STELLARTON, N.S. — Empire Company Ltd. has acquired Farm Boy from Berkshire Partners and Farm Boy’s management shareholders in a deal worth approximately $800 million. Farm Boy currently operates 26 stores in Ontario.
“We’re thrilled to officially team up with Farm Boy,” says Michael Medline, president and CEO of Empire Company Ltd. “They have an incredible brand, great stores and customer service and a superb leadership team. Founder and co-CEO Jean-Louis Bellemare and co–CEO Jeff York will remain investors in the company and will continue in their roles for the long term, managing the business separately from Empire’s broader operations. We look forward to turbo-charging Farm Boy’s growth and allowing them to broaden the reach of their winning formula.”
The Nova-Scotia based food retailer will incorporate Farm Boy as a separate company within Empire’s structure. Farm Boy’s co-CEOs, together with members of their senior management team, have reinvested for a 12-per-cent interest of the continuing Farm-Boy business. Sobey’s Inc. will finance the transaction.