OTTAWA, Ontario – The parent company of Sobeys, The Empire Company, announced on Monday, Sept. 24 that it intended to acquire Farm Boy for $800 million.
“Empire Company Limited (Empire) (TSX: EMP.A) announced today that it has signed an agreement to acquire Farm Boy, one of the most exciting, fastest growing and successful food retailers in the country, with 26 locations in Ontario and many more on the way, for a total enterprise value of $800 million,” reads a statement on the Empire Company website.
According to Empire, Farm Boy Co-CEO Jeff York and Co-CEO and Founder Jean-Louis Bellmare will remain in their current positions within the company.
There is no word as to whether there will be any job cuts or store closures with this acquisition, but it seems rather that Empire intends to add to the Farm Boy family of stores.
Farm Boy was founded in Cornwall in 1981.
