Business
Empire reaches agreement to purchase 51 per cent of Longo's and Grocery Gateway, accelerates growing presence in Ontario
Empire reaches agreement to purchase 51 per cent of Longo's and Grocery Gateway, accelera...
About this update from Empire Co Ltd Class A
[{"type":"text","content":"\n \n \n \n Empire reaches agreement to purchase 51 per cent of Longo's and Grocery Gateway, accelerates growing presence in Ontario\n \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 Canada NewsWire\n \n \n \n \n \n Empire building momentum and increasing footprint in the\n \n Greater Toronto Area\n \n (\"GTA\") of\n \n Ontario\n \n \n \n \n \n 36 Longo's locations to join Empire's growing store network in\n \n Ontario\n \n \n \n Grocery Gateway adds 70,000 long-standing online customers to Empire's e-commerce business\n \n \n Longo's and Grocery Gateway will continue to be operated by the successful Longo's leadership team, led by President and CEO,\n \n Anthony Longo\n \n \n \n Empire and Longo's will together unlock non-customer facing synergies and other benefits\n \n \n Acquisition price of\n \n $357 million\n \n for 51% is based on an enterprise value of\n \n $700 million\n \n \n \n Expected to be accretive to earnings per share in the first full fiscal year after closing\n \n \n \n \n STELLARTON, NS\n \n ,\n \n March 16, 2021\n \n /CNW/ - Empire Company Limited (\"Empire\" or the \"Company\") (TSX: EMP.A) announced today that it has signed an agreement to purchase 51% of Longo's, a long-standing, family-built network of specialty grocery stores in the GTA of\n \n Ontario\n \n , and the Grocery Gateway e-commerce business.\n \n \n The transaction immediately adds two high-quality banners to Empire's growing grocery store and\n \n e-commerce businesses in\n \n Ontario\n \n . Longo's and Grocery Gateway are powerful strategic additions to Empire's family of brands in the province – Sobeys, Foodland, FreshCo, Farm Boy and Voilà. Longo's operates an excellent business with a very strong brand in the GTA and\n \n Southwestern Ontario\n \n , the largest grocery market in\n \n Canada\n \n , and furthers Empire's strategic goal of growing its market presence in\n \n Ontario\n \n .\n \n \n \"Empire has strong momentum and we are laser-focused on our Project Horizon growth plans in key markets like the GTA, both in brick...