(Milton Sobeys location, via Google maps)
The company that owns Sobeys has purchased a stake in the Longo’s brand.
Empire Company Limited has signed an agreement to purchase 51% of Longo’s and the Grocery Gateway e-commerce business.
36 Longo’s locations will join Empire’s growing store network in Ontario. Longo’s and Grocery Gateway will continue to be operated by Longo’s leadership team, including President and CEO, Anthony Longo
The deal is reportedly for $357 million. While it is currently 51% of Longo’s, it is based on an enterprise value of $700 million. The transaction structure allows Empire to achieve 100% ownership of Longo’s over time.
