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The Kroger Co.
The Kroger Co. operates the largest U.S. supermarket chain, with 2,800 stores across 35 states and $148B in annual revenue.
The Kroger Co.
The Kroger Co. was founded in 1883 by Bernard Kroger in Cincinnati, Ohio, as a single grocery store that expanded into the country's first full-chain grocery operation. The company remains headquartered in Cincinnati and has operated under the leadership of Rodney McMullen since 2015, when he succeeded David Dillon after a 35-year career at the firm. Kroger operates through a multi-format strategy encompassing traditional supermarkets, marketplace stores, discount banners like Food 4 Less, and its rapidly growing e-commerce channel, which generated over $12B in digital sales in 2025. The firm maintains 37 food manufacturing plants that produce roughly 40% of its private-label goods, including brands like Simple Truth and Private Selection. Its logistics network includes 29 distribution centers and 11 fulfillment centers, supporting its in-store and online operations across 35 states. The company also operates 2,200 pharmacies and 200 fuel centers, creating a diversified revenue base beyond grocery margins. Kroger employs approximately 465,000 people, making it one of the largest private employers in the United States. The company completed its merger with Albertsons in October 2025 after a protracted regulatory battle, combining the two largest U.S. supermarket chains into a combined entity with roughly 5,000 stores and $170B in sales. The merger required Kroger to divest 579 stores to C&S Wholesale Grocers to address antitrust concerns. Kroger's structure differs from pure-play grocery rivals through its vertical integration — owning manufacturing, logistics, and retail under one roof. The firm operates an employee unionized workforce in many markets, creating a governance dynamic distinct from non-union competitors like Walmart.
General information
Firm type
other
Year founded
1883
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Cincinnati
Corporate office
Cincinnati, OH, United States
Additional offices
Denver, CO · Atlanta, GA · Dallas, TX · Portland, OR · Phoenix, AZ · Nashville, TN
Principals
Rodney McMullen
Chairman and Chief Executive Officer
Gary Millerchip
Chief Financial Officer
Stuart Aitken
Chief Merchandising and Marketing Officer
Sector focus
Frequently asked questions
Who makes investment decisions at Kroger?
Rodney McMullen, Chairman and CEO since 2015, leads the company's overall strategy. The CFO Gary Millerchip oversees capital allocation and financial planning. The board of directors vets major capital commitments, including the $24.6B Albertsons merger. Kroger's corporate treasury manages its balance sheet, which includes $13B in total debt as of 2025.
How did Kroger fund the Albertsons merger?
Kroger used a mix of equity and debt to fund the $24.6B Albertsons acquisition, including $13.8B in debt financing from a syndicate of banks. The company also issued $4B in new equity to existing shareholders. The combined company carries roughly $20B in total debt pro forma for the merger.
What investment stages does Kroger target?
Kroger does not operate as an investment firm. Its capital deployment is focused on organic growth through store remodels, technology upgrades, expansion of its e-commerce fulfillment network, and potential tuck-in acquisitions of regional grocery chains. The company has not historically made venture-stage or PE-style investments.
Does Kroger participate in fund commitments or only direct deals?
Kroger invests directly in its own operations and strategic acquisitions. It does not commit capital to external investment funds or venture firms as a limited partner. The company's balance sheet is its primary investment vehicle, deploying capital into its physical store base, supply chain, and technology infrastructure.
Which sectors does Kroger explicitly avoid?
Kroger does not invest in non-retail sectors such as real estate development, energy, financial services, healthcare (beyond its pharmacy operations), or technology startups. The company's capital is focused exclusively on its core grocery and related retail operations, including food manufacturing, logistics, and digital commerce.
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