STELLARTON, NS - Sobeys announced it has entered into an agreement to purchase Pete's Fine Foods, the Canadian grocery and wholesale business owned by media personality Pete Luckett. This deal with Sobey’s will reportedly include the Bedford and Halifax, NS grocery retail locations and one wholesale operation.
"Sobeys is an ideal match, truly an Atlantic Canadian success story, built on the same entrepreneurial spirit as Pete’s. It's the right time for me to transition from the grocery industry into the winery business,” explained Luckett in a press release. "With this agreement, customers can enjoy peace-of-mind knowing that the stores will continue to prosper and expand while offering that same extraordinary shopping experience.”
Sobeys says the company plans to continue to operate the stores under the Pete's Fine Foods brand and maintain the “unique market culture and customer-focused flair for food” on which the business was founded. Luckett will remain with the business in a consulting capacity, a press release explains, in a hope to contributing his expertise and ensure the integrity of his brand.
"Pete has instilled a unique culture in his stores and a food offer that resonates with his customers," said 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."
Pete's Fine Foods' management and employees will be provided with employment in their current roles. The transaction is expected to close on November 2, 2015.
