An Analysis Regarding the Investment Advantages and Disadvantages of Acquisition of Publix

Supermarkets, Inc.

Submitted to

Tom Cavanagh
Knights Investment Group
Orlando, Florida

July 31, 2022

by
José E. Romero Martínez

This report analyzes the potential advantages and disadvantages of acquiring Publix Supermar-
kets, Inc. as part of the future investment profile for Knights Investment Group (KIG). The docu-
ment briefly examines the company’s history and current brand offerings and divestments. Using
the 2021 Annual Report to stakeholders and additional qualitative sources, the report suggests
that acquiring Publix will be significantly beneficial to the company’s future. Additional recom-
mendations are also provided regarding a smoother transition before and after corporate acquisi-
tion.
ADVANTAGES AND DISADVANTAGES OF ACQUISITION 2

EXECUTIVE SUMMARY
Publix Supermarkets, Inc. is a Lakeland, Florida-based grocery and supermarket chain dedi-
cated to providing quality produce, excellent customer service, and a stake in employee growth
through its employee-owned stock program. The study intends to analyze the company profile
for Publix and determine its suitability for acquisition by Knights Investment Group (KIG). Busi-
ness managers, financial stakeholders, market researchers, and Publix employees and manage-
ment will benefit from reading this report as they will engage in new opportunities to seek
growth and expand in careers in the retain and grocery industries.

Publix exhibits major advantages that make the company a suitable candidate for acquisition, in-
cluding:

 Publix has a growing store operations and consumer base.

 The company’s sales, gross profit, investment income and net earnings have increased in
the past three years.
 Publix is nationally recognized as a leader in customer service satisfaction.
 Publix is committed to sustainability and social responsibility.
 Publix faces little competition in Florida.
However, the company faces major hurdles involving social rights and commitment to ethical
standards that must be addressed, including:
 Publix staff and employees might be opposed to alterations on the company’s employee-
owned stock program.
 The company has shown ambivalence over discrimination and LGBT+ rights.
 The company needs to address ethical food standards and collection through the Fair
Food Program.
In conclusion, we strongly suggest that KIG consider acquiring Publix to its holding investments,
and provide the following recommendations for a smoother transition:
 Continue with the company’s growth and outreach in the Southeast.
 Leave the ESOP intact, or provide a new financial incentives scheme that encourages par-
ticipation and empowers employees to keep working with Publix.
 Stop funding organizations that promote policies against the LGBT+ community.
 Have Publix join the Fair Food Program and guarantee that the company’s offerings are
sourced through ethical means.
ADVANTAGES AND DISADVANTAGES OF ACQUISITION 3

TABLE OF CONTENTS
EXECUTIVE SUMMARY.......................................................................................................................2
LIST OF TABLES.....................................................................................................................................3
LIST OF FIGURES...................................................................................................................................3
INTRODUCTION.....................................................................................................................................4
PURPOSE..................................................................................................................................................4
SIGNIFICANCE OF THE STUDY.........................................................................................................4
SCOPE AND METHODOLOGY............................................................................................................4
COMPANY PROFILE..............................................................................................................................5
COMPANY BRANDS AND VENTURES...............................................................................................5
ADVANTAGES OF ACQUISITION OF PUBLIX SUPERMARKETS, INC......................................6
Publix has a growing store operations and consumer base...................................................................6
The company’s sales, gross profit, investment income and net earnings have increased in the past
three years...............................................................................................................................................6
Publix is nationally recognized as a leader in customer service satisfaction........................................7
Publix is committed to sustainability and social responsibility..............................................................7
Publix faces little competition in Florida...............................................................................................8
DISADVANTAGES OF ACQUISITION OF PUBLIX SUPERMARKETS, INC...............................8
Will the employee stock ownership plan be reformed?..........................................................................8
How ready is Publix for publicly embracing LGBT+ rights?................................................................9
Can Publix reconcile with the Fair Food Program?...........................................................................10
CONCLUSION........................................................................................................................................10
RECOMMENDATIONS........................................................................................................................10
REFERENCES........................................................................................................................................12

LIST OF TABLES
Table 1: Summary of sales, gross profit, investment income, and net earnings for Publix Supermarkets
between 2019, 2020, and 2021. Source: Publix Supermarkets 10, 11..........................................................7
Table 2: Summarized depiction of donations and recipients provided by Publix in 2021. Source: Publix
Supermarkets, 4...........................................................................................................................................8

LIST OF FIGURES
Figure 1: Graphic chart of active Publix store locations by state in 2021. Source: Publix Supermarkets, 1
.................................................................................................................................................................... 6
Figure 2: Select Share Price for Publix Staff and Employees between 2021 and 2022. Source: Publix As-
set Management Company, 2022.................................................................................................................9
ADVANTAGES AND DISADVANTAGES OF ACQUISITION 4

INTRODUCTION
Publix Supermarkets, Inc. is a Lakeland, Florida-based supermarket chain dedicated to provid-
ing quality produce, excellent customer service, and a stake in employee growth through its em-
ployee-owned stock program. Having never experienced a layoff from since the business was
founded in 1930, even during the great Recession (Anderson, 2009), the company boasts a vital
cultural profile, appreciation, and stability for both Florida residents and visitors. Thus, acquiring
Publix Supermarkets as the holding company for knights Investment Group (KIG), which is also
based in Central Florida, serves to be an attractive opportunity for expansion into the retail trade
business. With an estimated private valuation of $45 billion as of November 2021, the company
has secured its market brand and both employee and customer loyalty a part of its culture (Bary,
2022).

PURPOSE
The purpose of the study is to analyze the company profile for Publix Supermarkets and deter-
mine its suitability and/or feasibility for acquisition by Knights Investment Group (KIG).

SIGNIFICANCE OF THE STUDY

Business managers, financial stakeholders, and market researchers will benefit from considering
new opportunities to seek growth and expansion into the grocery and retail business. Also, Pub-
lix staff and employees might also be interested in the recommendations provided in this report,
in particular any potential changes to the company’s corporate structure, the purchasing of em-
ployee stock, changes in company culture and responses to ongoing social convulsions that may
affect its trust with consumers.

SCOPE AND METHODOLOGY

This report is intended to provide a broad scope of Publix’s financial feasibility and how this
may affect both the company’s performance post-acquisition and its other departments and brand
offerings. While brand extensions are briefly discussed as part of the company’s extensions,
these will not be considered by any mergers and/or treated as separate acquisitions.

We have used the 2021 Annual Report to Stakeholders as the main basis for financial figures re-
garding the company’s fiscal health. (The 2021 fiscal year for Publix ended on December 25,
2021.) We also reviewed news articles, business trade publications, and market reviews to ad-
dress the company’s public reception and national recognition.
ADVANTAGES AND DISADVANTAGES OF ACQUISITION 5

COMPANY PROFILE
In 1930, George W. Johnson resigned from a four-year career as a manager of a Piggly Wiggly
in Winter Haven, Florida, and decided to open a store called Publix Food Store. He named the
store “Publix” due to a chain of movie theaters of the same name. Five years later, Jenkins
opened a second store in Winter Haven. Eventually, he established the first Publix Super Market
and thus began the supermarket’s expansion. From acquiring a warehouse to replacing stores in
larger supermarkets, Publix expanded to dominate its competition in Central Florida and moving
into South Florida in the sixties; acquiring Albertson stores and opening new retail opportunities
in the Pensacola area; and expanding to the Southeast and Mid-Atlantic (Miller, 2022). Outside
of Florida, Publix stores are also located in Georgia (1991), South Carolina (1993), Alabama
(1996), Tennessee (2002), North Carolina (2014) and Virginia (2017), with an announced expan-
sion into the Louisville, Kentucky area in late 2013.

COMPANY BRANDS AND VENTURES

Besides the flagship supermarkets, Publix operates other ventures under its brand, including:

 Publix Aprons provides cooking classes in both in-person and online settings where
chefs teach and prepare meals for students, as well as virtual cooking classes through
YouTube (“Publix Aprons”). Customers can sign up for different cooking events at
twelve (12) cooking school locations throughout the Southeast—nine in Florida, and one
location each in Alabama, Georgia, and Virginia (“Publix Aprons® Cooking School”
2022).

 Publix GreenWise Market is a retail concept that emerges from the health food trends
established by upscale groceries like Whole Foods Market and capitalizes on the com-
pany’s GreenWise® organic brand. President Kevin Murphy stated about the concept
upon the opening of a Tampa, Florida store, “Our curated mix of high-quality specialty
make-at-home and grab-and-go items will add a level of convenience for residents and
visitors looking for easy meal solutions” (Bendychowski 2021). Publix GreenWise Mar-
ket has eight (8) locations in the Southeast—seven in Florida (Boca Raton, Fort Laud-
erdale, Lakeland, Nocatee, Odessa, Tallahassee, and Tampa) and one in Mountain beach,
Alabama.

 Publix Sabor was created in 2005 as an extension of the Publix brand by providing His-
panic and Caribbean products towards the fast-growing Hispanic population in Central
and South Florida. While the stores have a smaller square feet footprint than the typical
Publix store, they also provide a welcoming environment for Hispanic customers whilst
not alienating the rest of the consumer base. As director of media and communications
Mara Brown mentioned in 2005, “You don’t have to be a Hispanic customer to love this
store. You just have a greater variety [of ethnic products] here” (Blank 2005). Publix Sa-
bor also has competition with other regional ethnic supermarkets such as Presidente Su-
permarkets, Key Foods/Bravo Supermarkets, and Sedano’s.

 Publix Pharmacy was created in 1986 in Altamonte Springs, Florida, and the venture
has expanded to where over 90% of stores have a pharmacy by providing health services,
medications, and consultations to customers. Publix Pharmacy has been reported by J.D.
ADVANTAGES AND DISADVANTAGES OF ACQUISITION 6

Power as having the highest Overall customer satisfaction among brick-and-mortar super-
markets as of 2016, third in 2018, and second in 2019 (Effler 2016, 2018, 2019). Publix
pharmacy also had a free antibiotics and medication program between 2007 and 2022; as
of June 1, 2022, however, “maintenance medications like lisinopril and amlodipine will
be accessible at a reduced price” (Hendren 2022).

ADVANTAGES OF ACQUISITION OF PUBLIX SUPERMARKETS, INC.

Upon our research in determining the feasibility of acquiring Publix into the greater KIG invest-
ment profile, we have determined the following advantages regarding the company’s suitability
for acquisition:

Publix has a growing store operations and consumer base.

As of 2021, the company has 1,293 supermarkets in the Southeast, compared to 1,264 by 2020
(Publix Supermarkets, 1; please see Figure 1), expanding its outreach to over 65.4 million cus-
tomers, or about one-fifth of the U.S. population. This burgeoning market also considers the sea-
sonality of winter residents to Florida and the increased sales coming from the purchase of sup-
plies from the extended holiday season, although this has been affected in recent years due to
travel restrictions and quarantines associated with the pandemic.

Publix Store Locations by State as of

2021
Florida
Georgia
1%
4%4% Alabama
5%
6% South Carolina
Tennessee
15% North Carolina
64% Virginia

Figure 1: Graphic chart of active Publix store locations by state in 2021. Source: Publix Super-
markets, 1

The company’s sales, gross profit, investment income and net earnings have increased in the
past three years.
Per the company’s fiscal year and comparisons with 2019 and 2020, the company’s sales earning
amounted to $48.0 billion dollars in 2021, compared to $44.9 billion in 2020 and $38.1 billion in
2019. The company attributes this growth in sales to the pandemic and the increase in product
costs (Publix Supermarkets, 10). Gross profit has remained stable in the same three-year period,
from 29.2% in 2019 to 27.4% in 2021, attributed to “increased production costs” and the pan-
demic to a minor degree (Publix Supermarkets, 10). Regarding investment income, Publix
ADVANTAGES AND DISADVANTAGES OF ACQUISITION 7

earned $1.3 billion in 2021 compared to $975 million in 2020 and $814 million in 2019. Net
earnings also reflect an increase among the last three comparison years, to $4.41 billion in 2021
against $3.97 billion in 2020 and $3 billion in 2019. A summary can be found below on Table 1:

2019 2020 2021

Sales $38.1 billion $44.9 billion $48 billion
Gross Profit 27.2% 27.9% 27.4%
Investment Income $814.4 million $975 million $1.3 billion
Net Earnings $3.00 billion $3.97 billion $4.41 billion

Table 1: Summary of sales, gross profit, investment income, and net earnings for Publix Super-
markets between 2019, 2020, and 2021. Source: Publix Supermarkets 10, 11

Publix is nationally recognized as a leader in customer service and employee satisfaction.

In 2022, Forbes announced Publix as fourth in the magazine’s inaugural Halo 100 list, a ranking
of America’s companies with the best customer service and commitment to social responsibility.
It is also the highest-ranked grocery in the list, as well as Florida’s highest-rated company (Brady
et al 2022). Journalist Paul Nutcher notes that, among other factors, Publix provides on-the-job
training, maintains a promote-from-within culture, and offers benefits that include tuition reim-
bursement and employee-owned shares, promoting employee loyalty and encourage customer
service (2022). Employees are also urged to take responsibility for creating and implementing
strategies for continues store improvements (Harrison et al 7). As a result, this customer-centric
culture has been rewarded with customer loyalty by emphasizing quality, togetherness with fam-
ily and friends, and customer service through marketing campaigns, holidays recipes, and emo-
tional connections (Myers & Tedone 2016).

Publix is committed to sustainability and social responsibility.

In addition to promoting engagement to its brand through customer satisfaction and employee
loyalty, Publix also exerts its dedication through social responsibility. Despite a diminished
amount of donations in 2020 due to the pandemic, 2021 revealed an increase in donations by as-
sociates to non-profit organizations like Special Olympics, March of Dimes, and Children’s Mir-
acle Network, among others (Publix Supermarkets 4). The company has also provided scholar-
ships to minority students with the collaboration of the United Negro College Fund (UNCF),
promoted food pantries in underserved school communities, and disaster assistance through the
American Red Cross and United Way through disasters like the floods in Alabama and Tennes-
see, the partial collapse of a condominium in Surfside, Florida, and Hurricane Ida in Louisiana.
This asserts the company’s philanthropic responsibility, which “bolster[s] customer trust and
public respect” (see Pacific Oaks College 2021; Table 2).
ADVANTAGES AND DISADVANTAGES OF ACQUISITION 8

Amount Recipient of Donation(s) Circumstances

$125,000 Withlacoochee River Watershed & Planted 125,000 trees to im-
Little Orange Creek Reserve prove conditions on the water-
shed
$2,000,000 National Audobon Society and Na- Removing invasive species
tional Park Fund (flora and fauna) from the Ev-
erglades
$4,500,000 Special Olympics
$5,400,000 March of Dimes
$4,400,000 Children’s Miracle Network
$31,400,000 United Way
$180,000 Publix Charities Scholarships to minority stu-
dents, filling underserved
school pantries, and investing
in nine (9) regional colleges
and universities
$950,000 American Cross & United Way Flooding in Alabama and Ten-
nessee; Surfside building col-
lapse, Hurricane Ida
Table 2: Summarized depiction of donations and recipients provided by Publix in 2021. Source:
Publix Supermarkets, 4.

Publix faces little competition in Florida.

Barring stores like Winn-Dixie and Trader Joe’s, Publix essentially dominates the supermarket
business in Florida, with over 830 stores as of 2021. However, we recognize the market disrup-
tion provided by these companies to the industry; for instance, Wal-Mart commands a higher
market share of grocery shoppers in other states besides Florida (Harrison et al 103). New en-
trants to the Florida market have attracted some public attention, like Aldi—itself the third-
largest grocer by store count in the United States—or Kroger, who is attempting to break into the
Florida market by creating an Amazon-style fulfilment center for online orders (Silverstein,
2022: Repko 2021). Barring major disruptions, acquisition will greatly increase the stability of
the holding brand.

DISADVANTAGES OF ACQUISITION OF PUBLIX SUPERMARKETS, INC.

While there are advantages in acquiring Publix, there are important disadvantages that must be
considered and remedied to improve the transition:

Will the employee stock ownership plan be reformed?

Publix is known as the U.S. largest employee-owned company. As defined by the National Cen-
ter for Employee Ownership (NCEO), “Employee ownership is a term for any arrangement in
which a company’s employees own shares in their company or the right to the value of shares in
the company (n.d.). As an example, Publix uses the employee stock membership plan (ESOP),
which is a type of retirement plan that invests in stock for its employees. Employee ownership
has become an integral part of the company culture, to which 91% of its staff owns stock and
ADVANTAGES AND DISADVANTAGES OF ACQUISITION 9

participates in the program, as well as purchase additional shares if desired (Bary 2012). Stock
prices are set quarterly by the company for employees to purchase and must be sold back to the
company at a five-for-one split (set in April 2022) for liquidity. Company dividends are also paid
out quarterly using the program (please see Publix Asset Management Company; see Graph 2).

Select Share Price for Publix Staff and

Employees, 2021-2022 14.91
13.28 13.76 13.76
12.26 12.62
Shares (in USD)

May 2021 August 2021 November 2021 March 2022 April 2022 May 2022
Quarter

Price per Share (in USD)

Figure 2: Select share price for Publix staff and employees between 2021 and 2022. Source:
Publix Asset Management Company, 2022.

Rosen and Coney argue that companies with an ESOP program have grown faster than their con-
temporaries in part to the “synergy” between ownership and worker participation—where em-
ployees are incentivized to become productive owners committed to company growth, and their
innovative ideas allow the company to thrive (1987).

In Publix’s case, the acquisition may be immediately considered a threat to the company’s ESOP
structure. We strongly suggest that this structure be maintained—or at the very least modified to
satisfy shareholder requirements with equal benefits to the previous ESOP program—to retain
talent and prime its position to continuous growth. (It is important to note that Publix is currently
not unionized.)

How ready is Publix for publicly embracing LGBT+ rights?

Among major controversies, Publix has been criticized for its perceived ambivalence towards
civil rights and discrimination, in particular LGBT+ rights. Because it is not a public company,
the chain has not responded to repeated invitations from the Human Rights Campaign Founda-
tion’s Corporate Equality Index (CEI), a yearly report that gauges the treatment of LGBT+ em-
ployees and consumers by businesses and brands, as well as review company policies and their
progress; as a result, the company has received a zero (0) rating (“Corporate Equality Index
2022”; Lily 2021). Controversy also erupted in 2018 when a Georgia doctor allegedly discovered
ADVANTAGES AND DISADVANTAGES OF ACQUISITION 10

that Publix would refuse to cover a prescription for PrEP or pre-exposure prophylaxis, a medica-
tion used to help prevent the spread of HIV to users. After a meeting with Florida Rep. Carlos G.
Smith (D-Orlando), the company agreed to provide services for PrEP in 2018 (Lynch 2018).

However, the company was embroiled in scandal earlier this year over the alleged donation of
$200,000 dollars to lobbying sponsors of the Parental Rights in Education bill (also known as the
“Don’t Say Gay” bill in Florida), earning the hashtag #BoycottPublix on Twitter and receiving
criticism from both employees and consumers (Kika 2022).

At the same time, the company has allowed employees with same-sex spouses to enroll in health-
care and dental plans since 2014, even before same-sex marriage became legal in Florida and
other Southern states (Lobesco 2014). Given the controversies, it is important that the company
take strides in visibly improving relations between the LGBT+ community, staff, employees, and
allies in encouraging trust and confident in the company’s commitment to equality and diversity.

Can Publix reconcile with the Fair Food Program?

Publix has also gained criticism over their repeated refusal to join the Fair Food Program, a non-
profit organization by the Coalition of Immokalee Farmworkers (CIW), with the goal of “ensur-
ing fair wages among farms, farm workers, and retail food companies in the United States” and
end the impunity and exploitation of a vulnerable community (Wright, n.p., 2015). Food and re-
tail chains that join the Fair Food Program refuse to buy food from employers with exploitative
practices and pay extra pennies per pound for farmers deemed compliant with ethical farming
and treatment standards (Iannelli 2017).

For companies joining the Fair Food Program, there has been a significant decrease in reports of
labor exploitation and sexual misconduct in participating farms. However, the Fair Food Pro-
gram has continuously lobbied for Publix’s including in the program to no avail. Fort Myers,
Florida resident and collaborator Patricia Krause has written on this matter: “It is a disservice to
[Publix’s] customers who, if educated on this issue, would hesitate to buy food that is tainted by
blood, sweat, and tears” (2018). Thus, a priority for acquisition must include having Publix join
the Fair Food Program and become a collaborator in the organization’s commitment to fair and
ethical food products.

CONCLUSION
Through this report, the feasibility for acquiring Publix Supermarkets by Knights Investment
Group (KIG) can be determined not only quantitatively through its earnings and investment pro-
file, but also gauging the company’s commitment (and potential improvement) through qualita-
tive standards. A smoother transition can be guaranteed by committing to maintain Publix as an
employee-owned company but allowing for changes in certain corporate practices through acqui-
sition, as well as commit towards great inclusivity and appreciation to the changes consumers are
looking towards values-based marketing. Thus, acquiring Publix provides an important path to-
wards greater financial solvency for KIG, as well as credit trustworthiness and a commitment to-
wards personal and professional growth.
RECOMMENDATIONS
 Continue with the company’s regional growth development and outreach in the South-
east.
ADVANTAGES AND DISADVANTAGES OF ACQUISITION 11

 Leave the ESOP intact, or alternatively provide a new financial incentives scheme that
encourages participation and empowers employees to keep working with Publix.
 Stop funding organizations that promote policies against the LGBT+ community.
 Have Publix join the Fair Food Program and guarantee that the products created and con-
sumed in its stores have been sourced through ethical means.
ADVANTAGES AND DISADVANTAGES OF ACQUISITION 12

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