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Prince Albert Daily Herald
by Jon Shell
Quoi Media
Hidden amongst the many newsworthy items in this year’s federal budget is a small, little discussed section with the potential to reshape many Canadian industries.
In it, the government committed to exploring options to remove barriers to employee ownership trusts in Canada.
While that may sound pretty boring, we can look to the recent sale of Longo’s, the beloved Toronto-area grocery chain, to understand just how important this decision might be.
Long rated one of Canada’s best managed companies, and with high marks for its customer service, Longo’s was one of the few major independent retailers left in Canada, where Empire, Loblaw and Metro control 75 per cent of the market. Founded by three brothers in 1956, it remained family-owned and run by one of the sons of the founders, Anthony Longo.
Sobeys parent adds new fresh market chain and grows discount grocery banner
Empire Company Ltd., the parent of Sobeys Inc., has closed its acquisition of a majority stake in fellow Canadian grocer Longo’s and announced new locations for its FreshCo discount supermarket banner.
Stellarton, Nova Scotia-based Empire said this week it completed the $357 million (Canadian) purchase of 51% of Longo’s issued and outstanding shares, based on a total enterprise value of $700 million. Five years after the transaction, Longo’s shareholders will have an option to sell up to a 12.25% interest to Empire per year, and 10 years after the deal, Empire and Longo’s have options for outstanding minority shares. The Longo family plans to remain long-term shareholders in the business, Empire reported.
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