Bristol Farms Inc. (“Bristol Farms”) is the premier high-end, fresh and specialty food retailer in Southern California. At one time privately held by Oaktree Capital Management, the upscale grocery chain had been acquired by Albertson’s, Inc. in an auction orchestrated by Greif & Co. Albertson’s paid an EBITDA multiple that was nearly double Albertson’s own trading multiple, and intended to roll out Bristol Farms stores nationwide. That plan was nipped in the bud when discount grocer SuperValu subsequently acquired Albertson’s. Bristol Farms did not fit SuperValu’s downmarket model, so SuperValu planned to jettison the gourmet chain. Bristol Farms’ management team expressed interest in doing a management buyout, but SuperValu placated management by offering it what it thought was a placebo, giving them only 30 days in which to put a deal together at a set minimum price before moving forward with auctioning off the chain to the highest bidder. Management once again turned to Greif & Co. for assistance.