Empire Company Limited
TypePublic
TSX: EMP.A
IndustryConglomerate/ Holding company
Founded1963 (1963)
Headquarters
Stellarton, Nova Scotia
,
Canada
Number of locations
1500 stores, 350 retail fuel(2020)
Key people
 Michael Medline, President and CEO
BrandsCompliments
RevenueIncrease $26.588 billion CAD (2019)
Increase $1,111.8 million CAD (2019)
Increase $612.8 million CAD (2019)
Total assetsIncrease $14,632.9 billion CAD (2019)
Total equityDecrease $3.924 billion CAD (2019)[1]
Number of employees
127,000 (2020)[2]
SubsidiariesSobeys
Crombie REIT
Safeway
Farm Boy
FreshCo
Foodland
Needs Convenience
Lawtons
IGA / IGA Extra
Marché Bonichoix
Marché Tradition
Rachelle-Béry
Thrifty Foods
Pete's Frootique
Big 8 Beverages
Longo's
RatingBB+
Websitewww.empireco.ca

Empire Company Limited is a Canadian conglomerate engaged mostly in food retail and corporate investments. Founded in 1963, the company is headquartered in Stellarton, Nova Scotia and owns the Sobeys supermarket chain.[3] In total, the company owns, affiliates or franchises more than 1,500 stores; in addition to Sobeys, brands include Safeway, IGA, Foodland, Farm Boy, FreshCo, Thrifty Foods and Lawtons Drug.[4]

Acquisitions

Empire Company has a long history of acquisitions:

  • 1976 Lawton's Drug Stores Limited, which operated 18 stores in Nova Scotia.
  • November 1980 – July 1981 Empire acquires Sobey Holdings Limited, gaining a 50.97% stake in the company.
  • February 1983 Empire ups its ownership of Hannaford Bros. Co., an American food retailer, to 25% (Sold in 2000)
  • June 1987 Empire buys the remaining 49.03% of Sobeys, making it an entirely owned subsidiary. (Sold in 1998, re-bought in 2007)
  • 1987 Empire buys out its partner in Empire Theatres, turning it into an entirely owned subsidiary.
  • May 1988 Empire buys a 25% stake in Provigo.
  • 1988 Empire acquires an additional 22% stake in Wajax, resulting in a total ownership of 45%.
  • June 1989 Empire re-purchases the outstanding share of Atlantic Shopping Centres, making it an entirely owned subsidiary.
  • December 1993 Empire Real Estate buys 64% of Halifax Developments, Ltd; making it an entirely owned subsidiary.
  • December 1998 Empire buys Oshawa Group for $1.5 billion.
  • January 2001 Empire Real Estate buys a 35.7% stake in Genstar Developmental Partnership for $29 million.
  • February 2004 Sobey's acquires Commisso's Food Markets, and Empire Real Estate acquires Commisso's real estate for a total of $103.5 million.
  • September 2005 Empire Theatres acquires 27 more theatres.
  • August 2006 Sobey's acquires Achille de la Chevrotière Ltée, including its grocery chain of about 25 stores in Quebec and Ontario. This costs $79.2 million.
  • July 15, 2007 Empire re-buys the remaining outstanding Sobey's share, making it once again an entirely owned subsidiary.
  • September 2007 Sobeys buys Thrifty Foods for $256.6 million.
  • 2011 Sobeys purchases 236 retail gas locations for $214.9 million in Québec and Atlantic Canada.[5]
  • June 2013 Empire buys all of Safeway Canada's stores for $5.8 billion
  • September 2018 Empire announces intent to buy Farm Boy stores in an $800 million deal.[6]
  • March 2021 Empire announces it will buy 51% stake in Longo's and its Grocery Gateway e-commerce business for $357 million. The deal is expected to close in the first quarter of Empire's 2022 financial year.[7]

Sales of Subsidiaries/Interests

  • 1998 Empire sells 38% of Sobeys, putting it out on the public stock exchange.
  • 2000 Empire sells its 25% stake in Hannaford Bros Co for $1.03 billion.
  • March 2002 Empire sells Serca Foodservice to SYSCO for $411 million.
  • June 2005 When Wajax became an income trust, Empire sold 2.875 million shares for $50.8 million.
  • 2006 Empire sells 44 properties to Crombie REIT.
  • April 2008 Empire sells another 61 properties to Crombie REIT
  • 2011 Empire sells its remaining share of Wajax.
  • June 2013 Empire announces the sale of Empire Theatres to Cineplex Entertainment and Landmark Cinemas. The aggregate gross purchase price paid to Empire Theatres in the two transactions was approximately $248 million in cash.[8][9]
  • October 2013 Sale of Empire Theatres to Cineplex and Landmark is complete.
  • August 2013 Sobeys sells the land of 68 Safeway locations to Crombie REIT for $900 million.
  • Oct/Nov/Dec 2013 Sobeys announces the planned sale of 23 of its stores in Alberta in preparation to the Safeway acquisition; this move was required in order to satisfy the Competition Bureau.[10]

References

  1. ↑ "Archived copy" (PDF). Archived from the original (PDF) on 2020-09-10. Retrieved 2020-09-11.{{cite web}}: CS1 maint: archived copy as title (link)
  2. ↑ "Archived copy" (PDF). Archived from the original (PDF) on 2020-09-10. Retrieved 2020-09-11.{{cite web}}: CS1 maint: archived copy as title (link)
  3. ↑ "Company website". Archived from the original on 2016-12-02. Retrieved 2013-06-13.
  4. ↑ "Empire to buy Farm Boy chain for $800 million - Sobeys parent aims to accelerate fresh market's expansion". Supermarket News. 2018-09-24. Retrieved 2018-09-27.
  5. ↑ "Co-op Atlantic members say yes to Sobeys deal". Canadian Grocer. 2015-05-13. Retrieved 2021-08-13.
  6. ↑ Jackson, Emily (2018-09-24). "'We will not screw this up': Sobeys parent to buy beloved Farm Boy in $800M deal". Financial Post. Retrieved 2018-09-27. Empire's real estate expertise, purchasing and distribution systems will help Farm Boy grow, York said, adding that it will be easier to get prime locations with Sobeys' backing
  7. ↑ "Sobeys parent company to buy 51% stake in Longo's, Grocery Gateway". cbc.ca. March 16, 2021.
  8. ↑ "Empire Company Announces Sale of Empire Theatres". www.newswire.ca. Retrieved 11 May 2016.
  9. ↑ "EMPIRE COMPANY COMPLETES SALE OF EMPIRE THEATRES" (PDF). Archived from the original (PDF) on 2016-03-03. Retrieved 11 May 2016.
  10. ↑ "Sobeys to sell 23 stores in Safeway deal, says Competition Bureau". Retrieved 16 March 2021.
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