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Sobeys Capital Inc. has entered into an agreement to purchase Pete Luckett's grocery retail and wholesale business, which operates under the Pete's Fine Foods banner. The deal consists of the Bedford and Halifax, Nova Scotia, grocery retail locations and one wholesale operation.
"Pete has instilled a unique culture in his stores and a food offer that resonates with his customers," noted Peter Doucette, general manager, Sobeys Atlantic. "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."
Accordingly, Nova Scotia-based Sobeys will continue to operate the stores as Pete's Fine Foods locations and "to maintain the … customer-focused flair for food on which the business was built."
"Sobeys is an ideal match, truly an Atlantic Canadian success story, built on the same entrepreneurial spirit as Pete's," said Luckett, who will stay on as a consultant. "It's the right time for me to transition from the grocery industry into the winery business."
Management and associates at Pete's Fine Foods will keep their present jobs. The transaction is expected to close on Monday, Nov. 2.
Last August, Sobeys opened a South Asian-focused discount grocery store, Chalo! FreshCo, in Ontario.
A wholly owned subsidiary of Empire Co. Ltd., Sobeys owns or franchises around 1,500 stores in all 10 Canadian provinces under such retail banners as Sobeys, Safeway, IGA, Foodland, FreshCo, Thrifty Foods, and Lawton's Drug Stores, as well as more than 350 retail fuel locations. Sobeys and its franchise affiliates employ more than 125,000 people.