Business
Empire Company reaches agreement to acquire Farm Boy - Ontario's fastest growing food retailer
Empire Company reaches agreement to acquire Farm Boy - Ontario's fastest growing food reta...
About this update from Empire Co Ltd Class A
[{"type":"text","content":"\n\n\n\nEmpire Company reaches agreement to acquire Farm Boy - Ontario's fastest growing food retailer\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nSTELLARTON, NS, Sept. 24, 2018\n\n\n\nTransaction increases Ontario footprint and furthers Empire's urban expansion strategy\nAdds one of the most exciting and fastest growing formats in Canadian retail Advances Empire's urban strategy, accelerating Ontario presence and GTA growth Co-CEOs Jean-Louis Bellemare and Jeff York continue as leaders of Farm Boy Double digit growth and high margin format expected to continue to drive strong free cash flow generation Extraordinary customer loyalty driven by exceptional private label, broad assortment of chef-inspired prepared foods and a unique fresh market feel Empire will accelerate Farm Boy's growth and unlock non-customer facing operational synergies Attractive returns and EPS accretion in the first full fiscal year of ownership STELLARTON, NS, Sept. 24, 2018 /CNW/ - Empire Company Limited (Empire) (TSX: EMP.A) announced today that it has signed an agreement to acquire Farm Boy, one of the most exciting, fastest growing and successful food retailers in the country, with 26 locations in Ontario and many more on the way, for a total enterprise value of $800 million. \nFarm Boy's outstanding fresh format is an excellent fit with Empire's Sobeys and FreshCo banners in Ontario, a region where Empire is under-penetrated. Farm Boy is a highly scalable platform, with industry leading growth and metrics, and will enable Empire to accelerate growth in urban markets.\nFarm Boy's Founder and co-CEO, Jean-Louis Bellemare, who opened the first Farm Boy grocery store in Ottawa in 1981, and Jeff York, who has been co-CEO of Farm Boy since 2009, will continue in their roles for the long-term, managing the business separately from Empire's broader operations and reporting directly to Empire President and CEO, Michael Medline. The co-CEOs of Farm Boy will ramp up expansion plans and continue to cultivate Farm Boy's unique and compellin...