You are here
Canadian grocer Metro, Inc. said this week that it would purchase Les Supermarchés GP, Inc. (GP), a 50-year-old family business with annual sales of over CAN $300 million (US $271.7 million) which operates 15 supermarkets in Quebec City and eastern Quebec, including eight under the Metro and Metro Plus banners, and seven under the GP banner. The acquisition, which will be accretive to the next fiscal year’s financial results, is expected to close by the end of the month and is subject to the usual conditions, including approval from regulatory agencies.
The deal strengthens Metro’s presence in eastern Quebec, according to Metro president and CEO Eric R. La Flèche.
“Metro’s partnership with GP dates back over 40 years,” Added Guy Pelletier, president and CEO of Quebec City-based Groupe GP. “We feel that Metro’s steady growth and solid track record make it the best choice to maintain our stores’ growth and development.”
Groupe GP will henceforth concentrate on the real estate sector, where the company has been active for the past 34 years. In addition to over CAN $130 million (US $117.8 million) in assets such as shopping centers, office buildings and warehouses, it owns 7,500,000 square feet of land for future development in Quebec City and eastern Quebec
Montreal-based Metro operates nearly 600 grocery stores in Quebec and Ontario under various banners, including Metro, Metro Plus, A&P, Super C and Food Basics, as well as 250 pharmacies under the Brunet, Clini Plus, The Pharmacy and Drug Basics trade names.