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The third generation of family ownership at Raley's Family of Fine Stores has commenced as Michael Teel, president and CEO, has acquired majority ownership of the West Sacramento, Calif.-based grocer from his parents, Jim and Joyce Raley Teel.
Joyce Raley Teel, who has been majority owner of the regional retailer since 1992, transferred majority ownership to her son, who now owns 92 percent of the company. Her four daughters will equally share the remaining 8 percent, while other details of the deal "are a private family matter," the company affirmed.
“This is a significant accomplishment, as fewer than twelve percent of family businesses transition to a third generation," according to the text of a letter sent to employees by Jim and Joyce Teel. "With Mike’s passion and vision, we have great faith he will guide and grow the business for future generations.”
The Teel family said it is "committed to continuing family ownership of the company for generations to come," and that the transition "ensures the continued presence of a strong family-owned business" which is one of the largest privately-held companies in the Sacramento area and which contributes positively to the region’s economy and community.
“My grandfather saw the potential in this area 80 years ago,” said Mike Teel, adding, “I want to continue that legacy, and continue to invest in the Sacramento region. It’s poised for growth and so are we. This is our home, and we’re here to stay.”
Raley's operates 118 stores in northern California and Nevada under four banners: Raley’s Supermarkets, Bel Air Markets, Nob Hill Foods and Food Source.