Canadian retail giant Metro and Les Supermarchés GP announced yesterday (Monday 31 August) that they have reached an agreement regarding Metro’s acquisition of Les Supermarchés GP – a 50-year-old family business with annual sales of over C$300m (US$274.4m).
The transaction is expected to close in late September 2009 and is subject to the usual conditions, including approval from regulatory agencies. The transaction is expected to be accretive to next fiscal year’s financial results.
“We are pleased to have reached this agreement which strengthens our presence in eastern Quebec,” said Eric R. La Flèche, president and CEO of Metro. “Metro is proud to continue the tradition of excellence that GP has upheld for the past 50 years.”
“Metro’s partnership with GP dates back over 40 years,” added Guy Pelletier, president and CEO of 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.”
Mr Pelletier thanks his clients for their loyalty and support over the years, as well as the 1,800 Groupe GP employees for their professionalism, drive and dedication.
With an annual sales figure of nearly C$11bn (US$10bn) and over 65,000 employees, Metro is a leader in the food and pharmaceutical sectors in Quebec and Ontario
GP operates 15 supermarkets in Quebec City and eastern Quebec, including eight under the Metro and Metro Plus banners, and seven under the GP banner.
