PORTLAND, OR - Good Food Holdings, which was acquired by Korean retailer Emart late last year, is adding another brand to its roster. The company has entered into a definitive agreement to acquire both New Seasons Market and New Leaf Community Markets. The deal is expected to close in January 2020, and has already been approved by the New Seasons Market Board of Directors.
“We are thrilled to welcome New Seasons Market and New Leaf Community Markets to our family of brands,” said Matt Turnbull, Managing Director of Good Food Holdings. “We’ve long admired New Seasons and New Leaf as industry innovators, and look forward to partnering with their local leadership teams to deliver the best experience for customers, staff, and the community.”
Good Food Holdings supports independent, high-quality, and regionally-focused grocers, making New Seasons Market and New Leaf Community Markets a natural fit. Both retailers will continue to operate independently as certified B Corporations, according to a press release. Forrest Hoffmaster, CEO of both New Seasons Market and New Leaf Community Markets, and the current local leadership team will continue to lead the organization.
“We are proud to join Good Food Holdings with a shared commitment to building community through good food,” Hoffmaster said. “This partnership with Good Food Holdings ensures our longevity as a community cornerstone—one that continues to nourish our neighbors and staff, inspire environmental stewardship, and champion the local food economy, as we have done since 2000.”
Banners operated by Good Food Holdings maintain deep roots to their local communities from Southern California to Seattle. The strategy for New Seasons Market and New Leaf Community Markets is to continue growing both brands in their home markets, the press release states.
One of Good Food Holdings’ banners, Metropolitan Market, is planned to be the exclusive Good Food Holdings brand serving the Seattle region, while New Seasons Market will continue to serve the broader Portland and Southwest Washington metro area, and New Leaf Community Markets will hold onto its presence in the Central Coast of California.
“For nearly five decades, Metropolitan Market has proudly served as Seattle’s premier grocer and we look forward to partnering with the Mercer Island team and community to continue our food-forward approach,” commented Ron Megahan, Chief Executive Officer of Metropolitan Market.
Although the new banners will retain much of their independence, some changes are in the works. New Seasons Market recently announced that the Metropolitan Market banner will acquire and convert New Seasons’ Mercer Island, Washington, location by mid-2020. New Seasons Market's Ballard, Washington, location is slated to close by the end of next year, and previous plans to open a new location in the Central District of Seattle have been scrapped.
“We are extremely proud of our Ballard staff for their excellent service and unwavering support of the community and are thankful to the community partners that have been working with us in the Central District,” said Hoffmaster.
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