MONDAY January 25, 2021
Public
jaxdailyrecord.com • 35 cents
legal notices begin on page 3
Daily Record JACKSONVILLE
IPO plans for Southeastern Grocers Daily Record at last reveals company ownership JACKSONVILLE
CSX Corp. revenue falls 2% in 4th quarter “We expect to return to growth in 2021 for both CSX and the U.S. economy,” CEO Jim Foote says.
Daily Record Daily Record JACKSONVILLE
SOUTHEASTERN GROCERS OWNERS
BY MARK BASCH
Before the planned IPO of Southeastern Grocers, investment firms held 93.9% of the Jacksonville-based parent company of Winn-Dixie. Fidelity Investments
21.0%
Osterweis Capital Management
18.4%
Millstreet Capital Management
14.3%
Lone Star Funds
11.6%
CONTRIBUTING WRITER
Funds is selling about 4.35 million shares, reducing its stake from 11.6% to 1.5%. Funds affiliated with Lone Star owned Southeastern Grocers before the company went through a prepackaged Chapter 11 reorganization in 2018. The reorganization plan gave a group of investment firms stock in exchange for
CSX Corp. reported slightly lower fourth-quarter revenue, but CEO James Foote expressed optimism that conditions will improve this year. “We expect to return to growth in 2021 for both CSX and the U.S. economy,” Foote said in a Jan. 21 conference call with analysts. “While much debate remains around the pace of this growth as we’ve transitioned from COVID headwinds to potential stimulus tailwinds, we believe CSX is well positioned to grow Foote volumes faster than the prevailing GDP growth rate in 2021,” he said. The Jacksonville-based railroad company reported fourth-quarter revenue fell 2% to $2.825 billion, and revenue for the full year dropped 11% to $10.583 billion, as the pandemic slowed freight traffic in the spring of 2020. Fourth-quarter earnings of 99 cents a share were even with the fourth quarter of 2019, but earnings for all of 2020 fell by 57 cents a share to $3.60. CSX has continued to reduce expenses as freight volumes fell. Its operating ratio (operating expenses divided by revenue) fell to 57% in the fourth quarter, from 60% the previous year. The expense cuts included a reduction in jobs. CSX’s employee
SEE SOUTHEASTERN, PAGE 2
SEE CSX, PAGE 2
JACKSONVILLE
AllianceBernstein 9.4% Deutsche Bank
9.2%
Amzak Capital
7.3%
First Eagle Investment Management
2.7%
Others 6.1%
Special to the Daily Record
The investment firms that own Winn-Dixie’s parent plan to sell 8.9 million shares. BY MARK BASCH CONTRIBUTING WRITER
Southeastern Grocers Inc., the parent company of Winn-Dixie, is selling 8.9 million shares of stock in an initial public offering that will continue to leave a group of investment firms in control. All of the shares are being sold by the investment firms, with the Jacksonville-
based company not receiving any proceeds from the IPO. An updated registration statement filed with the Securities and Exchange Commission on Jan. 21 shows Fidelity Investments with 21% of Southeastern Grocers’ stock. It will continue to own 20.9% after selling a small number of shares in the IPO. A company controlled by Lone Star
VanTrust sells Imeson Park warehouse for $43.9M VanTrust Real Estate LLC sold the Imeson Park building leased to Margo State Line on Dec. 23 to LBA Realty for $43.9 million. The deed and a $43.9 million mortgage to LBA were recorded Jan. 20 with the Duval County Clerk of Courts. VanTrust developed the 552,720-square-foot warehouse on 25.9 acres at 10501 Cold Storage Road, No. 100, in 2019. Imeson Park is in North Jacksonville. VanTrust owned and sold the property through JI Imeson Industrial 552 LLC. LBA Realty, based in Irvine, California, bought it through 10501 Cold Storage Road LLC. LBA is a real estate investment and management company.
VOLUME 108, NO. 48 • ONE SECTION