Sobeys parent to take controlling stake in Longo's, Grocery Gateway
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Publishing date:Mar 16, 2021 • 6 hours ago • 1 minute read • comment bubbleJoin the conversation
Longo's, founded in 1956 by three brothers, has 36 stores in the Greater Toronto Area and the Grocery Gateway delivery business.
Longo's, founded in 1956 by three brothers, has 36 stores in the Greater Toronto Area and the Grocery Gateway delivery business. PHOTO BY PETER J. THOMPSON /Postmedia
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Sobeys parent Empire Company Ltd. announced Tuesday that it is buying 51% of specialty grocer Longo’s and the Grocery Gateway e-commerce business.
Longo’s, founded in 1956 by three brothers, has 36 stores in the Greater Toronto Area and the Grocery Gateway delivery business.
Empire will pay $357 million for the stake based on an enterprise value of $700 million.
The deal, which is expected to close in the first quarter of 2022, allows Empire to acquire 100% of Longo’s over time.
Empire’s brands also include Farm Boy, Voila by Sobeys, FreshCo and Foodland.
Grocery Gateway has 70,000 online customers, a news release said.
Longo’s and Grocery Gateway will continue to be operated by president and CEO Anthony Longo and his leadership team.
torontosun.com
Author of the article
ostmedia NewsPostmedia News
Publishing date:Mar 16, 2021 • 6 hours ago • 1 minute read • comment bubbleJoin the conversation
Longo's, founded in 1956 by three brothers, has 36 stores in the Greater Toronto Area and the Grocery Gateway delivery business.
Longo's, founded in 1956 by three brothers, has 36 stores in the Greater Toronto Area and the Grocery Gateway delivery business. PHOTO BY PETER J. THOMPSON /Postmedia
Article content
Sobeys parent Empire Company Ltd. announced Tuesday that it is buying 51% of specialty grocer Longo’s and the Grocery Gateway e-commerce business.
Longo’s, founded in 1956 by three brothers, has 36 stores in the Greater Toronto Area and the Grocery Gateway delivery business.
Empire will pay $357 million for the stake based on an enterprise value of $700 million.
The deal, which is expected to close in the first quarter of 2022, allows Empire to acquire 100% of Longo’s over time.
Empire’s brands also include Farm Boy, Voila by Sobeys, FreshCo and Foodland.
Grocery Gateway has 70,000 online customers, a news release said.
Longo’s and Grocery Gateway will continue to be operated by president and CEO Anthony Longo and his leadership team.
Sobeys parent to take controlling stake in Longo's, Grocery Gateway
Sobeys parent Empire Company Ltd. announced Tuesday that it is buying 51% of specialty grocer Longo’s and the Grocery Gateway e-commerce business.