Sobeys grows its presence with thrifty.
STELLARTON, Nova Scotia --Sobeys Inc. has agreed to acquire Thrifty Foods in a transaction valued at $260 million (Canadian).
Based in British Columbia, the regional Thrifty Foods has 20 supermarkets and about 3,700 employees. According to Sobeys officials, Thrifty will operate under its own banner but as a separate division. The deal, which is expected to close next quarter, will increase Sobey's presence in British Columbia while giving Thrifty the capital to expand.
"We have come to the realization that if we want to continue as the market leader we must commit to a new era of growth," says Thrifty chairman Alex Campbell.
Sobeys Inc., a wholly owned subsidiary of Empire Co., has more than 1,300 stores.
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|Title Annotation:||GLOBAL; Sobeys Inc. acquired Thrifty Foods|
|Article Type:||Brief article|
|Date:||Aug 13, 2007|
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