Florida's Rowe's IGA sold to Massy Stores for $47M

Florida-based independent supermarket chain Rowe's IGA Group has been purchased for $47 million by Massy Holdings, Ltd., a Caribbean company, according to an announcement this week.

The purchase was completed on Monday, following the board’s approval by Massy Stores USA, a wholly owned subsidiary of the company, Massy announced on its website.

Rowe's IGA, established in 2005, now has seven stores in the Jacksonvile, Florida, area.

IGA did not immediately respond to a request to comment on the acquisition.

The purchase is aligned with the Massy’s portfolio strategy as it expands its retail footprint in the U.S. markets, Massy said in a statement. The deal increases the Massy Group's assets by 1% and is expected to boost profits in its retail sector by 7%, the company said. 

Massy Stores operates 57 retail locations in five markets in the Caribbean with several formats including supercenters, supermarkets, pharmacies, express, gourmet, home and a mega-warehouse club in St. Lucia in the Caribbean, according to the company’s website.