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Sobeys to acquire Pete's Fine Foods
Sobeys Capital Inc. has announced it has entered into an agreement to purchase Pete Luckett's grocery retail and wholesale business, operating as Pete's Fine Foods.
October 30, 2015
2 Min Read
Sobeys Capital Inc. has announced it has entered into an agreement to purchase Pete Luckett's grocery retail and wholesale business, operating as Pete's Fine Foods. The transaction includes the stores in Bedford and Halifax, Nova Scotia, and one wholesale operation.
"Sobeys is an ideal match, truly an Atlantic Canadian success story, built on the same entrepreneurial spirit as Pete's," Luckett said in a statement. "It's the right time for me to transition from the grocery industry into the winery business."
Sobeys, based in Stellarton, Nova Scotia, plans to continue to operate the stores under the Pete's Fine Foods brand and to maintain the unique market culture and customer-focused flair for food on which the business was built. Luckett will remain in a consulting capacity contributing his expertise while ensuring the integrity of the Pete's Fine Foods brand.
"With this agreement, customers can enjoy peace-of-mind knowing that the stores will continue to prosper and expand while offering that same extraordinary shopping experience. The 'Frootique' legacy will live on and prosper," Luckett added.
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"Pete has instilled a unique culture in his stores and a food offer that resonates with his customers," Peter Doucette, general manager, Sobeys Atlantic, said. "We don't want to change that. In fact, we want to build the Pete's brand and grow the opportunities for the business in Atlantic Canada. With Sobeys' resources and ability to support growth and expansion in the region, we can make that happen."
Pete's Fine Foods management and employees will be provided with employment in their current roles.
Terms of the deal were not disclosed. The transaction is expected to close today.
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