Cerberus’ 16-Year Albertsons Bet a Tale of Twists, Turns (1)

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

Cerberus Capital Management paid $350 million 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.

Last week, Kroger Co. agreed to buy Albertsons for $24.6 billion, valuing Cerberus’s remaining stake at about $5.2 billion.

Though the tie-up isn’t a done ...