Sobeys buying B.C.s Thrifty Foods grocery chain
Last Updated: Monday, July 16, 2007 | 4:20 PM ET
CBC News
Grocery giant Sobeys Inc. is buying the British Columbia-based Thrifty Foods chain, the companies said Monday.
The deal puts a value of $260 million on Thrifty Foods, which has 20 stores on Vancouver Island and B.C.'s Lower Mainland. Thrifty also had a distribution centre and a wholesale division.
Alex Campbell, chair of Thrifty Foods, said his company has built itself into a market leader in the business over the 30 years since its inception.
"More recently, we have come to the realization that if we want to continue as the market leader, then we must commit to a new era of growth," he said. "I am very pleased to find, in Sobeys, a company that is committed to the long-term growth and success of Thrifty Foods."
Sobeys, which has over 1,300 company-owned and franchised stores, said the acquisition of the B.C. company is expected to give a boost to its bottom line.
Sobeys was recently privatized by its parent company, Stellarton, N.S.-based Empire Company Ltd. Shares of Empire finished Monday on the TSX at $50.64, up 87 cents from Friday.
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