The parent company of Sobeys said it has signed a deal to buy a 51 per cent stake in specialty grocery store chain Longo’s and its Grocery Gateway e-commerce business for $357 million.
Empire Company Ltd. said the deal adds two high-quality banners to its business and helps it grow in Ontario.
Under the deal, Toronto-area grocer Longo’s and Grocery Gateway will continue to be led by CEO Anthony Longo.
However, Empire says Longo’s will be able to benefit from its infrastructure and capabilities in areas such as sourcing, logistics and real estate.
Longo’s has 36 locations in the Greater Toronto Area, while Grocery Gateway serves 70,000 customers.
The deal, which is subject to customary closing conditions, is expected to close in the first quarter of Empire’s 2022 financial year.
Terry Paul
Paul Terry is a publisher and an author in wowplus.net and other news channel
