CRA advises on Tractor Supply merger

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Charles River Associates was retained by Tractor Supply Company (TSC) and Orscheln Farm and Home LLC (Orscheln), two leading rural lifestyle retailers in the United States, to provide economic analyses in support of their $320 million merger during a protracted investigative review by the US Federal Trade Commission (FTC). The parties announced their transaction in February 2021 and received clearance from the FTC to close their transaction on October 11, 2022. The consent order requires the divestiture of 84 brick and mortar retail stores to two different divestiture buyers, the divestiture of a distribution center, and multi-month transition services assistance.

CRA expert, Dr. Elizabeth M. Bailey, supported TSC and Orschlen during the FTC’s extensive review of the proposed acquisition. CRA conducted empirical analyses to inform the assessment of antitrust risk and to engage with FTC economists on the competitive effects of the proposed transaction including addressing competitive concerns raised by the FTC. Dr. Bailey and the CRA team also supported TSC and Orscheln in responding to the FTC’s Request for Additional Information, commonly referred to as a “Second Request.” The parties closed their transaction on October 12, 2022.

Dr. Bailey was supported by a CRA team that included Andrea Asoni, Bela Szabadi, and Duncan Graham, along with many others. CRA’s team worked closely with attorneys representing TSC from O’Melveny & Myers LLP including Courtney Dyer, Debevoise & Plimpton LLP including Ted Hassi, Wilson Sonsini Goodrich & Rosati, including Beau Buffier and Lindsey Edwards, Bass Berry & Sims including Mike Dashefsky, and with attorneys representing Orscheln including Pete Schwingler at Stinson LLP.

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