Albertsons Companies, LLC, becoming wholly-owned subsidiaries of ACI. On February 25, 2018, Albertsons Companies, LLC, merged with and into ACI, with ACI as the surviving corporation (the “ACI Reorganization Transactions”). Prior to February 25, 2018, substantially all of the assets and operations of ACI were those of its subsidiary, Albertsons Companies, LLC. In connection with, and prior to the closing of, this offering, Albertsons Investor and KIM ACI will distribute all common stock of ACI held by them to their respective equityholders (the “Distribution”) other than the approximately                  shares that we expect to repurchase from them using the proceeds of the concurrent offering of Series A preferred stock (or approximately                  shares if the underwriters in the concurrent offering of Series A preferred stock exercise their over-allotment option in full) as described under “Use of Proceeds”. As a result, following the Distribution and the repurchase, Albertsons Investor and KIM ACI will no longer be the stockholders of ACI.
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BASIS OF PRESENTATION
Except as otherwise noted herein, the consolidated financial statements and consolidated financial data included in this prospectus are those of ACI and its consolidated subsidiaries.
We use a 52 or 53 week fiscal year ending on the last Saturday in February each year. Our first quarter consists of 16 weeks, and our second, third and fourth quarters generally consist of 12 weeks. For ease of reference, unless the context otherwise indicates, we identify our fiscal years in this prospectus by reference to the calendar year of the first day of such fiscal year. The fiscal years ended February 23, 2019 (“fiscal 2018”), February 24, 2018 (“fiscal 2017”), February 25, 2017 (“fiscal 2016”) and February 27, 2016 (“fiscal 2015”) included and the fiscal years ending February 27, 2021 (“fiscal 2020”), February 26, 2022 (“fiscal 2021”), February 25, 2023 (“fiscal 2022”) and February 24, 2024 (“fiscal 2023”) will include 52 weeks. The fiscal years ended February 28, 2015 (“fiscal 2014”) and February 29, 2020 (“fiscal 2019”) consisted of 53 weeks.
IDENTICAL SALES
As used in this prospectus, the term “identical sales” includes stores operating during the same period in both the current fiscal year and the prior fiscal year, comparing sales on a daily basis. Direct to consumer internet sales are included in identical sales and fuel sales are excluded from identical sales. Fiscal 2019 is compared with fiscal 2018, fiscal 2018 is compared with fiscal 2017, fiscal 2017 is compared with fiscal 2016, fiscal 2016 is compared with fiscal 2015 and fiscal 2015 is compared with fiscal 2014. On an actual basis, acquired stores become identical on the
one-year
anniversary date of their acquisition. Stores that are open during remodeling are included in identical sales.
TRADEMARKS AND TRADE NAMES
This prospectus includes certain of ACI’s trademarks and trade names, which are protected under applicable intellectual property laws and are the property of ACI and its subsidiaries. This prospectus also contains trademarks, service marks, trade names and copyrights of other companies, which are the property of their respective owners. Solely for convenience, trademarks and trade names referred to in this prospectus may appear without the
®
or TM symbols. We do not intend our use or display of other parties’ trademarks, trade names or service marks to imply, and such use or display should not be construed to imply, a relationship with, or endorsement or sponsorship of ACI by, these other parties.
MARKET, INDUSTRY AND OTHER DATA AND APPRAISALS
This prospectus includes market and industry data and outlook, which are based on publicly available information, reports from government agencies, reports by market research firms and/or our own estimates based on our management’s knowledge of and experience in the markets and businesses in which we operate. We believe this information to be reasonable based on the information available to us as of the date of this prospectus. However, we have not independently verified market and industry data from third-party sources. Historical information regarding supermarket and grocery industry revenues, including online grocery revenues, was obtained from Euromonitor and IBISWorld. Forecasts regarding
Food-at-Home
inflation were obtained from the U.S. Department of Agriculture. Information with respect to our market share was obtained from Nielsen ACView All Outlets Combined (Food, Mass and Dollar but excluding Drug). U.S. Gross Domestic Product (GDP) was obtained from the Bureau of Economic Analysis. This information may prove to be inaccurate because of the method by which we obtained some of the data for our estimates or because this
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information cannot always be verified with complete certainty due to limits on the availability and reliability of raw data, the voluntary nature of the data gathering process and other limitations and uncertainties inherent in a survey of market size. In addition, market conditions, customer preferences and the competitive landscape can and do change significantly. As a result, you should be aware that the market and industry data included in this prospectus and our estimates and beliefs based on such data may not be reliable. We have not verified the accuracy of such industry and market data.
In addition, the market value reported in the appraisals of the properties described herein are an estimate of value, as of the date stated in each appraisal. The appraisals were subject to the following assumption: the estimate of market value as is, is based on the assumption that the existing occupant/user remains in occupancy in the foreseeable future, commensurate with the typical tenure of a user of this type, and is paying market rent as of the effective date of appraisal. Changes since the appraisal date in external and market factors or in the property itself can significantly affect the conclusions. As an opinion, the reported values are not necessarily a measure of current market value and may not reflect the amount which would be received if the property were sold today. While we and the underwriters are not aware of any misstatements regarding any appraisals, market, industry or similar data presented herein, such data involves risks and uncertainties and is subject to change based on various factors, including those discussed under the sections entitled “Special Note Regarding Forward-Looking Statements” and “Risk Factors” in this prospectus.
NON-GAAP
FINANCIAL MEASURES
As used in this prospectus, (i) EBITDA is defined as GAAP earnings (net income (loss)) before interest, income taxes, depreciation and amortization, (ii) Adjusted EBITDA is defined as GAAP earnings (net income (loss)) before interest, income taxes, depreciation, and amortization, further adjusted to eliminate the effects of items management does not consider in assessing ongoing performance, (iii) Adjusted Net Income is defined as GAAP net income (loss) adjusted to eliminate the effects of items management does not consider in assessing ongoing performance, (iv) Adjusted Free Cash Flow is defined as Adjusted EBITDA less capital expenditures, (v) Net Debt is defined as total debt (which includes finance lease obligations and is net of deferred financing costs and original issue discount) minus cash and cash equivalents and (vi) Net Debt Ratio is defined as the ratio of Net Debt to Adjusted EBITDA for the rolling 52 or 53 week period.
EBITDA, Adjusted EBITDA, Adjusted Net Income, Adjusted Free Cash Flow, Net Debt and Net Debt Ratio (collectively, the
“Non-GAAP
Measures”) are performance measures that provide supplemental information management believes is useful to analysts and investors to evaluate ongoing results of operations, when considered alongside other GAAP measures such as net income, operating income and gross profit. These
Non-GAAP
Measures exclude the financial impact of items management does not consider in assessing our ongoing operating performance, and thereby facilitate review of our operating performance on a
period-to-period
basis. Other companies may have different capital structures or different lease terms, and comparability to our results of operations may be impacted by the effects of acquisition accounting on our depreciation and amortization. As a result of the effects of these factors and factors specific to other companies, we believe the
Non-GAAP
Measures, as applicable, provide helpful information to analysts and investors to facilitate a comparison of our operating performance to that of other companies. We also use Adjusted EBITDA, as further adjusted for additional items defined in our debt instruments, for board of director and bank compliance reporting. For a reconciliation of these
non-GAAP
financial measures to the most directly comparable GAAP financial measures, see “Prospectus Summary—Summary Consolidated Historical Financial and Other Data.”
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Non-GAAP
Measures have limitations as analytical tools, and you should not consider them in isolation or as substitutes for analysis of our operating results or cash flows as reported under GAAP. Some of these limitations are:
 
Non-GAAP
Measures do not reflect certain
one-time
or
non-recurring
cash costs to achieve anticipated synergies;
 
 
 
 
 
 
 
 
 
 
Non-GAAP
Measures do not reflect changes in, or cash requirements for, our working capital needs;
 
 
 
 
 
 
 
 
 
  EBITDA and Adjusted EBITDA do not reflect the significant interest expense or the cash requirements necessary to service interest or principal payments on our debt;
 
 
 
 
 
 
 
 
 
  EBITDA and Adjusted EBITDA do not reflect income taxes or the cash payments related to income tax obligations;
 
 
 
 
 
 
 
 
 
  Although depreciation and amortization are
non-cash
charges, the assets being depreciated or amortized may have to be replaced in the future, and EBITDA and Adjusted EBITDA and, with respect to acquired intangible assets, Adjusted Net Income, do not reflect any cash requirements for such replacements;
 
 
 
 
 
 
 
 
 
 
Non-GAAP
Measures are adjusted for certain
non-recurring
and
non-cash
income or expense items that are reflected in our statements of operations;
 
 
 
 
 
 
 
 
 
 
Non-GAAP
Measures do not reflect our cash expenditures or future requirements for capital expenditures or contractual commitments; and
 
 
 
 
 
 
 
 
 
  Other companies in our industry may calculate these measures differently than we do, limiting their usefulness as comparative measures.
 
 
 
 
 
 
 
 
 
Because of these limitations,
Non-GAAP
Measures should not be considered as measures of discretionary cash available to us to invest in the growth of our business. We compensate for these limitations by relying primarily on our GAAP results and using
Non-GAAP
Measures only for supplemental purposes. See our consolidated financial statements included elsewhere in this prospectus.
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LETTER FROM VIVEK SANKARAN, PRESIDENT & CHIEF EXECUTIVE OFFICER
Dear Prospective Stockholder,
In 1939, Joe Albertson opened the first Albertsons store at 16
th
and State streets in Boise, Idaho. The store featured welcoming associates, great products and great value. Since then, much has changed in the way we shop for and consume food; but at Albertsons, our purpose and values have not wavered. We remain committed to making every day better for our customers, our communities and our associates.
When I joined Albertsons from PepsiCo in April of 2019, I found a company that was well-positioned to benefit from changes affecting shopping and eating habits. The banners that make up Albertsons have earned customer loyalty over decades. Yet, in many ways, our Company is only a few years old. Since the Safeway merger in 2015, we have successfully completed the integration of our stores, supply chain and technology platforms. We have invested in capabilities allowing us to serve the customer wherever, whenever and however they choose to shop. We now benefit from one of the industry’s largest networks of
First-and-Main,
food retail locations with leading market shares in valuable and growing markets. It allows us to serve our customers locally, while delivering the advantages of national scale.
All of these elements have come together in a corporate identity that is customer focused to make the shopping experience
Easy
,
Exciting
and
Friendly
. We have developed a robust strategic framework to support this identity, resting on the four pillars of
Growth
,
Productivity
,
Technology
and
Talent and
Culture
. These pillars equip us to win in our sector. I believe we can deliver attractive and improving financial performance, grow market share and increase customer lifetime value through more engaged relationships across our omni-channel platform and loyalty ecosystem.
Our Goal & Identity
Our goal is to drive deep and lasting relationships with our customers. To achieve our goal, we offer a unique customer shopping experience that is
Easy
,
Exciting
and
Friendly
– in our stores, at curbside, online and on mobile devices.
 
Easy
: Our customers expect convenience and flexibility through a frictionless and consistent shopping experience across channels. We have
well-thought-out
initiatives underway that seek to make the Albertsons shopping experience easier and more convenient for our existing customers and appealing to new customers. We are leveraging our exceptional store footprint to provide a full suite of omni-channel offerings, including Drive Up & Go curbside pickup and home delivery. We are working to make the
in-store
shopping experience quicker and easier through initiatives such as faster checkout and improved
in-store
navigation. These capabilities are further enhanced through targeted technology investments and partnerships like the ones we have announced with Glympse for location sharing of store pickup and home delivery orders and Takeoff Technologies for automated micro-fulfillment to support our eCommerce efforts. We also seek to simplify the many food-related choices our customers face daily by offering efficient, comprehensive solutions such as meal planning, shopping list creation and prepared foods.
 
 
 
 
 
 
 
 
 
Exciting
: We have earned our customers’ loyalty by creating an exciting destination shopping experience. We provide many unique and high quality products that are locally tailored to the communities we serve. We are proud to be industry leaders in fresh, natural and organic offerings. Our
best-in-class
fresh offerings encompass value-added organic, local and seasonal products. Examples include daily
fresh-cut
fruit and vegetables, customized meat cuts and seafood varieties, made-from-scratch bakery items, convenient prepared meal solutions, deli offerings and beautiful floral designs. In many locations, we also provide attractive specialty offerings, including curated wine selections and artisan cheese shops. We feature a localized
 
 
 
 
 
 
 
 
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  assortment that is customized to individual markets, like our Santa Monica Seafood in Southern California and our Hatch Chile salsa in Arizona. We continue to innovate with our
Own Brands
– purchased by 9 out of 10 Albertsons shoppers – to drive customer engagement and loyalty as well as enhance profitability. We plan to launch approximately 800 new
Own Brands
items annually over the next few years and are proud to have built one of the largest USDA-certified organic brands,
O Organics
, which is one of our four
Own Brands
that exceed $1 billion of sales annually.
 
 
 
 
 
 
 
 
 
Friendly
: We believe that the frontline service offered by Albertsons’ associates can make our shopping experience truly differentiated. Since joining the Company, I have been deeply impressed with our culture of service and customer appreciation that is embedded in Albertsons’ DNA. We encourage our associates to be genuine, friendly and welcoming and to provide education and value to our customers each day. Going forward, we seek to strengthen this competitive advantage by adding automation in
non-customer-facing
areas of our stores, freeing up our associates to do more of what they love: serving shoppers and providing a great customer experience.
 
 
 
 
 
 
 
 
Our Strategic Framework
We support our
Easy
,
Exciting
and
Friendly
identity through a strategy that is designed to drive sustainable growth in our business. Our strategic framework rests on four key pillars: (1)
 Growth
; (2) 
Productivity
; (3)
 Technology
; and (4)
 Talent and
Culture
. Each of these pillars comprises specific, identified initiatives. We plan to grow ID sales by leveraging our core business–our stores, accelerating incremental eCommerce growth, continuing to increase the penetration of our
Own Brands
portfolio and increasing customer engagement and lifetime value through our extended loyalty ecosystem. We support our growth through a focus on productivity. We are working to optimize procurement and indirect spend. We are focused on delivering operational efficiencies, including shrink management, general and administrative expense discipline and labor and working capital productivity. We are also leveraging the national scale of our organization to “buy better” and create
best-in-class
supplier relationships. Since I joined the Company, we have developed and begun to implement specific productivity initiatives that target $1 billion of annual
run-rate
productivity benefits by the end of fiscal 2022 to help offset cost inflation, fund growth and drive earnings. Technology, talent and culture underpin every strategic decision we make as an organization. They accelerate our
Easy
,
Exciting
and
Friendly
identity and the growth and productivity we are striving for. We are modernizing our technology infrastructure to drive enhancements for our customers, store operations, merchandising and our supply chain. Ongoing technology initiatives include digitizing and automating current capabilities, leveraging data science across our merchandising, pricing and promotional strategies and training our team to be more digitally minded. Lastly, our talent and culture remain Albertsons’ greatest resource. Our friendly service and the deep community ties that we have developed, along with our nationwide loyalty ecosystem, help to drive higher customer lifetime value through increased purchase frequency, basket size, customer satisfaction and retention. We will continue to empower store-level decision makers, encourage frontline ownership and strengthen capabilities so that we remain
Locally Great, Nationally Strong
.
We are proud of the progress we have made over the past few years, and believe we have a long runway for growth ahead of us. At Albertsons, we are just beginning the next chapter in our rich history, and we welcome you to join us on this exciting journey.
 
 
Vivek Sankaran
President & Chief Executive Officer
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PROSPECTUS SUMMARY
This summary highlights information contained elsewhere in this prospectus and does not contain all of the information that you should consider in making your investment decision. Before investing in our common stock, you should carefully read this entire prospectus, including our consolidated financial statements and the related notes included elsewhere in this prospectus. You should also consider the matters described under the sections titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” in each case included elsewhere in this prospectus. Unless the context otherwise requires, the terms “ACI,” “the Company,” “we,” “us” and “our” refer to Albertsons Companies, Inc. and its consolidated subsidiaries.
OUR COMPANY
We are one of the largest food retailers in the United States, with 2,260 stores across 34 states and the District of Columbia. We operate 20 iconic banners with on average 85 years of operating history, including
Albertsons
,
Safeway
,
Vons
,
Pavilions
,
Randalls
,
Tom Thumb
,
Carrs
,
Jewel-Osco
,
Acme
,
Shaw’s
,
Star Market
,
United Supermarkets
,
Market Street
and
Haggen
, with approximately 270,000 talented and dedicated employees who serve on average more than 33 million customers each week. Our stores operate in
First-and-Main
retail locations and have leading market share within attractive and growing geographies. We hold a #1 or #2 position by market share in 66% of the 121 metropolitan statistical areas (“MSAs”) in which we operate. Our portfolio of well-located, full-service stores provides the foundation of our omni-channel platform, including our rapidly growing Drive Up & Go curbside pickup, home delivery and rush delivery offerings. We seek to tailor our offerings to local demographics and preferences of the markets that we operate in. Our
Locally Great, Nationally Strong
operating structure empowers decision making at the local level, which we believe better serves our customers and communities, while also providing the systems, analytics and buying power afforded by an organization with national scale and more than $60 billion in annual sales.
We are focused on creating deep and lasting relationships with our customers by offering them an experience that is
Easy
,
Exciting
and
Friendly
– wherever, whenever and however they choose to shop. We make life
Easy
for our customers through a convenient and consistent shopping experience across our omni-channel network. Merchandising is at our core and we offer an
Exciting
and differentiated product assortment. We believe we are an industry leader in fresh, emphasizing organic, locally sourced and seasonal items as well as value-added services like daily
fresh-cut
fruit and vegetables, customized meat cuts and seafood varieties, made-from-scratch bakery items, prepared foods, deli and floral. We also continue to grow our innovative and distinctive
Own Brands
portfolio, which reached 25.6% sales penetration as of the third quarter of fiscal 2019. Our
Friendly
service is embedded in our culture and enables us to build deep ties with our local communities.
         
 
 
   
 
 
 
 
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Our
Easy
,
Exciting
and
Friendly
shopping experience, coupled with our nationwide
just for U
, grocery and fuel rewards programs and pharmacy services, offers a differentiated value proposition to our customers. The
just for U
program has nearly 20 million registered loyalty households which, we believe, provides us with a comprehensive understanding of our core shoppers. These loyalty programs and our omni-channel offerings combine to form an extended loyalty ecosystem that drives increased customer lifetime value through greater purchase frequency, larger basket size and higher customer retention.
Our Company has grown through a series of transformational acquisitions over the last six years, including our merger with Safeway in 2015 which gave us the benefits of national scale. While our banners have rich histories, we are in many ways a young company. Through integration, we have implemented shared best practices in areas like merchandising and loyalty to drive customer engagement across our network. We have also integrated systems and converted stores and distribution centers to create a common platform. We believe our common platform gives us greater transparency and compatibility across our network, allowing us to better serve our customers and employees while enhancing our supply chain.
We continue to sharpen our
in-store
execution, increase our
Own Brands
penetration and expand our omni-channel and digital capabilities. We have invested substantially in our business, deploying approximately $6.8 billion of capital expenditures beginning with fiscal 2015, including the $1.5 billion we expect to spend in fiscal 2019. We used that capital to remodel existing stores, opportunistically build new stores and enhance our digital capabilities. We have also developed and begun to implement specific productivity initiatives across our business that target $1 billion of annual
run-rate
productivity benefits by the end of fiscal 2022 to help offset cost inflation, fund growth and drive earnings.
We have enhanced our management team, adding executives with complementary backgrounds to position us well for the future, including our President and CEO, Vivek Sankaran, who joined the Company from PepsiCo in April 2019. In fiscal 2019, we also added Chris Rupp as Chief Customer & Digital Officer and Mike Theilmann as Chief Human Resources Officer. In addition, we have internally promoted and expanded the roles of certain key members of our leadership team, including Susan Morris, our Chief Operations Officer, and Geoff White, our Chief Merchandising Officer.
Our recent operational initiatives are driving positive financial momentum. We realized strong financial performance in fiscal 2018, generating net sales of $60.5 billion, Adjusted EBITDA of $2.7 billion and Adjusted Free Cash Flow of $1.4 billion. We have achieved eight consecutive quarters of positive identical sales growth. Adjusted EBITDA grew from $2.4 billion in fiscal 2017 to $2.7 billion in fiscal 2018 and we generated a cumulative $6.3 billion in Adjusted Free Cash Flow since the start of fiscal 2015. The momentum we are experiencing gives us confidence that our
Easy, Exciting
and
Friendly
identity resonates with customers. We believe our strategic framework will enable us to continue delivering profitable growth going forward.
         
Identical Sales
 
Net Income ($mm)
 
Adj. EBITDA ($mm)
         
     
 
   
 
 
 
 
 
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Cumulative Adjusted Free Cash Flow (in billions)
 
DRIVERS OF CURRENT MOMENTUM
We have achieved significant near-term momentum in our business through a number of successful and ongoing initiatives, including the following:
Sharpened In-Store Execution.
 We are improving
in-store
execution and enhancing our customer experience to drive profitable growth. We have simplified our merchandising programs, automated our
front-end
scheduling processes and expanded self-checkout in 435 additional stores during the first three quarters of fiscal 2019. These enhancements have been instrumental in improving store-level productivity, allowing us to increase our focus on the customer. To further enhance the customer experience, we remerchandised over 700 stores since the beginning of fiscal 2017, reallocating space to better accentuate high growth fresh categories like produce, meat and seafood, bakery, prepared foods, deli and floral. This, coupled with our robust remodel program, has also allowed us to optimize store layouts and ease shopping patterns to make things simpler for customers and employees.
Increased
Own Brands
Penetration.
Our
Own Brands
portfolio has continued to contribute to identical sales growth and margin expansion. Penetration of our
Own Brands
has expanded over the past two years, growing from 22.3% in the first quarter of fiscal 2017 to 25.6% in the third quarter of fiscal 2019.
Own Brands
identical sales growth has exceeded total Company identical sales growth by at least 100 basis points for 11 straight quarters.
Leading Omni-Channel Capabilities.
 We have continued to enhance our capabilities to meet customer demand for convenience and flexibility. In fiscal 2017, we began to offer our Drive Up & Go curbside pickup service which is currently available in approximately 550 locations, while expanding our long-established home delivery network. We also collaborate with third parties, including Instacart, for rush delivery as well as with GrubHub and Uber Eats for delivery of our prepared and
ready-to-eat
offerings. We now offer home delivery services across 2,000 of our stores and 12 of the country’s top 15 MSAs by population.
         
 
 
 
 
   
 
 
 
 
Investment in Stores and Technology Capabilities.
 From fiscal 2015 through the end of fiscal 2019, we will have spent approximately $6.8 billion on capital expenditures, including the $1.5 billion
 
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we expect to spend in fiscal 2019. Approximately $3.8 billion of that spend contributed to completing 950 store remodels and opening 57 new stores, as well as merchandising and maintenance initiatives. We have also increased investment in digital and technology projects, including an estimated $375 million we intend to spend in fiscal 2019. These investments include upgraded pricing and promotional tools and more integrated and
easy-to-use
customer-facing digital applications.
Continued Focus on Productivity
.
With the integration of Safeway behind us, we have developed and are in the early stages of implementing a new set of clearly defined productivity initiatives that are underpinned by technology and talent. We are targeting $1 billion of annual
run-rate
productivity benefits by the end of fiscal 2022 to help offset cost inflation, fund growth and drive earnings. These initiatives include a focus on enhancing store and distribution center operations, leveraging scale to buy better, increasing promotional effectiveness and leveraging general and administrative costs. For example, we implemented a shrink reduction program centered on the use of technology as well as employee and manager education. As a result, we successfully reduced shrink levels by approximately 45 basis points in the first three quarters of fiscal 2019 over the first three quarters of fiscal 2017. We also believe these productivity initiatives will drive tangible improvements in our customer satisfaction and customer service scores.
OUR COMPETITIVE STRENGTHS
We are focused on driving deep and lasting relationships with our customers by delivering an
Easy, Exciting
and
Friendly
shopping experience. We believe the following competitive strengths will help us to achieve our goal:
Robust Portfolio of Stores and Iconic Banners with Leading Market Shares.
 Our 2,260 stores provide us with strong local presence and leading market share in some of the most attractive and growing geographies in the country.
 
Well-Known Banners
: Our portfolio of well-known banners has strong customer loyalty and ties within the local communities we serve. Seven of our banners have operated for more than 100 years, with an average of over 85 years across all banners.
 
 
 
 
Prime Locations
: Because of our long history, many of our stores are in
First-and-Main
locations, providing our customers with exceptional convenience. Our owned and ground leased stores and distribution centers, which represent approximately 39% of our store and distribution base, have an aggregate appraised value of $11.2 billion.
 
 
 
 
Strong Market Share and Local
Market Density
: We are ranked #1 or #2 by market share in 66% of the 121 MSAs in which we operate. We believe this local market presence, coupled with brand recognition, drives repeat traffic and helps create marketing, distribution and omni-channel efficiencies that enhance our profitability.
 
 
 
 
Highly Attractive Markets
: Our 20 largest MSAs by store count encompass approximately
one-third
of the U.S. population and approximately 45% of U.S. GDP. In 65% of the 121 MSAs in which we operate, the projected population growth over the next five years, in aggregate, exceeds the national average by over 50%.
 
 
 
 
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The following illustrative map represents our regional banners and combined store network as of November 30, 2019.
 
 
1
Nielsen ACView based on food markets in Company operating geographies as of calendar third quarter 2019.
Differentiated and Exciting Merchandise Offering.
Our expertise in fresh merchandising is a core strength of our Company. We create a destination shopping experience by empowering our operators with the autonomy to tailor merchandise to local and seasonal tastes and preferences so they can consistently deliver an
Exciting
product assortment. We have particular strength in fresh categories including produce, meat and seafood, bakery, prepared foods, deli and floral. Fresh sales accounted for over 41% of our revenue in the first three quarters of fiscal 2019, which we believe is one of the highest percentages in the industry. Our relationships with a select group of suppliers enable us to provide exciting fresh produce, giving us access to premium produce grades in terms of size, flavor, color and quality. In addition, we offer an extensive range of value-added services such as daily
in-store
fresh-cut
fruit,
in-store
prepared
ready-to-cook
vegetables and fresh-made guacamole. In meat and seafood, we feature
best-in-class
full service butcher blocks that highlight
custom-cut
USDA Choice and Prime beef, ground chicken and pork, seasonal smoked meats like sausages and bacon,
Open Nature
grass-fed
beef, lamb and wild-caught Alaskan salmon as well as a wide range of responsibly sourced waterfront bistro shrimp. Our bakeries feature scratch-made pastries, artisan breads, and cakes
designed-to-order
by trained 5 Star decorators. Our prepared foods include
ready-to-eat,
ready-to-heat,
and
ready-to-cook
meal solutions that encompass everything from family favorites to a wide range of world cuisine offerings. Our fresh offerings are complemented by strong specialty assortments. These include our curated wine selections and artisan cheese shops. As our customers demand healthy options and product transparency, we have grown our natural and organic
 
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sales more than twice as fast as the rest of the store during the first three quarters of fiscal 2019, with sales penetration of 13.5% for the same period, or a 40 basis point increase versus prior year.
                 
 
 
 
 
 
 
 
 
 
 
 
 
High-Quality Own Brands That Deliver Great Value.
 We believe our proprietary
Own Brands
portfolio is a competitive advantage, providing high-quality products to our customers at a great value. In addition, customers who buy our
Own Brands
products shop more frequently with us and spend more per trip, driving enhanced loyalty, higher sales and improved margin.
Own Brands
accounted for $12.5 billion in sales in fiscal 2018, which is more than seven times larger than the next largest consumer packaged goods company selling through our stores. Our portfolio of
Own Brands
targets customers across price points, from the cost-conscious positioning of
Value Corner
to our ultra-premium
Signature Reserve
brand. Four of our
Own Brands
(
Lucerne
,
Signature Select
,
Signature Café
and
O Organics
) exceed $1 billion in annual sales and we have more than 11,000 unique items available. We self-manufacture many high-velocity
Own Brands
products, including dairy and bakery items, driving better pricing for our customers. We also believe that our
Own Brands
team is one of the most innovative in the industry, with more than 800 new product introductions planned in fiscal 2019. Our
Own Brands
portfolio has a significant gross margin advantage over similar national brand products and has allowed us to drive both
top-line
growth and margin expansion. Sustainability is also a top priority with our
Own Brands
, and we are targeting all
Own Brands
packaging to be recyclable, reusable or industrially compostable by 2025.
 
         
         
         
         
        
 
 
         
         
         
         
         
 
 
 
 
 
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Integrated Omni-Channel Solutions.
 We provide our customers with the convenience and flexibility to shop wherever, whenever and however they choose. We have instituted a variety of programs both in store and online to maximize customer choice and convenience. We have significantly expanded our digital capabilities over the last several years. Below is a summary of our various eCommerce solutions:
Drive Up & Go
     
   
Currently available in approximately 550 locations, with plans to grow to approximately 600 by the end of fiscal 2019 and to 1,400 locations in the next two years
 
Easy-to-use
mobile app
 
Convenient, well-signed, curbside pickup
 
 
 
Home Delivery
     
 
 
First launched home delivery services in 2001
 
Provide home delivery using our own “white glove” delivery service in approximately 60% of our stores
 
Operate over 1,000 multi-temperature delivery trucks to support home delivery growth
 
Successful roll out of new eCommerce website and mobile applications to all divisions
 
 
 
Rush Delivery
     
 
 
 
 
 
Launched rush delivery in 2017 with Instacart
 
Delivery within one to two hours in all divisions and covering over 2,000, or nearly 90%, of our stores offered in collaboration with third parties
 
Partnership with Grubhub and Uber Eats adds delivery offerings for our prepared and
ready-to-eat
options from our stores
 
 
 
Strong Relationships with Loyal Customers. 
Our
just for U
loyalty program, grocery and fuel rewards and pharmacy services combined with our omni-channel offerings create an extended loyalty ecosystem that drives increased customer spend and retention. We believe bringing new and existing customers into this extended loyalty ecosystem drives higher spend and longer-term relationships, and thus increases customer lifetime value. For example, our
just for U
program drives basket size by delivering almost 400 million personalized promotional deals each week through a variety of digital channels; our data indicates an engaged
just for U
household spends approximately four times more than shoppers not participating in the program. We have grown household membership to nearly 20 million registered households during the third quarter of fiscal 2019, an increase of 25% compared to the third quarter of fiscal 2018. Our data also indicates that as our customers start engaging in eCommerce, they increase their spend with us by an average of 28%.
 
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Engagement in Enhanced Loyalty Ecosystem Increases Customer Lifetime Value
 
 
Note: Charts above based on data from a single market division and reflect indexed annual grocery spend and lifetime value versus store-only shoppers who do not participate in our loyalty ecosystem.
1
Programs are just for U, grocery and fuel rewards, pharmacy services, Drive Up & Go and home delivery.
2
Defined as annual average gross profit multiplied by average years shopping.
Disciplined Approach to Capital Investment and Strong Adjusted Free Cash Flow and Balance Sheet.
 Beginning with fiscal 2015 through the end of fiscal 2019, we will have spent approximately $6.8 billion in capital expenditures through a disciplined approach. We have focused on refreshing our store base with $3.8 billion of capital expenditures on remodels, upgrades, new stores and merchandising initiatives during this period. We have also invested to enhance our digital and technology assets. We believe these investments have been instrumental in maintaining our position as a leader in the food retail industry. Our strong Adjusted Free Cash Flow profile allows us the flexibility to invest in our business. Beginning with fiscal 2015, the first year after our merger with Safeway, we have generated cumulative Adjusted Free Cash Flow of $6.3 billion. We have also reduced our outstanding Net Debt by approximately $2.9 billion since the end of fiscal 2017, decreasing our Net Debt Ratio from 4.7x to 3.0x as of the end of the third quarter of fiscal 2019.
New Best-In-Class Leadership with a Fresh Perspective.
 We have assembled a dynamic and experienced management team. Vivek Sankaran, our President and Chief Executive Officer, brings to our organization differentiated consumer products, retail and strategic planning experience. Vivek is supported by seasoned executives, each with over 30 years of food retail and distribution experience, including Bob Dimond, our Chief Financial Officer, Susan Morris, our Chief Operations Officer, and Geoff White, our recently appointed Chief Merchandising Officer. Geoff most recently served as President of our
Own Brands
team, where he grew sales penetration to 25.6% in the third quarter of fiscal 2019. In addition, in fiscal 2019, we added Chris Rupp, our Chief Customer & Digital Officer, who brings a mix of retail, eCommerce, and business innovation experience from both Amazon and Microsoft, and Mike Theilmann, our Chief Human Resources Officer, who has nearly 30 years of experience at companies including Yum and Heidrick & Struggles. These enhancements to our leadership team bring us a strong blend of new perspective and industry knowledge.
Our team believes in the power of our
Locally Great, Nationally Strong
approach. We empower our operators to take ownership of local merchandising and
in-store
execution. This enables our local managers to select the best product assortments for their communities, provide a heightened level of customer service and drive improved store performance. This localized approach has been such an important part of our heritage and success.
 
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OUR STRATEGIC FRAMEWORK
We are focused on providing our customers with an
Easy, Exciting
and
Friendly
shopping experience. We support our identity through a strategic framework that rests on four key pillars:
Growth
,
Productivity
,
Technology
and
Talent and Culture
.
Growth:
We are well-positioned to accelerate the profitable growth of our business through both our stores and our broader omni-channel network:
 
Achieve More Identical Sales Growth From Our Stores
: We seek to elevate the operational excellence that drives our store performance through intensified focus and an organization-wide effort to leverage technology.
 
 
 
  o
Merchandising Excellence
: We strive to provide customers with an
Exciting
shopping experience driven by excellent quality fresh, organic and local merchandise. We plan to drive identical sales growth by expanding our fresh product offerings. We will optimize the center store departments to ensure the right product is in the right stores, including natural, organic, ethnic and value. Since 2017, we have
re-merchandised
more than 700 stores and plan to expand this successful program.
 
 
 
  o
Pricing and Promotions
: We intend to leverage our local market insights, proprietary data and data analytics capabilities to optimize our pricing and promotions. We track price by product, region, and store to ensure our pricing remains competitive and at a level that provides a compelling overall value proposition to shoppers. We also use our loyalty programs to enhance our value proposition through personalized pricing and rewards to drive customer retention and build basket size.
 
 
 
  o
Operating Excellence
: We plan to continue to improve
in-store
efficiency by using technology to optimize labor and improve
in-stock
and display execution, resulting in enhanced store productivity and customer satisfaction. A number of these initiatives are already underway. In stores where we have introduced computer-assisted ordering and production systems, for example, we have seen a meaningful uplift in sales and improved levels of
in-stocks,
inventory and shrink.
 
 
 
  o
Culture of Exceptional Service
: Exceptional customer service is at the heart of our Albertsons culture. We plan to leverage
in-store
technology to achieve labor efficiencies through the automation of
non-customer-facing
tasks. We expect this effort to provide our associates more time to better serve customers, enhancing the shopping experience and driving purchase frequency, larger basket size, customer satisfaction and retention.
 
 
 
  o
Targeted Store Remodels
: Our store base is well-invested following approximately $3.8 billion of store-related capital expenditures we will have incurred since fiscal 2015 through the end of fiscal 2019. We anticipate future store remodels will be specifically targeted to enhance our
Easy
,
Exciting
and
Friendly
identity and to enhance the positioning of our stores as a destination shopping experience.
 
 
 
 
Drive Incremental eCommerce Growth:
We believe that eCommerce is
a strong growth engine that drives incremental sales. We plan to sustain our eCommerce growth through a number of initiatives. First, we will extend our Drive Up & Go pickup service to 1,400 locations in the next two years. Additionally, we are refreshing our entire digital interface to create a more personalized,
easy-to-use
and fully-integrated digital experience. We are improving our mobile applications to enable more personalized rewards and services like advanced basket-building tools and product, meal and recipe recommendations. We are
 
 
 
 
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  further integrating our digital and
in-store
models to better drive existing customer engagement and new customer trial for our own and third-party delivery.
 
 
 
 
Accelerate Own Brand Penetration
: We plan to strengthen our
Own Brands
portfolio and increase our
Own Brands
penetration from 25.6% in the third quarter of fiscal 2019 to 30%. We intend to introduce innovative items and increase merchandising and promotions in underpenetrated categories and geographies. We plan to add approximately 800 products annually to our
Own Brands
portfolio over the next few years.
 
 
 
 
Increase Customer Engagement and Lifetime Value:
We will continue to deepen relationships with our customers to grow profitable sales. Our
just for U
rewards program is still new in many of our banners and we plan to increase registrations in under-penetrated markets. In markets with already-strong loyalty program participation, we have an opportunity to drive incremental engagement beyond the
just for U
program and into our broader loyalty ecosystem. We will also enhance our loyalty ecosystem through innovation and the addition of new programs and services that will further engage existing customers, attract new customers and drive increased customer lifetime value.
 
 
 
Productivity:
We have a successful track record of identifying and achieving productivity targets as a means of funding growth in our business. We have developed and begun to implement specific productivity initiatives across our business that target $1 billion of annual
run-rate
productivity benefits by the end of fiscal 2022. This will help us to offset cost inflation, fund growth and drive earnings. Our initiatives include the following:
 
Enhancing Store and DC Operations:
Within our stores and distribution centers, we have identified opportunities to further reduce shrink and utilize technology to automate
non-customer-facing
tasks and drive labor productivity. For example, we are working to roll out enhanced demand forecasting and replenishment systems to improve operating efficiency, reduce product waste and optimize labor and inventory levels. We expect to scale these opportunities across the business quickly and efficiently.
 
 
 
 
Leveraging Scale to Buy Better:
We have an opportunity to leverage our national scale through advantaged and more productive supplier partnerships. We will simplify the way we work with our suppliers, planning further in advance and executing coordinated, national buying across all our divisions. We have also identified indirect spend as an area of further cost savings. We plan to further harness our scale to purchase items and services such as packaging and store maintenance with additional volume discounts.
 
 
 
 
Increasing Promotional Effectiveness:
Promotions both in store and online are a key component of our customer value proposition. We plan to leverage data science and advanced analytics to drive more effective promotions and increase sales. For example, we intend to introduce simulation tools enabled by machine learning and pattern recognition software that will allow our merchants to more efficiently forecast promotional performance as well as enhance collaboration with our vendors.
 
 
 
 
Leveraging G&A:
Additional areas of cost savings will come from more efficiently leveraging corporate overhead. For example, continuing to modernize our IT infrastructure will make our technology stack more effective, flexible and cost effective and increase our ability to roll out technology tools across the Company
.
 
 
 
 
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Technology:
Technology underpins everything we do and is a crucial enabler for our strategy for growth and productivity. Since 2015, we have invested $1.25 billion in technology. We are continuing to modernize the key elements of our firm-wide technology infrastructure, including the following core efforts: transition to the Cloud, modernize edge computing and network infrastructure, expand our enterprise data model in the Cloud, use robotics and process automation, leverage data science and artificial intelligence and continually enhance security. We believe that this modern infrastructure will provide a foundation to accelerate technology-based enhancements for our customers, store operations, merchandising and supply chain:
 
Customers:
We are leveraging technology to improve the customer experience by making it more integrated, personalized and easy to use in our stores, at curbside, online and on mobile devices. We will continue to innovate on our customer-facing mobile applications, reduce friction in our
check-out
processes and improve our
at-store
pickup experience. For example, we are partnering with Adobe to provide an artificial intelligence-powered solution to personalize the website and mobile application experience. This will enable the customer to see personalized products and information as they browse homepages, categories and product detail pages.
 
 
 
Store Operations:
We are continuing to leverage technology to improve store operations and optimize labor through task simplification and automation. Demand
forecasting and replenishment tools such as computer-assisted ordering and production systems should sharpen our ability to predict store demand and track perpetual inventory, helping us to reduce
out-of-stocks,
inventory, and shrink.
 
 
Additionally, we have begun to introduce
in-store
micro-fulfilment centers (MFCs) to provide enhanced capabilities for last-mile delivery that leverage our well-located store base as the distribution point for online orders. Early learnings from our partnership with Takeoff Technologies indicate improved picking efficiency by more than four times compared to
in-store
services as well as better inventory management and
on-time
delivery. We plan to have 10 more MFCs operating within the next two years, in addition to the two operating today.
         
 
   
 
 
 
 
 
Merchandising
: We plan to introduce a technology-enabled, data-driven approach to improving our product assortment and optimizing pricing and promotions. These new advanced analytics and simulation tools will incorporate machine learning and pattern recognition to drive promotional effectiveness and productivity while automating the pricing and inventory tracking processes. We will continue to improve our merchants’ access to rich information on products, customers and suppliers provided by our data analytics capabilities
 
 
 
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  so they are able to make smarter decisions on pricing, promotions and assortment in each local market.
 
 
 
 
 
Supply Chain:
Our enhanced technology infrastructure will improve our supply chain function by enabling more efficient demand forecasting, introducing robotics and process automation and data science analytics that will be integrated with our enterprise data model. These elements will work to drive labor productivity and speed efficiencies, while reducing inventory and shrink.
 
 
 
 
Talent and Culture:
Our service-oriented frontline associates are at the heart of our Company. As part of our Locally Great, Nationally Strong approach, we will continue to invest in and instill an ownership mentality in our store operators.
Across all segments of our business, our associates seek to deliver for our customers, our community, and our Company through their sales and service focus. We seek to celebrate the diversity and inclusiveness of our workforce and focus on improving our communities through sustainability and charitable activities that are an essential part of our business. As we leverage our national scale for efficiencies, we will continue to empower store-level decision makers to take care of our customers and encourage frontline responsibility. We will also continue to nurture an ownership mindset in our stores and ensure that the interests of those who directly manage our customer relationships on a daily basis are aligned with those of our stockholders.
     
     
 
 
 
 
 
 
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RISKS RELATED TO OUR BUSINESS AND THIS OFFERING
An investment in our common stock involves a high degree of risk. You should carefully consider the risks highlighted in the section entitled “Risk Factors” following this prospectus summary before making an investment decision. These risks include, among others, the following:
  the competitive nature of the industry in which we conduct our business;
 
 
 
 
  general business and economic conditions, including the rate of inflation or deflation, consumer spending levels, population, employment and job growth and/or losses in our market;
 
 
 
 
  our ability to increase identical sales, expand our
Own Brand
s, maintain or improve operating margins, revenue and revenue growth rate, control or reduce costs, improve buying practices and control shrink;
 
 
 
 
  our ability to expand or grow our home delivery network and Drive Up & Go curbside pickup services;
 
 
 
 
  pricing pressures and competitive factors, which could include pricing strategies, store openings, remodels or acquisitions by our competitors;
 
 
 
 
  labor costs, including benefit plan costs and severance payments, or labor disputes that may arise from time to time and work stoppages that could occur in areas where certain collective bargaining agreements have expired or are on indefinite extensions or are scheduled to expire in the near future;
 
 
 
 
  disruptions in our manufacturing facilities’ or distribution centers’ operations, disruption of significant supplier relationships, or disruptions to our produce or product supply chains;
 
 
 
 
  results of any ongoing litigation in which we are involved or any litigation in which we may become involved;
 
 
 
 
  data privacy and security, the failure of our IT systems, or maintaining, expanding or upgrading existing systems or implementing new systems;
 
 
 
 
  the effects of government regulation and legislation, including healthcare reform;
 
 
 
 
  our ability to raise additional capital to finance the growth of our business, including to fund acquisitions;
 
 
 
 
  our ability to service our debt obligations, and restrictions in our debt agreements;
 
 
 
 
  the impact of private and public third-party payers’ continued reduction in prescription drug reimbursements and the ongoing efforts to limit participation in payor networks, including through mail order;
 
 
 
 
  plans for future growth and other business development activities;
 
 
 
 
  our ability to realize anticipated savings from our implementation of cost reduction and productivity initiatives;
 
 
 
 
  changes in tax laws or interpretations that could increase our consolidated tax liabilities; and
 
 
 
 
  competitive pressures in all markets in which we operate.
 
 
 
 
 
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RECENT DEVELOPMENTS
Refinancing Transactions
On February 5, 2020, ACI, Albertsons, Safeway and NALP completed the sale of $750 million in aggregate principal amount of new 3.50% senior notes due February 15, 2023 (the “2023 Notes”), $600 million in aggregate principal amount of additional 4.625% senior notes due January 15, 2027 (the “Additional 2027 Notes”) and $1,000 million in aggregate principal amount of new 4.875% senior notes due 2030 (the “2030 Notes” and together with the 2023 Notes and Additional 2027 Notes, the “New Notes”). The net proceeds received from the issuance of the New Notes, together with approximately $18 million of cash on hand, were used to (i) to fund the prepayment in full of our then-existing secured term loan facility (such prepayment, the “Term Loan Repayment”) and (ii) pay fees and expenses related to the Term Loan Repayment and the issuance of the New Notes.
We refer to the above transactions as the “Refinancing Transactions.” For more information on our existing indebtedness, see “Description of Indebtedness.”
Corporate Information
Our principal executive offices are located at 250 Parkcenter Blvd., Boise, ID 83706. Our telephone number is (208)
395-6200
and our internet address is www.albertsonscompanies.com.
Our website and the information contained thereon are not part of this prospectus and should not be relied upon by prospective investors in connection with any decision to purchase the common stock offered hereby.
Our Sponsors
We believe that one of our strengths is our relationship with our Sponsors. We believe we will benefit from our Sponsors’ experience in the retail industry, their expertise in mergers and acquisitions and real estate, and their support on various near-term and long-term strategic initiatives.
Cerberus
.    Established in 1992, Cerberus and its affiliated group of funds and companies comprise one of the world’s leading private investment firms with approximately $42 billion of assets across complementary credit, private equity and real estate strategies. In addition to its New York headquarters, Cerberus has offices throughout the United States, Europe and Asia.
Kimco Realty Corporation
.    Kimco Realty Corporation (“Kimco”) is a real estate investment trust headquartered in New Hyde Park, New York that owns and operates North America’s largest publicly traded portfolio of neighborhood and community shopping centers. As of December 31, 2019, Kimco Realty Corporation owned interests in approximately 409 shopping centers comprising 72.4 million square feet of leasable space. Publicly traded on the New York Stock Exchange since 1991, and included in the S&P 500 Index, Kimco Realty Corporation has specialized in shopping center acquisitions, development and management for more than 60 years.
Klaff Realty, L.P.
    Klaff Realty, L.P. (“Klaff Realty”) is a privately-owned real estate investment company based in Chicago, Illinois that engages in the acquisition, redevelopment and management of commercial real estate throughout the United States, with a primary focus on retail and office. Klaff Realty has established a leadership position in the acquisition of distressed retail space. To date, Klaff Realty affiliates have acquired properties and invested in operating entities that control in excess of 200 million square feet with a value in excess of $17 billion.
 
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Lubert-Adler Partners, L.P.
    Lubert-Adler Partners, L.P. (“Lubert-Adler”) was
co-founded
in 1997 by Ira Lubert and Dean Adler, who collectively have over 65 years of experience in underwriting, acquiring, repositioning, refinancing and disposing of real estate assets. Lubert-Adler has more than 20 investment professionals and has invested $8 billion of equity into assets valued at over $18 billion.
Schottenstein Stores Corp.
    Schottenstein Stores Corp. (“Schottenstein Stores”), together with its affiliate Schottenstein Property Group, is a privately-owned operator, acquirer and redeveloper of high-quality power/big box, community and neighborhood shopping centers located throughout the United States predominantly anchored by national retailers.
Our Sponsors control us and will continue to be able to control the election of our directors, determine our corporate and management policies and determine, without the consent of our other stockholders, the outcome of any corporate transaction or other matter submitted to our stockholders for approval, including potential mergers or acquisitions, asset sales and other significant corporate transactions. Following the completion of the Distribution and the Repurchase, Cerberus will own approximately         % of our common stock, Kimco will own approximately         % of our common stock, Klaff Realty will own approximately         % of our common stock, Lubert-Adler will own approximately         % of our common stock and Schottenstein will own approximately         % of our common stock and our Sponsors will own in the aggregate approximately     % of our common stock, or     % if the underwriters exercise their option to purchase additional shares in full. Assuming              shares of outstanding common stock are repurchased by us using the net proceeds from the offering of         % Series A mandatory convertible preferred stock, $0.01 par value (“Series A preferred stock”) (or              shares of common stock if the underwriters in the Series A preferred stock offering exercise their over-allotment option in full), our Sponsors will control in the aggregate approximately         % of our common stock (or     % if the underwriters in the Series A preferred stock offering exercise their over-allotment option in full). Our Sponsors will enter into a Stockholders’ Agreement (as defined herein), pursuant to which they will agree to act in concert and vote together on certain matters. As a result, we expect to be a “controlled company” within the meaning of the corporate governance standards of the NYSE on which we will apply to list our shares and, as a result, will qualify for, and intend to rely on, exemptions from certain corporate governance requirements. As a result, our stockholders will not have the same protections afforded to stockholders of companies that are subject to such requirements.
Following the completion of the Distribution and this offering, we will be required to appoint to our board of directors individuals designated by and voted for by our Sponsors. In connection with this offering, we will enter into a stockholders agreement with our Sponsors (the “Stockholders’ Agreement”). If Cerberus (or a permitted transferee or assignee) has beneficial ownership of at least 20% of our then-outstanding common stock, it shall have the right to designate four directors to our board of directors. If Cerberus (or a permitted transferee or assignee) owns less than 20% but at least 10% of our then-outstanding common stock, it shall have the right to designate two directors to our board of directors. If Cerberus (or a permitted transferee or assignee) owns less than 10% but at least 5% of our then-outstanding common stock, it shall have the right to designate one director to our board of directors. If Klaff Realty (or a permitted transferee or assignee) owns at least 5% of our then-outstanding common stock, it shall have the right to designate one director to our board of directors. If Schottenstein Stores (or a permitted transferee or assignee) owns at least 5% of our then-outstanding common stock, it shall have the right to designate one director to our board of directors.
The interests of our Sponsors may not coincide with the interests of other holders of our common stock. Additionally, our Sponsors are in the business of making investments in companies and may, from time to time, acquire and hold interests in businesses that compete directly or indirectly with us. Our Sponsors may also pursue acquisition opportunities that may be complementary to our business,
 
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and as a result, those acquisition opportunities may not be available to us. So long as our Sponsors continue to own a significant amount of the outstanding shares of our common stock, they will continue to be able to strongly influence or effectively control our decisions, including potential mergers or acquisitions, asset sales and other significant transactions.
See “Risk Factors—Risks Related to This Offering and Owning Our Common Stock.”
 
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THE OFFERING
Common stock outstanding              shares
 
 
 
 
Common stock offered by the selling stockholders              shares
 
 
 
 
Option to purchase additional shares of common stock The selling stockholders have granted to the underwriters a
30-day
option to purchase up to                  additional shares of our common stock at the initial public offering price less the underwriting discount and commissions.
 
 
 
 
Use of proceeds We will not receive any net proceeds from the sale of common stock by the selling stockholders, including from any exercise by the underwriters of their option to purchase additional shares of our common stock from the selling stockholders.
 
 
 
 
We estimate that the net proceeds to us from the offering of our Series A preferred stock, based upon an assumed public offering price per share of our Series A preferred stock of $                , will be approximately $                 (or approximately $                 if the underwriters in the Series A preferred stock offering exercise their over-allotment option in full), after deducting underwriting discounts and commissions and estimated offering expenses payable by us. We intend to use the anticipated net proceeds from the offering of Series A preferred stock, together with cash on hand, to repurchase approximately                  shares of outstanding common stock from certain Pre-IPO Stockholders (or approximately                  shares of outstanding common stock if the underwriters in the Series A preferred stock offering exercise their over-allotment option in full) (the “Repurchase”). The Repurchase is conditioned upon the consummation of the offering of Series A preferred stock and the receipt of funds therefrom. See “Use of Proceeds.”
Dividend Policy Effective fiscal 2020, we have established a dividend policy pursuant to which we intend to pay a dividend on our common stock in an amount of $                 per share, starting with the first full quarter following completion of this offering. Our board of directors may change or eliminate the payment of future dividends to our common stockholders at its discretion, without notice to our stockholders. Any future determination relating to our dividend policy will be made at the sole discretion of our board of directors and will depend on a number of factors, including general and economic conditions, industry standards, our financial condition and operating results, our available cash and current and anticipated cash needs,
 
 
 
 
 
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restrictions under the documentation governing certain of our indebtedness, including our ABL Facility and ACI Notes (each as defined herein), capital requirements, regulations, contractual, legal, tax and regulatory restrictions and implications on the payment of dividends by us to our stockholders or by our subsidiaries to us, and such other factors as our board of directors may deem relevant. So long as any share of our Series A preferred stock remains outstanding, no dividend or distribution may be declared or paid on our common stock unless all accrued and unpaid dividends have been paid on our Series A preferred stock, subject to exceptions such as dividends on our common stock payable solely in shares of our common stock. See “Dividend Policy.”
Lock-Up Agreements Prior to the closing of this offering, each Pre-IPO Stockholder will deliver a lock-up agreement to us. Pursuant to the lock-up agreements, for a period of six months after the closing of this offering each Pre-IPO Stockholder will agree, subject to certain exceptions, that it will not offer, sell, contract to sell, pledge, grant any option to purchase, make any short sale or otherwise dispose of any shares of common stock or any options or warrants to purchase common stock, or any securities convertible into, exchangeable for or that represent the right to receive common stock, owned by them (whether directly or by means of beneficial ownership) immediately prior to the closing of this offering. Thereafter, each Pre-IPO Stockholder will be permitted to sell shares of common stock subject to certain restrictions. See “Certain Relationships and Related Party Transactions—Lock-Up Agreements.”
 
 
 
 
Concurrent Series A preferred stock offering Concurrently with this offering of common stock, we are making a public offering of                 shares of our Series A preferred stock, and we have granted the underwriters of that offering a 30-day option to purchase up to                 additional shares of Series A preferred stock to cover over-allotments. Such shares of Series A preferred stock will be convertible into an aggregate of up to                 shares of our common stock (up to                 shares of our common stock if the underwriters in the Series A preferred stock offering exercise their over-allotment option in full), in each case subject to anti-dilution, make-whole and other adjustments.
 
 
 
 
  We cannot assure you that the offering of Series A preferred stock will be completed or, if completed, on what terms it will be completed. The closing of this offering is conditioned upon the closing of the Series A preferred stock offering and the closing of our offering of Series A preferred stock is conditioned upon the closing of this offering. See “Concurrent Offering of Series A Preferred Stock” for a summary of the
 
 
 
 
 
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terms of our Series A preferred stock and a further description of the concurrent offering.
Risk Factors You should carefully read and consider the information set forth in the section entitled “Risk Factors” beginning on page 24, together with all of the other information set forth in this prospectus, before deciding whether to invest in our common stock.
 
 
 
 
Proposed NYSE trading symbol “ACI.”
 
 
 
 
Directed Share Program At our request, the underwriters have reserved for sale, at the initial public offering price, up to 5% of the shares offered by this prospectus for sale within the United States to some of our directors, officers, employees, business associates and related persons. If these persons purchase reserved shares, it will reduce the number of shares available for sale to the general public. Any reserved shares that are not so purchased will be offered by the underwriters to the general public on the same terms as the other shares offered by this prospectus.
 
 
 
 
Unless otherwise indicated, all information in this prospectus excludes up to                shares of our common stock that may be sold by the selling stockholders if the underwriters exercise in full their option to purchase additional shares of our common stock from the selling stockholders. The number of shares of common stock that will be outstanding after this offering also excludes up to                 shares of our common stock (up to                 shares if the underwriters in the Series A preferred stock offering exercise their over-allotment option in full), in each case subject to anti-dilution, make-whole and other adjustments, that would be issuable upon conversion of shares of Series A preferred stock issued in our concurrent offering of Series A preferred stock.
 
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SUMMARY CONSOLIDATED HISTORICAL FINANCIAL AND OTHER DATA
Albertsons Companies, Inc. was formed for the purpose of reorganizing the organizational structure of AB Acquisition and its direct and indirect consolidated subsidiaries. Prior to December 3, 2017, Albertsons Companies, Inc. had no material assets or operations. On December 3, 2017, Albertsons Companies, LLC and its parent, AB Acquisition, completed a reorganization of their legal entity structure whereby the existing equityholders of AB Acquisition each contributed their equity interests in AB Acquisition to Albertsons Investor or KIM ACI. In exchange, equityholders received a proportionate share of units in Albertsons Investor and KIM ACI, respectively. Albertsons Investor and KIM ACI then contributed all of the equity interests they received to Albertsons Companies, Inc. in exchange for common stock issued by Albertsons Companies, Inc. As a result, Albertsons Investor and KIM ACI became the parents of Albertsons Companies, Inc., owning all of its outstanding common stock with AB Acquisition and its subsidiary, Albertsons Companies, LLC, becoming wholly-owned subsidiaries of Albertsons Companies, Inc. On February 25, 2018, Albertsons Companies, LLC merged with and into Albertsons Companies, Inc., with Albertsons Companies, Inc. as the surviving corporation. Prior to February 25, 2018, substantially all of the assets and operations of Albertsons Companies, Inc. were those of its subsidiary, Albertsons Companies, LLC. The ACI Reorganization Transactions were accounted for as a transaction between entities under common control, and accordingly, there was no change in the basis of the underlying assets and liabilities. The Consolidated Financial Statements are reflective of the changes that occurred as a result of the ACI Reorganization Transactions. Prior to February 25, 2018, our Consolidated Financial Statements reflect the net assets and operations of Albertsons Companies, LLC.
 
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Table of Contents
The summary consolidated financial information set forth below is derived from Albertsons Companies, Inc.’s annual consolidated financial statements for the periods indicated below, including the consolidated balance sheets at February 23, 2019 and February 24, 2018 and the related consolidated statements of operations and comprehensive income (loss) and consolidated statements of cash flows for each of the
52-week
periods ended February 23, 2019 (fiscal 2018), February 24, 2018 (fiscal 2017) and February 25, 2017 (fiscal 2016) and notes thereto included elsewhere in this prospectus. Additionally, we have derived the summary balance sheet data as of November 30, 2019 and the consolidated statement of operations data for the 40 weeks ended November 30, 2019 and the 40 weeks ended December 1, 2018 from our unaudited condensed consolidated financial statements and notes thereto included elsewhere in this prospectus.
                                                 
(dollars in millions, except per share data)
 
40 Weeks
Ended
November 30,
2019
 
 
40 Weeks
Ended
December 1,
2018
 
 
Fiscal 2018
 
 
Fiscal 2017
 
 
Fiscal 2016
 
 
Fiscal 2015
 
Results of Operations:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net sales and other revenue
  $
47,018
    $
46,518
    $
60,535
    $
59,925
    $
59,678
    $
58,734
 
                                                 
Gross profit
  $
13,176
    $
12,836
    $
16,895
    $
16,361
    $
16,641
    $
16,062
 
Selling and administrative expenses
   
12,548
     
12,501
     
16,272
     
16,209
     
16,072
     
15,600
 
(Gain) loss on property dispositions and impairment losses, net
   
(483
)    
(164
)    
(165
)    
67
     
(39
)    
103
 
Goodwill impairment
   
     
     
     
142
     
     
 
                                                 
Operating income (loss)
   
1,111
     
499
     
788
     
(57
)    
608
     
359
 
Interest expense, net
   
558
     
663
     
831
     
875
     
1,004
     
951
 
Loss (gain) on debt extinguishment
   
66
     
9
     
9
     
(5
)    
112
     
 
Other income, net
   
(22
)    
(88
)    
(104
)    
(9
)    
(44
)    
(50
)
                                                 
Income (loss) before income taxes
   
509
     
(85
)    
52
     
(918
)    
(464
)    
(542
)
Income tax expense (benefit)
   
110
     
(80
)    
(79
)    
(964
)    
(90
)    
(40
)
                                                 
Net income (loss)
  $
399
    $
(5
)   $
131
    $
46
    $
(374
)   $
(502
)
                                                 
                                                 
Other Financial Data:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Adjusted EBITDA(1)
  $
2,079
    $
2,014
    $
2,741
    $
2,398
    $
2,817
    $
2,681
 
Adjusted Net Income(1)
   
418
     
218
     
435
     
74
     
378
     
365
 
Rent expense(2)(3)
   
757
     
663
     
864
     
844
     
806
     
781
 
Capital expenditures
   
1,084
     
917
     
1,362
     
1,547
     
1,415
     
960
 
Net cash provided by operating activities
   
1,387
     
1,069
     
1,688
     
1,019
     
1,814
     
902
 
Adjusted Free Cash Flow(1)
   
995
     
1,097
     
1,379
     
851
     
1,402
     
1,721
 
Net Debt(1)
   
8,343
     
10,515
     
9,660
     
11,206
     
11,119
     
11,646
 
                                                 
Other Operating Data:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Identical sales
   
2.1
%    
0.9
%    
1.0
%    
(1.3
)%    
(0.4
)%    
4.4
%
Store count (at end of fiscal period)
   
2,260
     
2,277
     
2,269
     
2,318
     
2,324
     
2,271
 
Gross square footage (at end of fiscal period) (in millions).
   
113
     
113
     
113
     
115
     
115
     
113
 
Fuel sales
  $
2,664
    $
2,785
    $
3,456
    $
3,105
    $
2,693
    $
2,955
 
                                                 
Balance Sheet Data (at end of period):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and equivalents
  $
406
    $
463
    $
926
    $
670
    $
1,219
    $
580
 
Total assets(3)
   
24,992
     
20,982
     
20,777
     
21,812
     
23,755
     
23,770
 
Total stockholders’ / member equity(3)
   
2,411
     
1,390
     
1,451
     
1,398
     
1,371
     
1,613
 
Total debt, including finance leases
   
8,749
     
10,978
     
10,586
     
11,876
     
12,338
     
12,226
 
                                                 
Per Share Data:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic net income (loss) per common share
  $
1.43
    $
(0.02
)   $
0.47
    $
0.17
    $
(1.33
)   $
(1.80
)