Cerberus’ 16-year Albertsons bet a tale of twists and turns

NEW YORK: For the biggest Albertsons Cos investor, spending 16 years in the checkout line looks like it was worth the wait.

Cerberus Capital Management paid US$350mil (RM1.65bil) in 2006 for struggling Albertsons stores as a real estate play. In the years since – spanning one financial crisis, four US presidencies and a pandemic – the private equity firm has added to its stake, bulked up through acquisitions and (repeatedly) tried to part with the US grocer.