Sobeys Capital Inc. has announced it has entered into an agreement to purchase Pete Luckett's grocery retail and wholesale business, operating as Pete's Fine Foods. The transaction includes the Bedford and Halifax, NS grocery retail locations and one wholesale operation.
"Sobeys is an ideal match, truly an Atlantic Canadian success story, built on the same entrepreneurial spirit as Pete's," said Luckett. "It's the right time for me to transition from the grocery industry into the winery business."
Sobeys plans to continue to operate the stores under the Pete's Fine Foods brand and to maintain the unique market culture and customer-focused flair for food on which the business was built. Luckett will remain in a consulting capacity contributing his expertise and passion for food, while ensuring the integrity of the Pete's Fine Foods brand.
"With this agreement, customers can enjoy peace-of-mind knowing that the stores will continue to prosper and expand while offering that same extraordinary shopping experience. The 'Frootique' legacy will live on and prosper," Luckett added.
"Pete has instilled a unique culture in his stores and a food offer that resonates with his customers," remarked Peter Doucette, General Manager, Sobeys Atlantic. "We don't want to change that. In fact, we want to build the Pete's brand and grow the opportunities for the business in Atlantic Canada. With Sobeys' resources and ability to support growth and expansion in the region, we can make that happen."
Pete's Fine Foods management and employees will be provided with employment in their current roles. The transaction is expected to close on November 2, 2015.
About Sobeys Inc.
Proudly Canadian, with headquarters in Stellarton, Nova Scotia, Sobeys has been serving the food shopping needs of Canadians for 108 years. A wholly-owned subsidiary of Empire Company Limited (TSX:EMP.A), Sobeys owns or franchises approximately 1,500 stores in all 10 provinces under retail banners that include Sobeys, Safeway, IGA, Foodland, FreshCo, Thrifty Foods, and Lawton's Drug Stores as well as more than 350 retail fuel locations. Sobeys and its franchise affiliates employ more than 125,000 people. The company's purpose is to help Canadians Eat Better, Feel Better and Do Better. More information on Sobeys Inc. can be found at www.sobeyscorporate.com.
SOURCE Sobeys Inc.
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