Canada's Empire Co. to buy Farm Boy
Ontariobased retail grocer Farm Boy will be set up as a separate company within Empire's structure. The company's Co-CEOs will reinvest in 12% of the continuing Farm Boy business.
Empire will finance the transaction through a combination of cash on hand and debt.
The deal is expected to close at the beginning of 2019 and is subject to customary closing conditions, including a review by the Canadian Competition Bureau.
Founded in 1981, Farm Boy has a focus on high quality and locallysourced meat and produce and offers a wide range of exceptional private label and prepared foods and renowned customer service.
Farm Boy is led by Jean-Louis Bellemare (founder and co-CEO) and Jeff York (co-CEO), both of whom will continue their leadership roles with Farm Boy post-transaction.
Over the last 5 years, Farm Boy has approximately doubled store count and delivered strong revenue, EBITDA and free cash flow growth.
Farm Boy has 26 stores with defined plans for continued expansion into the GTA.
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